SE Asia Stocks -Most rebound; Thai banks up after finmin rate view
BANGKOK, June 3 (Reuters) - Most Southeast Asian stock markets staged a mild rebound on Wednesday, with the Thai index recovering from a near five-month closing low in the previous session as the finance minister's comment on interest rates lifted banking shares. Bangkok's SET index ended the day up 0.4 percent at 1,482.07. The banking subindex rose 0.6 percent, led by large cap Kasikornbank after Finance Minister Sommai Phasee said two recent interest rate cuts were already sufficient to help the struggling economy. The subindex had hit a more than one-year low on Tuesday as further decline in May consumer prices raised expectations of a likely interest rate cut at the central bank's monetary policy committee meeting on June 10. "The lower rate adds downside risk to net interest margins of banks and so, the market took the rate view positively," said senior analyst Pichai Lertsupongkij of Thanachart Securities. Indonesia was an underperformer, with Jakarta's composite index sliding 1.6 percent to a near five-week closing low of 5,130.49. Banking shares were among most actively traded, led by Bank Rakyat Indonesia, which dropped 4 percent, partly reflecting concerns about non-performing loans of the sector. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3349.84 3340.75 +0.27 Kuala Lumpur 1749.17 1741.37 +0.45 Bangkok 1482.07 1476.87 +0.35 Jakarta 5130.49 5213.82 -1.60 Manila 7561.67 7551.96 +0.13 Ho Chi Minh 567.90 570.31 -0.42 Change on year Market Current End 2014 Pct Move Singapore 3349.84 3365.15 -0.45 Kuala Lumpur 1749.17 1761.25 -0.69 Bangkok 1482.07 1497.67 -1.04 Jakarta 5130.49 5226.95 -1.85 Manila 7561.67 7230.57 +4.58 Ho Chi Minh 567.90 545.63 +4.08 (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
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