SE Asia Stocks -Thai shares rise after finance minister rate comment

miércoles 3 de junio de 2015 02:16 GYT

BANGKOK, June 3 (Reuters) - Southeast Asian stock markets
mostly rebounded on Wednesday as bargain-hunting emerged in
oversold shares such as Singapore's banks and regional large
caps, while the Thai index extended early gains after the
finance minister's comment on interest rates.
    The key Thai stock index was up 0.4 percent at
midday, recovering from a near five-month closing low hit in the
previous session. Among actively-traded stocks, Kasikornbank
 rose almost 1 percent after a four-session losing
streak to a more than one-year low.
    Finance Minister Sommai Phasee said before the midday break
that two recent interest rate cuts were already sufficient to
help the struggling economy. 
    His comment came amid concerns of a likely interest rate cut
at the central bank's monetary policy committee meeting on June
10 and foreign selling of Thai stocks worth a net 3.5 billion
baht ($104.1 million) over the past four sessions.
    "The interest rate uncertainty has been an issue in the
market and investors have played safe before the rate decision
next week," said an equity dealer at BT Securities.
    Singapore's Straits Times Index rose 0.3 percent,
its first in six sessions, Kuala Lumpur's composite index
 was up 0.3 percent after three days of falls, and the
Vietnam index hovered in a positive territory.
    A handful of large caps regained some recent lost ground,
including Singapore's DBS Group Holdings and
Malaysia's DiGi.Com.
    Indonesia was among the region's weak spots. Jakarta's
composite index was down 1.4 percent, led by banking
shares. Bank Rakyat Indonesia and Bank Central Asia
 both fell more than 3 percent each. 
    Higher-than-expected inflation rate in May suggested that
interest rates were unlikely to come down in the near term,
while concerns about non-performing loans dampened sentiment on
big banks, said Harry Su, head of research at Bahana Securities
in Jakarta. 
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 Change at 0538 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3350.63       3340.75       +0.30
 Kuala Lumpur       1746.99       1741.37       +0.32
 Bangkok            1483.03       1476.87       +0.42
 Jakarta            5143.58       5213.82       -1.35
 Manila             7517.90       7551.96       -0.45
 Ho Chi Minh         570.33        570.31        0.00
 ($1 = 33.6300 baht)

 (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)