SE Asia Stocks -Thai shares trim losses, consumer confidence at 11-month high
BANGKOK, Aug 7 (Reuters) - Thai shares trimmed some of their early losses on Thursday as a strong consumer confidence index lifted broader sentiment, while the Philippine benchmark snapped a two-day losing streak, with strong earnings further boosting shares of Globe Telecom. The consumer confidence index of the University of the Thai Chamber of Commerce rose in July to an 11-month high, reflecting optimism around the military's infrastructure plans and the outlook of domestic economy next year. Bangkok's SET index was nearly flat near the midday trading break. It earlier lost about 0.5 percent amid weaknesses in Asian stock markets. Gainers included Kasikornbank while the recently-rallying Advanced Info Service shares retreated. Shares of the state-run Krung Thai Bank regained lost ground after a big lot deal at a higher-than-market price. Short-term trading dominated the Thai stock market ahead of a long weekend. The SET index was expected to move in a range of 1,510-1,530, broker Phillip Securities said. The market will be shut on Aug. 11-12 for a public holiday. "Each investor category has continued to engage in short-term trading activities, which would limit the markets upside and make the market more sensitive to any negative news flow," the broker said in a report. In Manila, the key index edged up 0.3 percent as shares of Globe Telecom extended gains from the previous day after the company posted strong earnings for the six months ended June 30. Large caps fell across exchanges as Asia saw investors flocking to safe haven assets on Thursday, spooked by a Russian troop build-up on the border with Ukraine and tit-for-tat economic sanctions between the West and Moscow. Singapore's index hit the lowest since July 18, led by shares of DBS Group Holdings. Malaysia's Tenaga Nasional and Indonesia's Bank Mandiri led among the losers in the region. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0454 GMT Market Current Prev Close Pct Move TR SE Asia Index* 437.09 437.76 -0.15 Singapore 3306.51 3320.23 -0.41 Kuala Lumpur 1868.10 1869.92 -0.10 Bangkok 1521.17 1522.41 -0.08 Jakarta 5047.80 5058.23 -0.21 Manila 6971.19 6948.97 +0.32 Ho Chi Minh 605.91 606.70 -0.13 * 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; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.