SE Asia Stocks-Most fall; Thai telecom shares continue slide
BANGKOK, Nov 27 (Reuters) - Most Southeast Asian stock markets fell on Friday, tracking losses in Asia amid expectations of additional stimulus from the European Central Bank, with weak manufacturing data weighing on Thai stock market and in Singapore. Thai SET index was little changed, trading down 0.01 percent. It is heading for a 2 percent drop on the week, among the region's underperformers. Investors continued selling select telecommunications shares such as True Corp and Jasmine International but loaded up on battered Advanced Info Service and Total Access Communication. Brokers cited bargain hunting while concerns about recent high bidding price for 4G licences remained. "Although prices of ICT shares have largely reflected higher operating costs and are offering higher dividend yields of 7-8 percent, we expect limited increases in service revenues in the initial stage," said broker Krungsri Securities. Data showed factory output in Thailand fell 4.17 percent in October, worse than forecast. In Singapore, industrial production in October fell 5.4 percent from a year earlier as output contracted in areas such as electronics and pharmaceuticals. The Straits Times Index declined 0.9 percent to the lowest since Oct. 5, poised for a weekly loss of 2.2 percent. Asian shares fell and the dollar held near an 8-1/2-month peak on Friday, while the euro hovered around seven-month lows on expectations of additional stimulus from the European Central Bank next week. Southeast Asia is set to end the week mixed. Vietnam is on course for a weekly loss of 2.4 percent while Malaysia, Indonesia and the Philippines were among gainers. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0501 GMT Market Current Prev Close Pct Move Singapore 2857.45 2884.69 -0.94 Kuala Lumpur 1683.47 1683.09 +0.02 Bangkok 1365.66 1365.81 -0.01 Jakarta 4580.90 4597.06 -0.35 Manila 6968.26 7063.25 -1.34 Ho Chi Minh 590.31 590.40 -0.02 (Reporting by Viparat Jantraprap; Editing by Anand Basu)
© Thomson Reuters 2016 All rights reserved.