SE Asia Stocks-Thai shares at 16-mth lows; Indonesia falls on selling in large caps

Sun Jan 5, 2014 11:45pm EST

BANGKOK, Jan 6 (Reuters) - Thai stocks hit 16-month lows on
Monday as concerns over the impact of political turmoil on the
economy spurred selling in shares of banking and telecoms firms
while Indonesian stocks fell to their lowest in nearly two weeks
on active selling in large caps.
    The Thai SET index fell 0.9 percent to 1,213.17,
slipping at one point to 1,205.44, the lowest since August 2012.
Shares of Kasikornbank, Advanced Info Service
 and Siam Commercial Bank were among the
actively traded stocks.
    Broker Maybank Kim Eng Securities said it expected the index
to move in a range of 1,200-1,240 on the day while KGI
Securities said the domestic political turmoil would keep the
market rangebound.
    "The market still lacks clear direction. While it fell
sharply last week discounting the current political turmoil, any
concrete rebound is unlikely due to persisting uncertainty on
politics," KGI strategists wrote in a report.
    Thousands of anti-government protesters marched through the
Thai capital on Sunday, a prelude to a broader action next week
when they say they will shut down Bangkok in their bid to
scuttle a February election and topple Prime Minister Yingluck
Shinawatra.  
    Jakarta's Composite Index shed 1 percent to
4,216.68, having hit 4,204.08, the lowest since Dec. 24, led
down by shares of Adaro Energy and Bank Negara
Indonesia.
    The index is expected to continue its weakening trend and
trade in a 4,234-4,282 range, broker Trimegah Securities said.
    A rise in Indonesia's government bond yield prompted market
sell-offs in large caps on Friday on expectations the yield
would rise further in line with the outlook for U.S. government
bonds, Trimegah Securities said.
    "There could be some follow-up selling from last week," an
analyst at Trimegah said.
    Stocks in Singapore, Malaysia, the
Philippines and Vietnam traded largely in a tight
range amid weaknesses in Asian shares after growth in China's
services sector slowed sharply last month. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   377.78        379.62       -0.49
 Singapore          3130.12       3131.47       -0.04
 Kuala Lumpur       1834.99       1834.74       +0.01
 Bangkok            1213.17       1224.62       -0.93
 Jakarta            4216.68       4257.66       -0.96
 Manila             5966.85       5947.93       +0.32
 Ho Chi Minh         505.73        505.37       +0.07
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