SE Asia Stocks-Thai stocks flat amid political pressure

Wed Nov 27, 2013 12:44am EST

BANGKOK, Nov 27 (Reuters) - Southeast Asian stocks traded
flat-to-higher on Wednesday, with Thai stocks nearly unchanged
amid short covering that cushioned losses in tourism shares amid
heightening political protests, while Indonesian shares bounced
off 11-week lows.
    The Thai SET index was up 0.06 percent at 1,359.51
after a mild rebound in the previous session on the back of
selective buying by domestic institutions and retail investors.
    Shares of mall operator Central Pattana Pcl jumped
4.3 percent, the biggest percentage gainer on the large-cap
SET50 index, regaining some of the 11.4 percent loss
over the past four sessions.
    Tourism stocks such as hotelier Central Plaza Hotel Pcl
 and carrier Thai Airways International Pcl 
were among the worst performers as anti-government agitators
marched across Bangkok and stepped up protests nationwide.
    Ratings agency Fitch said a degree of political volatility
is factored into the ratings while it would take a major impact
on growth or investor confidence to trigger a negative rating
action, it said. 
    Broker Phillip Securities advised short-term trading, within
a range of 1,335-1,375. Maybank Kim Eng Securities said it had a
negative view on the market.
    "We do not yet see any exit of this current political
situation. Today, the parliament will continue debating the no
confidence motion against the prime minister and three other
ministers before voting tomorrow," Maybank Kim Eng said.
    Stocks in Indonesia edged up 0.03 percent, falling
at one point to an 11-week low and after the 2 percent drop on
the previous session due to weakness in  the rupiah.
    The Philippines, plagued by the impact of typhoon
Haiyan, gained 0.5 percent following the rebound on Tuesday.
Singapore and Malaysia were nearly flat, edging
down 0.2 percent and 0.1 percent, respectively.
    Stocks in Vietnam rose 0.5 percent, extending its
gain over the past three sessions, to their highest in more than
three months.
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 Change at 0514 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   397.45        397.54       -0.02
 Singapore          3167.74       3173.51       -0.18
 Kuala Lumpur       1796.06       1798.13       -0.12
 Bangkok            1359.51       1358.69       +0.06
 Jakarta            4236.41       4235.26       +0.03
 Manila             6053.92       6025.37       +0.47
 Ho Chi Minh         511.50        509.16       +0.46
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