SE Asia Stocks -Thai down on strong foreign outflows after army coup
May 23 (Reuters) - Thailand shares fell on Friday as foreign investors continued to exit the country's risky assets, a day after the army chief seized control of the government in a coup, but local investors were in buying mode as no fresh violence was reported. Thailand's SET index fell as much as 2.12 percent to 1,375.41, its lowest close since May 12, but recouped some of the losses by the close. Outflows stood at 6.6 billion Thai baht ($203.7 million) on Friday, extending net foreign selling to $613.34 million since the army declared martial law on Tuesday. However, local investors chose to buy as they saw stability since the army declared martial law. Top oil firm PTT Pcl and Advanced Info Service Pcl both fell 1.3 percent, pulling the index down. Thailand's army chief seized control of the government in a coup late on Thursday, two days after declaring martial law, saying the military had to restore order and push through reforms after six months of turmoil. "In the short term, this is probably the best outcome given the circumstances as the military is looking to find a solution to move the country forward," said John Ford, CIO of the Fidelity Fund for Asia Pacific. "However, we need closely to monitor the situation, especially regarding the actions of the Red Shirts," Ford said, referring to the ousted Prime Minister's supporters. The Thai baht also closed weaker on Friday due to worries about more capital outflows after the bloodless coup. Other markets closed range-bound, with the Philippines down 0.3 percent, while the Malaysian stock index lost 0.3 percent, falling for the fourth straight session since hitting a record high on Monday. Foreigners bought $87.80 million worth of Malaysian stocks on Friday. The Jakarta Composite Index, the worst performer of the week, rose 0.1 percent while Singapore closed up 0.4 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 421.78 423.08 -0.31 Singapore 3278.02 3265.66 +0.38 Kuala Lumpur 1869.22 1875.12 -0.31 Bangkok 1396.84 1405.21 -0.60 Jakarta 4973.06 4969.88 +0.06 Manila 6811.33 6830.58 -0.28 Ho Chi Minh 541.49 541.73 -0.04 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 421.78 388.37 +8.60 Singapore 3278.02 3167.43 +3.49 Kuala Lumpur 1869.22 1866.96 +0.12 Bangkok 1396.84 1298.71 +7.56 Jakarta 4973.06 4274.18 +16.35 Manila 6811.33 5889.83 +15.65 Ho Chi Minh 541.49 504.63 +7.30 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1 = 32.3950 Thai Baht) ($1 = 3.2125 Malaysian Ringgits) (Reporting by Shihar Aneez in Colombo and Viparat Jantraprap in Bangkok; Editing by Prateek Chatterjee)
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