SE Asia Stocks - Range-bound; Thai index snaps losing streak
BANGKOK, July 7 (Reuters) - Southeast Asian stock markets were range-bound on Tuesday as investors awaited developments in the Greek debt talks, with the Thai benchmark snapping a six-day losing streak while the appointment of a new central bank governor is likely to boost the market further. The key SET index was up 0.35 percent at 1,478.34 at midday, rebounding from Monday's near-seven-month closing low. Bargain-hunting emerged in oversold banking shares, with Kasikornbank and Bangkok Bank both up more than 1 percent. "The benchmark SET index has fallen to a level we consider a good bargain-hunting value," said strategists at broker KGI Securities in a report. "Though developments between Greece and its creditors need monitoring, sentimental impact is expected to be confined within the euro zone, at least at this juncture," they said. Justice Minister Paiboon Koomchaya told Reuters at midday that the government has selected Veerathai Santiprabhob, a former International Monetary Fund economist, to be the next governor of the Bank of Thailand. The much-anticipated appointment is expected to further buoy the market, brokers said. In Singapore, the key Straits Times Index edged up 0.22 percent, recovering from the loss on Monday. Market breadth was mildly negative on light bargain-hunting, said broker NRA Capital in a report. Vietnam edged up 0.3 percent while indexes in Malaysia, Indonesia and the Philippines all drifted into negative territory. Most Asian stocks drooped on Tuesday as Chinese equity markets went into a fresh tailspin, fraying investor nerves already strained by uncertainty over the future of Greece and the European currency union. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0649 GMT Market Current Prev Close Pct Move Singapore 3338.95 3332.94 +0.18 Kuala Lumpur 1715.04 1717.05 -0.12 Bangkok 1478.34 1473.23 +0.35 Jakarta 4900.94 4916.74 -0.32 Manila 7431.36 7455.15 -0.32 Ho Chi Minh 626.00 625.22 +0.12 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.