SE Asia Stocks - S'pore retreats; Thai CP Foods outperforms
BANGKOK, Aug 26 (Reuters) - Southeast Asian stock markets were mixed on Wednesday, with Singapore retreating after the city-state called early polls but select stocks in Thailand and Indonesia outperformed after share buyback schemes. Singapore's Straits Times Index slipped 0.3 percent, giving up the rebound on the day before. Investors quickly cashed in recent gainers such as DBS Group Holdings which fell 1 percent after Tuesday's 1.4 percent rise. "Investors in Singapore will also be a little distracted by the confirmation of Polling Day on Sept. 11 and the speed at which more new candidates will be announced," broker NRA Capital said in a report. Singapore said on Tuesday it will hold a general election on Sept. 11, more than a year before a deadline for the next polls, seen riding the feel-good factor of the city-state's 50th birthday amid slowing economic growth. Thai SET index was up 0.3 percent, led by a 6.9 percent rally in shares of Charoen Pokphand Foods, which announced a share buyback plan. Shares of PTT Global Chemical added 0.5 percent after a 9.7 percent surge on Tuesday following a share repurchase programme. Investors were still reluctant to build positions in risk assets due to global instability, brokers said. "Continuing concerns about global economic slowdown and a mixed view on the U.S. FOMC interest rate decision still imply further foreign outflows, capping the SET upside in the near-term," said strategists at broker KGI Securities. Jakarta composite index was down 0.4 percent. Shares of Semen Indonesia and Bank Mandiri , which were among state-controlled firms rallying on Tuesday on share buyback activities, rose 6.5 percent and 0.6 percent, respectively. Indexes in Malaysia and Vietnam both extended the rebound on Tuesday. The Philippines reversed its early gains and traded a tad down 0.1 percent. Asian shares struggled on Wednesday as investors feared fresh rate cuts in China would not be enough to stabilise its slowing economy or halt a stock collapse that is wreaking havoc in global markets. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0431 GMT Market Current Prev Close Pct Move Singapore 2876.97 2886.29 -0.32 Kuala Lumpur 1576.37 1563.94 +0.79 Bangkok 1328.91 1323.88 +0.34 Jakarta 4210.63 4228.50 -0.42 Manila 6802.97 6830.34 -0.14 Ho Chi Minh 537.36 529.98 +1.39 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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