SE Asia Stocks-Thai stocks fall on political concerns; Philippine drops on SM Investments
BANGKOK, Aug 2 (Reuters) - Thai stocks slid 1.6 percent on Friday on light volume, poised for their worst weekly loss since late June, as political concerns hit large caps such as PTT , while Philippine index hit a three-week low, led by a fall in SM Investments Corp. Thai benchmark SET index fell to 1,414.61 in the afternoon session, on track to post a weekly loss of about 4 percent, with trade volume at 44 percent of a full day average over the past 30 sessions. Broker Maybank Kim Eng Securities expects selling ahead of the planned anti-government rally over the weekend. "With the protest on Aug. 4, we recommend investors keep an eye on foreign exchange rates, as this protest may lead to foreign capital outflow," it said in a strategy report. "Next week, the amnesty bill will be considered on Aug 7-8. MBKET feels an Emergency Act under consideration will have a limited impact on investor confidence," it said. The Philippine index was down 1.9 percent, set for a weekly loss of 3.4 percent. SM Investment shares, the biggest firm by value, plunged 8.6 percent after it raised $150 million in a share placement with institutional investors at discount Other Southeast Asian stocks were in a rangebound session as market players awaited indications on global outlooks including jobs data in the United States. Trading volume on the Indonesian stock exchange fell to 60 percent of the average, with the benchmark index nearly flat ahead of a public holiday next week and after data showed its economy expanded weaker than expected in the second quarter. Indonesia's stock exchange will remain closed from Aug. 5 to Aug. 9. The market will open on Aug. 12. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0803 GMT Market Current Prev Close Pct Move TR SE Asia Index* 422.30 425.28 -0.70 Singapore 3252.23 3243.29 +0.27 Kuala Lumpur 1779.91 1777.82 +0.12 Bangkok 1414.61 1437.51 -1.59 Jakarta 4631.23 4624.33 +0.15 Manila 6533.95 6661.44 -1.91 Ho Chi Minh 494.66 492.43 +0.45
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