SE Asia Stocks - Thai index up; tourism stocks gain as curfew ends

miércoles 4 de junio de 2014 03:13 GYT
 

BANGKOK, June 4 (Reuters) - Thai shares recovered from early
losses on Wednesday with tourism stocks outperforming after the
military government lifted the curfew in tourist towns while
other Southeast Asian indexes eased ahead of a European Central
Bank meeting on Thursday.  
    The tourism sector is expected to recover after Thailand's
ruling military council lifted the curfew in some tourist areas,
including the popular beach resorts of Pattaya and Phuket.
 
    "We see some positive signs for tourism sector to recover in
the second half of 2014. It may take 1-3 months for short and
medium-haul market to come back to Thailand, 3-5 months for
Europe and the U.S.," said analyst Sittichai Duangrattanachaya
of broker Maybank Kim Eng.
    Hotel chain operator Central Plaza Hotel Pcl,
which derives more than a third of its revenue from tourist
areas, said its online bookings had tripled. 
    The SET index was up 0.03 points at 1,454.27 at
midday, with shares of airport operator Airports of Thailand
 climbing almost 1 percent to a one-month high.
    The benchmark fell in early trade as investors cashed in the
overbought market. Thai shares rallied on Monday and Tuesday
after Moody's reaffirmed Thailand's rating and an index of
consumer confidence jumped on hopes the army government would
revive the stumbling economy.  
    Foreign investors bought shares over the past two sessions
worth a net 5.8 billion baht ($177.45 million), after offloading
a net 33.1 billion baht ($1 billion) in nine days since the
imposition of martial law on May 20. 
    Technically, Thai shares could face profit-taking as they
were overbought, broker Phillip Securities said.
    In Singapore, shares fell to a one-week low after a
survey showing the city-state's manufacturing activity grew in
May but at a slower pace than in the previous month, prompting
profit-taking. 
    The Philippine index edged a tad lower, climbing at
one point to its highest in more than one week after data showed
a strong budget surplus for April. 
    Stocks in Indonesia, Malaysia and Vietnam
 pulled lower after gains in the previous session.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0639 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   422.51        424.54       -0.48
 Singapore          3277.29       3296.67       -0.59
 Kuala Lumpur       1865.10       1872.55       -0.40
 Bangkok            1454.27       1454.24        0.00
 Jakarta            4929.81       4942.16       -0.25
 Manila             6795.83       6800.84       -0.07
 Ho Chi Minh         550.96        558.76       -1.40
 
* 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 = 32.6850 Thai baht)

 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)