SE Asia Stocks - Mixed; Thai tourism shares plunge after Bangkok bombing
BANGKOK, Aug 18 (Reuters) - Southeast Asian stock markets were mixed on Tuesday with oversold stocks in Singapore and Malaysia rebounding, but selloffs in Thai tourism-related shares after the deadly Bangkok bombing overshadowed hopes of a cabinet reshuffle. Concerns over the outlook for the tourism industry prompted investors to offload shares in hoteliers and aviation, sending Airports of Thailand 6 percent lower and Central Plaza Hotel down 4 percent. Thai authorities have not ruled out any group, including elements opposed to the military government, for a bomb blast in Bangkok on Monday night that killed 22 people. The benchmark SET index traded down 1.8 percent, falling almost 3 percent at one point to 1,369.97, the lowest since May 2014. Technical-led buying helped recoup early market losses while a coming cabinet reshuffle lifted hopes about an acceleration in government spending in the second half, said strategist Viwat Techapoonphol of Tisco Securities. Thai Prime Minister Prayuth Chan-ocha said on Tuesday he had chosen new cabinet members and submitted the names to the country's king for approval. "Expectations about the new team are quite positive," Viwat added. Indexes in Singapore and Malaysia recovered from recent losses amid selective buying in oversold shares such as United Overseas Bank Ltd and Public Bank Bhd . Indonesia's key stock index was down 1 percent after weaker-than-expected trade data in June. Stocks in the Philippines extended losses for a fifth day and Vietnam fell for a sixth day while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0428 GMT Market Current Prev Close Pct Move Singapore 3075.18 3067.35 +0.26 Kuala Lumpur 1581.32 1572.54 +0.57 Bangkok 1383.58 1408.74 -1.79 Jakarta 4541.26 4585.39 -0.95 Manila 7326.85 7336.84 -0.14 Ho Chi Minh 572.71 573.15 -0.08 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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