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