SE Asia Stocks - Thai index snaps losses after surprise rate cut

miércoles 11 de marzo de 2015 06:37 GYT
 

BANGKOK, March 11 (Reuters) - Thai shares snapped two days
of losses on Wednesday after the central bank unexpectedly cut a
policy interest rate to help lift the domestic economy while
others in Southeast Asia fell amid worries about an earlier U.S.
interest rate hike.
    The Bank of Thailand's decision to cut its benchmark one-day
repurchase rate by 25 basis points to 1.75 percent
came during the midday break and helped lure buyers back in the
afternoon session. 
    The key SET index ended up 0.8 percent, recovering
from a loss in early trade.
    The lower interest rate also sent the baht to a
near two-month low. 
    "It's positive for the stock market. The central bank's view
on the economy is not encouraging but the market took the rate
cut as a compensation for weaker growth," said senior analyst
Pichai Lertsupongkij of Thanachart Securities.
    In Indonesia, the weaker rupiah further hit
sentiment. The Jakarta composite index ended down 0.8
percent at 5,419.57, the lowest close in more than two weeks. 
    The weakening rupiah is posing a threat to foreign
investors' unhedged positions, said Norico Gaman, head of
research at BNI Securities in Jakarta. The currency hit a fresh
17-year low on Wednesday.
    "After the index rose to its all-time high above 5,500
level, investors are cashing in their profits especially when
the rupiah continues to weaken," Gaman said.
    Asian stocks skidded to a two-month low on Wednesday as
nervous markets recoiled on worries about an earlier U.S.
interest rate hike, a prospect that sent the dollar to a 12-year
high against the euro. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3378.59       3398.26       -0.58
 Kuala Lumpur       1778.16       1789.73       -0.65
 Bangkok            1543.84       1531.04       +0.84
 Jakarta            5419.57       5462.93       -0.79
 Manila             7790.70       7828.48       -0.48
 Ho Chi Minh         586.54        589.66       -0.53
 
 Change on year
 Market             Current       End 2014    Pct Move
 Singapore          3378.59       3365.15       +0.40
 Kuala Lumpur       1778.16       1761.25       +0.96
 Bangkok            1543.84       1497.67       +3.08
 Jakarta            5419.57       5226.95       +3.69
 Manila             7790.70       7230.57       +7.75
 Ho Chi Minh         586.54        545.63       +7.50
 
 (Reporting by Viparat Jantraprap; Additional reporting by
Fransiska Nangoy in Jakarta; Editing by Sunil Nair)