SE Asia Stocks-Thai shares rebound; Singapore property stocks fall

Wed Mar 19, 2014 2:48am EDT

BANGKOK, March 19 (Reuters) - Thai shares rose on Wednesday
as investors bought large caps and tourism-related stocks after
the government lifted a state of emergency in Bangkok, while
Singapore's CapitaLand fell to a near 21-month low
after selling its remaining stake in an Australian firm.
    Thai SET index was up 0.5 percent by midday,
recovering from the fall on Tuesday when investors booked
profits in the overbought market.
    Shares of telecommunications firm Advanced Info Service Pcl
, Kasikornbank Pcl and Central Plaza Hotel
 were among outperformers on the top 50 large caps
.
    The government's decision to lift the emergency decree could
be supportive to the Thai stock market sentiment, brokers said.
Foreign investors bought shares worth a net $62.19 million on
Tuesday, their first in three sessions, following the
announcement. 
    "We can expect a return of foreign funds. Foreign investors
have left this market for a while since the declaration of the
state of emergency in January," said Tisco Securities senior
strategist Viwat Techapoonphol.
    Market investors will also focus on Thai Constitutional
Court ruling on Feb. 2 poll case on Friday for a clearer outlook
of the domestic political crisis. The court set the ruling date
after conducting a hearing on the case early on Wednesday.
    In Singapore, shares of CapitaLand dropped as much as 1.5
percent to S$2.7, their lowest in nearly 21 months, after the
company said it had sold its remaining stake in Australia's
Australand Property Group. 
    Other property shares, including Hongkong Land Holdings
, City Developments Ltd were among
underperformers on the benchmark Straits Times Index.
    "News that existing stock of unsold properties have been
clearing at lower prices and CapitaLand's sale of its remaining
Australand stake - after calling it a key investment last
November - does not augur well for the property sector,"
brokerage firm NRA Capital said in a report.
    Other markets were mostly rangebound, while Asian stocks
 fell amid the backdrop of East-West geopolitical
tensions involving Ukraine and ahead of a closely watched
Federal Reserve policy review later in the session. 
    Indonesian shares edged up 0.3 percent after
retreating on Tuesday in part due to profit-taking by local
pension funds, broker Trimegah Securities said.
    Among bright spots, shares of Philippine conglomerate San
Miguel Corp climbed 2.1 percent, after a combined 26
percent rally over the past three sessions.
    San Miguel Corp said it was not selling its controlling
stake in liquor maker Ginebra San Miguel Inc after
shares in both firms surged amid market talk about a Ginebra
sale. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0622 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   406.62        406.52       +0.02
 Singapore          3073.41       3093.84       -0.66
 Kuala Lumpur       1818.02       1820.70       -0.15
 Bangkok            1380.16       1373.08       +0.52
 Jakarta            4818.98       4805.61       +0.28
 Manila             6464.96       6466.55       -0.02
 Ho Chi Minh         604.87        599.85       +0.84
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
    
 ($1 = 32.16 Baht)

 (Reporting by Viparat Jantraprap; Additional reporting by
Singapore bureau; Editing by Anand Basu)
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