SE Asia Stocks-Singapore outperforms; Thai stocks up on institutional buying

Wed Mar 26, 2014 2:32am EDT

BANGKOK, March 26 (Reuters) - Thai stocks edged higher on
Wednesday on selective buying towards the end of the quarter but
appetite remained weak due to domestic political problems, while
Singapore recovered from the previous day's fall, with commodity
leading the way.
    The broader SET index was up 0.4 percent by midday,
after a modest rise on the previous session.
    Dividend yielding banks and telecommunications shares were
among gainers, including shares of Advanced Info Service
 and Bangkok Bank, which will pay an interim
dividend per share of 5.75 baht and 4.5 baht, respectively.
  
    Institutional-led buying ahead of the end of the first
quarter could further lend support this week but quick
profit-taking could also keep the market gain small, brokers
said.
    Resistance on the week was seen at 1,377, then 1,381, said
Koraphat Vorachet, an analyst at broker Nomura Pattanasin.
    The SET index was at 1,359.30 at midday..
    "For the week, we can expect SET to gain support from 
'window dressing' activity by institutional investors," he said.
    Anti-government protesters marched in Bangkok on Tuesday to
drum up support for a rally at the weekend, just before Thailand
holds elections for the Senate, which will play a central role
in their aim of removing Prime Minister Yingluck Shinawatra.
 
    The market focus was also on exports data for February due
out later in the day which is expected to rise only 0.4 percent
from a year earlier after January's 1.98 percent decline,
according to a Reuters poll. 
    Stocks in Singapore rose 1.3 percent, led by shares of Noble
Group 
    Other major Southeast Asian share markets were flat to
higher following gains on Wall Street overnight. 
    Asian shares raced to two-week highs on Wednesday, with
investors confidence getting a much needed boost from upbeat
U.S. data and lingering hopes China may take steps to stimulate
its sagging economy. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 climbed 1 percent.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0555 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   402.85        400.77       +0.52
 Singapore          3145.59       3104.17       +1.33
 Kuala Lumpur       1836.73       1837.17       -0.02
 Bangkok            1359.30       1354.01       +0.39
 Jakarta            4722.64       4703.09       +0.42
 Manila             6331.32       6336.34       -0.08
 Ho Chi Minh         599.97        601.85       -0.31
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

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