SE Asia Stocks - Fall; Thai exporters up on weak baht
BANGKOK, May 6 (Reuters) - Southeast Asian stock markets fell on Wednesday as a selloff in sovereign bonds globally dented sentiment across Asia, but shares of Thai electronic component exporters rose due to a weaker baht. The Thai SET index eased 0.5 percent as losses in banking shares due to concerns over the impact of a weak domestic economy on earnings overshadowed gains in exporters. Shares of electronic components exporter Delta Electronics jumped 4.2 percent, the second best performer on MSCI's index of Thailand. Shares of Hana Microelectronics Pcl gained 3.4 percent while KCE Electronics Pcl rose 0.9 percent. The baht lost as much as 1.1 percent to 33.32 per dollar, its weakest since January 2010 after the Thai central bank unveiled measures on Thursday to encourage more capital outflows, a day after it unexpectedly cut its key policy rate . "The only positive factor is the latest downward adjustment of policy rate to 1.5 percent, which has yet to be seen as to its impact on the economy. So it should not be able to outweigh the negative global factors," broker KGI Securities said. Trading was subdued as the market reopened after holidays from Friday to Tuesday. About 3.8 billion shares changed hands, 34 percent of a full-day average over the past 30 sessions. Singapore's Straits Times Index fell for a third straight day and Malaysia's key index hit its lowest since March 25. Stocks in Indonesia, the Philippines and Vietnam were weaker in range-bound trade. Singapore-based NRA Capital said it expected shares in blue chip firms to continue to face selling pressure on the back of Wall Street's correction. Shares of Singapore Telecommunications slipped 0.7 percent, a fourth day of decline. "The signs of the strain in China and America's economic performances are a reminder that there will be hiccups along the way to economic growth," it said in a report. Asian stocks stumbled on Wednesday in step with weak U.S. and European markets as equities investors were spooked by a vicious selloff in sovereign bonds globally. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0713 GMT Market Current Prev Close Pct Move Singapore 3454.87 3471.19 -0.47 Kuala Lumpur 1815.99 1827.42 -0.63 Bangkok 1519.35 1526.74 -0.48 Jakarta 5150.47 5160.31 -0.19 Manila 7854.07 7919.21 -0.82 Ho Chi Minh 548.49 552.65 -0.75 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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