SE Asia Stocks -Most up; Thai shares decline on June confidence fall
BANGKOK, July 2 (Reuters) - Southeast Asian stock markets eked out more gains on Thursday in cautious trading amid uncertainty about a Greek debt deal, but Thai shares headed for a fourth straight loss after data showed consumer confidence fell for a sixth straight month in June. Bangkok's SET index was down 0.5 percent, resuming trading after a market holiday on Wednesday. Banking shares extended losses after a university survey showed consumer confidence remained weak in June, partly reflecting an uncertain economic recovery. Shares of Kasikornbank dropped 4.2 percent in strong trading with volume more than three times full-day average over the past 30 days. Siam Commercial Bank and Krung Thai Bank declined almost 2 percent each. Banking shares have been under selling pressure this week as downbeat economic indicators in May prompted investors cut exposures to sectors seen among economic proxies. "May economic data remained weak and could continue to cap the performance of domestic plays like banks and property space," strategists at broker KGI Securities wrote in a report. Singapore's Straits Times Index was up 0.05 percent, erasing most of the early gains. Investors appeared cautious ahead of manufacturing activity data, with trading volume about 30 percent of the full-day average over the past 30 days. The city-state will release its Purchasing Managers' index (PMI) for June later in the day. The index was 50.2 in May, and a reading above 50 points to an expansion. "... The blip in May could turn out to be a one-off, especially given the existing drag from the electronics cluster," DBS Group Research said in a report. Shares in Malaysia extended gains after Fitch upgraded its credit rating outlook. Indexes in Indonesia and the Philippines both touched a one-week high and Vietnam rebounded from the fall on Wednesday. Asian shares lost early steadiness and Chinese stocks got off to a weak start, while upbeat U.S. economic data helped the dollar gain as investors globally opted for caution due to Greece's standoff with its creditors. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0501 GMT Market Current Prev Close Pct Move Singapore 3333.81 3331.14 +0.05 Kuala Lumpur 1735.49 1727.96 +0.44 Bangkok 1497.66 1504.55 -0.46 Jakarta 4940.97 4904.06 +0.75 Manila 7615.14 7575.15 +0.53 Ho Chi Minh 597.06 591.50 +0.94 (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
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