SE Asia Stocks - Thai shares rebound before April economic data
BANGKOK, May 29 (Reuters) - Most Southeast Asian stock markets were rangebound on Friday, with the Thai index rebounding ahead of the central bank's April economic data while banking shares in Singapore fell after data showed weak bank lending in April. Bangkok's SET index was up 0.2 percent at midday, after a modest loss on the previous day. Bargain-hunting emerged in select battered large-caps, helping lift shares such as Bangkok Bank and CP All. Trading volume was about a third of a full-day average over the past 30 days. Investors kept to the sidelines, awaiting April economic data later in the day which brokers said could give indications on the outlook for the local economy. "If the VAT collection and private investment recover month on month, the SET's downsides should be limited before the MPC meeting on June 10," said broker Maybank Kim Eng Securities in a report. Singapore's Straits Times Index headed for a fourth day of losses, trading down 0.6 percent at its lowest since March 20. Banking shares led the losers after total bank lending fell in April from the previous month on a decline in loans to financial institutions and general commerce. Shares of DBS Group Holdings eased 0.5 percent and shares of United Overseas Bank fell 1.7 percent. Singapore's index is set to post its first monthly loss in seven months in May, sliding 2.6 percent, among the region's underperformers and trailing Malaysia which is on track for a monthly drop of 3.6 percent. Indonesia's index is poised to outperform in the month, with a 2.76 percent gain, recovering some of the 7.8 percent plunge in April. Concerns about a likely U.S. interest rate hike later this year and weak economic numbers of Southeast Asian countries dented sentiment in the region this week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0536 GMT Market Current Prev Close Pct Move Singapore 3396.02 3417.77 -0.64 Kuala Lumpur 1752.31 1755.56 -0.19 Bangkok 1496.70 1493.61 +0.21 Jakarta 5226.88 5237.40 -0.20 Manila 7668.62 7505.03 +2.18 Ho Chi Minh 572.37 572.97 -0.10 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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