SE Asia Stocks-Thai stocks up on low rates; others weak ahead of holidays
BANGKOK, April 30 (Reuters) - Thai stocks eked out small gains on Thursday as investors piled into dividend yielding stocks amid low interest rate environment, while other markets in Southeast Asia fell ahead of market holidays and amid weaknesses in other Asian markets. Thai key index traded up 0.4 percent while the SET high dividend index which measures move of 30 dividend yielding stocks gained 1 percent, led by refiner Thai Oil and condominium developer LPN Development. "The Bank of Thailand's surprise cut in its policy interest rate by 0.25 percent to 1.5 percent yesterday may give a short-term positive boost to market sentiment," strategists at broker Phillip Securities said. The Philippines' main index dropped 1.4 percent on the day and was down about 3 percent on the week. Malaysia fell for a fourth day to the lowest in more than four weeks while Singapore hit the lowest since April 10. Stocks in Indonesia was down 0.2 percent, on track for a weekly decline of 6.3 percent, the worst performer in the region, amid foreign selloffs and weak corporate earnings. The region is set to post a weekly loss, partly as investors awaited the direction of U.S. interest rates. The Federal Reserve downgraded its view of the U.S. labor market and economy on Wednesday in a policy statement that suggested the central bank may have to wait until at least the third quarter to begin raising interest rates. Asian stocks stumbled on Thursday while the euro held near two-month highs against the dollar after surprisingly downbeat first-quarter economic growth in the United States - a key export destination for many of the region's economies. Singapore, Indonesia and the Philippines will be closed on Friday for a public holiday, with Malaysia on Friday and Monday. Thai stock market will be shut from Friday through Tuesday for public holidays. Vietnam remained closed through Friday for national holidays. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0831 GMT Market Current Prev Close Pct Move Singapore 3472.41 3487.15 -0.42 Kuala Lumpur 1820.41 1842.93 -1.22 Bangkok 1529.00 1522.47 +0.43 Jakarta 5096.00 5105.56 -0.19 Manila 7714.82 7825.47 -1.41 (Reporting by Viparat Jantraprap; Editing by Anand Basu)
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