SE Asia Stocks-Most rebound with Asia; Thai index up on rate cut hopes
BANGKOK, April 23 (Reuters) - Most Southeast Asian stock markets rebounded on Thursday amid gains in the broader Asia markets while the Thai benchmark bounced off a near two-week low as rate cut hopes lifted financial, property and dividend-yielding shares. The Thai key SET index was up 0.5 percent, after falling to its lowest since April 10 in early trade. Shares of Srisawad Power 1979 climbed 2.4 percent and Quality Houses rose 1.2 percent. The SET high dividend index, which measures moves of 30 high dividend yielding stocks, traded up 0.9 percent. Brokers said a fall in Thai bond yields on Wednesday partly reflected a possible interest rate cut at the Thai Monetary Policy Committee meeting on April 29. "Yesterday's slump in Thai bond yields reflects a potential one-day repurchase rate cut at the April 29 MPC meeting in order to lower the baht against the dollar to boost export growth," broker Maybank Kim Eng Securities said in a report. Singapore's key Straits Times Index rose 0.3 percent after closing Wednesday at its lowest since April 13. Data showed Singapore's consumer prices fell for the fifth month in March, nearly in line with expectations. Asian shares weathered a soft reading on Chinese manufacturing on Thursday as it only whetted expectations for more policy stimulus there. Indonesian shares were up 0.1 percent, trimming some of the losses on the previous day and stocks in the Philippines climbed 1 percent after four straight sessions of declines. Selling interest remained for a second day in Malaysian shares, sending the key index down 0.2 percent. It hit the highest close in more than seven months on April 21 which took its 14-day Relative Strength Index (RSI) to 69.4, near an overbought level of 70 or above. Vietnam's benchmark VN Index edged down slightly as investors stayed on the sidelines ahead of a long public holiday next week. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0721 GMT Market Current Prev Close Pct Move Singapore 3506.74 3496.24 +0.30 Kuala Lumpur 1852.31 1854.77 -0.15 Bangkok 1560.44 1552.01 +0.54 Jakarta 5438.74 5437.12 +0.03 Manila 7892.05 7833.03 +0.75 Ho Chi Minh 562.56 562.51 +0.01 (Reporting by Viparat Jantraprap; Additional reporting by Aradhana Aravindan in Singapore; Editing by Biju Dwarakanath)
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