SE Asia Stocks - Thai index extends losing streak after weak Q3 GDP

lunes 17 de noviembre de 2014 06:57 GYT
 

BANGKOK, Nov 17 (Reuters) - Thai shares fell for a second
consecutive session on Monday after data showed
weaker-than-expected GDP growth for the third quarter,
accompanied by a cut in the 2014 outlook, with profit-taking
hitting large-caps after the end of the reporting season.
    The Thai SET index ended down 0.4 percent after a
moderate loss on Friday. Siam Commercial Bank slipped
1.6 percent, the second-biggest loser on the large-cap SET 50
index.
    Thailand cut its outlook for the fourth time this year after
its economy grew much less than expected in the July-September
quarter, hit by a contraction in exports and tourism.
 
    Brokers expected market weakness in the near term, citing
high valuations. Phillip Securities said the SET's forward
earnings multiple had risen above 16, while historical data
suggested an earnings multiple of 15 pointing to a correction.
    Markets across the region capitulated as share prices had
been rising for some time, said Viwat Techapoonphol, strategist
at Tisco Securities. "Domestically, we expect some buying
support from long-term equity funds," Techapoonphol said.
    Long-term equity funds (LTF), as well as retirement mutual
funds (RMF), are more popular towards the end of the year due to
a favourable tax treatment of the funds.
    Among the weak performers, Singapore eased 0.8
percent after Friday's rise to a near two-month high and
Malaysia extended loss for a fifth session to near
four-week closing low.
    Stocks in Indonesia, the Philippines and
Vietnam were little changed. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.7 percent. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3288.67       3315.67       -0.81
 Kuala Lumpur       1806.48       1813.79       -0.40
 Bangkok            1569.07       1575.88       -0.43
 Jakarta            5053.94       5049.49       +0.09
 Manila             7229.72       7217.34       +0.17
 Ho Chi Minh         600.93        600.36       +0.09
 
 Change on year
 Market             Current       End 2013    Pct Move
 Singapore          3288.67       3167.43       +3.83
 Kuala Lumpur       1806.48       1866.96       -3.24
 Bangkok            1569.07       1298.71      +20.82
 Jakarta            5053.94       4274.18      +18.24
 Manila             7229.72       5889.83      +22.75
 Ho Chi Minh         600.93        504.63      +19.08 
 
 (Reporting by Viparat Jantraprap; Editing by Prateek
Chatterjee)