SE Asia Stocks-Thai shares jump to 7-month high on bargain-hunting
HANOI, June 2 (Reuters) - Most Southeast Asian markets fell on Monday, but Thai shares bucked the trend to touch their highest intraday level since Nov. 7, following an optimistic rating by Moody's and on bargain-hunting at low levels. "Investors bought shares of some bullish stocks that have bottomed out due to the military coup," said Sasima Hattakitnikorn, an analyst with Phillip Securities. Thai shares have been lifted by buying from domestic institutions and retail investors as the military government moved to restart public spending and make delayed subsidy payments to rice farmers. Moody's on Monday affirmed Thailand's Baa1 sovereign rating, saying the country's fundamental credit strengths were strong enough to weather cyclical pressures on the economy and recurring bouts of political instability. Volume on the $383-billion market was solid, with 5.2 billion shares changing hands by Monday's break, compared to the five-day daily average of 7.4 billion, Reuters data showed. The index has surpassed its resistance level of 1,426 points and is likely to gain further to 1,480 points, Sasima added. Banking stocks led gains, with Siam Commercial Bank Pcl rising 3.14 percent while Kasikornbank Pcl gained 3.2 percent. Shares in the Philippines ticked up 0.61 percent after having fallen a combined 2.1 percent in the past two sessions on weaker-than-expected economic growth data. Other equities markets in the region fell, with Malaysia's stock index losing 0.6 percent, and Vietnam's benchmark VN Index dropping 0.87 percent on profit-taking after hitting a near-four-week high on Friday. Singapore's Straits Times Index was almost unchanged, and Indonesia's Jakarta SE Composite Index edged down 0.28 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0604 GMT Market Current Prev Close Pct Move TR SE Asia Index* 420.65 420.71 -0.01 Singapore 3298.45 3295.85 +0.08 Kuala Lumpur 1862.21 1873.38 -0.60 Bangkok 1434.25 1415.73 +1.31 Jakarta 4880.08 4893.91 -0.28 Manila 6688.39 6647.65 +0.61 Ho Chi Minh 557.11 562.02 -0.87 * 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 Mai Nguyen; Editing by Sunil Nair)
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