SE Asia Stocks -Thai shares down after military coup

viernes 23 de mayo de 2014 03:15 GYT
 

May 23 (Reuters) - Thai shares fell more than 2 percent in
early trade on Friday, a day after the army chief seized control
of the government in a coup, while local investors bought risky
assets as no violence was seen since martial law was imposed on
Tuesday. 
    Thailand's SET index fell as much as 2.12 percent to
1,375.41 points, but recouped some losses and was trading 1.48
percent lower at 1,384.46 points by midday. 
    Top oil firm PTT and Kasikornbank fell
1.6 percent and 2.9 percent respectively, dragging down the
overall index. 
    Foreign investors will continue to sell because of the coup,
though local investors may be on the buying side due to the lack
of violence, said Teerada Charnyingyong, a strategist at broker
Phillip Securities. 
    "The market will keep a close eye on how and how fast the
military is going to form the new government. If there is no
violence, that is good for the market. They sent the protesters
home peacefully. So far, so good." 
    KGI Securities in an investor note said the index could see
short-term negative sentiment due to the coup. 
    "We view the coup as mid-term positive to the market as it
results in more political clarity and hopefully a more efficient
way to set up a new interim government to reform politics and
roll out economic stimulus."
    Thailand's army chief, General Prayuth Chan-ocha, seized
control of the government in a coup late Thursday, two days
after declaring martial law, saying the military had to restore
order and push through reforms after six months of turmoil.
 
    Bangkok has seen $409.6 million of foreign outflows in the
three sessions since Tuesday.
    Other markets traded range-bound with the Philippines 
trading down 0.7 percent while the Malaysian stock index 
fell 0.1 percent, heading for a fourth day of falls since it hit
a record high on Monday.
   The Jakarta Composite Index, the worst performer of
the week so far, traded 0.1 percent firmer, Singapore 
was up 0.3 percent while Vietnam fell 0.1 percent. 
            
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0647 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.14        423.08       -0.46
 Singapore          3274.32       3265.66       +0.27
 Kuala Lumpur       1872.87       1875.12       -0.12
 Bangkok            1384.46       1405.21       -1.48
 Jakarta            4974.32       4969.88       +0.09
 Manila             6781.98       6830.58       -0.71
 Ho Chi Minh         541.17        541.73       -0.10
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 (Reporting by Shihar Aneez in Colombo and Viparat Jantraprap in
Bangkok; Editing by Sunil Nair)