SE Asia Stocks-Thai shares retreat; confidence down on political woes

jueves 3 de abril de 2014 02:29 GYT

BANGKOK, April 3 (Reuters) - Thai shares retreated on
Thursday after a survey showed consumer confidence fell further
in March on concerns over lingering domestic political woes
while stocks in Indonesia recouped losses from the previous
session as bargain-hunting emerged in laggard stocks.
    Bangkok's SET index pared early gains and was down
0.6 percent at midday, with consumer and tourism-related stocks
such as Krung Thai Bank and Thai Airways International
 among the top drags on the index.
    Thailand's consumer confidence slipped to its lowest in
nearly 12.5 years in March, a survey showed on Thursday,
underscoring again the impact of prolonged political unrest on
Southeast Asia's second-biggest economy. 
    "It is usual to we see consumer confidence drop continuously
because of the political uncertainty. The households still have
high-leverage household debt ... It's not easy for the consumer
to spend at the moment," said economist Nuchjarin Panarode of
Capital Nomura Securities.
    The index is expected to find support at 1,385, and then at
1,370, according to strategists at broker Phillip Securities.
    Jakarta's Composite Index edged up 0.4 percent.
Shares of XL Axiata and Semen Indonesia were
among the biggest gainers among top 45 large-caps.
    News that China is taking steps to stimulate its economy
underpinned sentiment in the region.  
    Among the bright spots, shares of Singapore-listed Noble
Group jumped 4.4 percent, adding to a 5 percent rise
on Wednesday, after COFCO Corp agreed to pay $1.5 billion for a
majority stake in Noble Group's agribusiness. 
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 Change at 0604 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   413.46        413.65       -0.05
 Singapore          3215.61       3192.78       +0.72
 Kuala Lumpur       1851.68       1852.00       -0.02
 Bangkok            1388.92       1396.62       -0.55
 Jakarta            4889.43       4870.21       +0.39
 Manila             6578.37       6587.72       -0.14
 Ho Chi Minh         585.74        581.67       +0.70
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.  

 (Reporting by Viparat Jantraprap and Pairat Temphairojana;
Editing by Sunil Nair)