SE Asia Stocks - Thai shares near 1-week high; others up
BANGKOK, May 28 (Reuters) - Thai shares traded near a one-week high on Wednesday as investors picked up stocks on hopes of a recovery in the domestic economy while other Southeast Asian indexes followed regional stocks higher after strong economic data from the United States. The SET index was up 1.1 percent at 1,407.44 points at midday, its highest since May 22. Airports of Thailand , retailer CP All and Ch Karnchang were among the actively-traded stocks. "There are signs the market is beginning to factor in the new political post-coup era under Army Chief Prayuth Chan-ocha and his plans to revive the economy. However, it will take some time before confidence is completely restored," broker Krungsri Securities said in a report. A new round of speculative buying was likely to drive the index up to the 1,425 level in coming days, it added. Thailand's trade shrank in April and factory output fell for a 13th straight month, underscoring the damage political unrest has caused and the tough job the new military government faces in reviving an economy that contracted in the first quarter. Stocks in Singapore, Malaysia and Indonesia all gained while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent. The Philippines inched up 0.1 percent ahead of GDP data for the first quarter, due on Thursday. The Philippine economy probably grew the most among regional peers in the first three months of the year, driven by private consumption and post-typhoon rebuilding that could continue to bolster expansion ahead. Vietnam's benchmark VN Index was up 0.4 percent as retailers extended buying after a strong rally in the previous day, an analyst said. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0628 GMT Market Current Prev Close Pct Move TR SE Asia Index* 421.97 420.78 +0.28 Singapore 3275.05 3274.06 +0.03 Kuala Lumpur 1868.14 1867.57 +0.03 Bangkok 1407.44 1392.73 +1.06 Jakarta 4975.69 4963.93 +0.24 Manila 6787.91 6780.26 +0.11 Ho Chi Minh 555.07 552.75 +0.42 * 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 Viparat Jantraprap; Editing by Sunil Nair)
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