SE Asia Stocks-Thai shares pare losses despite political woes

Wed May 7, 2014 6:42am EDT

BANGKOK, May 7 (Reuters) - Thai shares posted modest losses
on Wednesday after a court ruled Prime Minister Yingluck
Shinawatra would have to step down but many other ministers
could remain in office while stocks in Indonesia rebounded ahead
of a central bank policy meeting.
    The SET index ended the day down 0.1 percent, paring
much of its losses from before the court verdict on worries
Thailand could face a political vacuum if the entire government
was forced out.
    The constitutional court found Yingluck guilty of violating
the constitution on Wednesday and said she had to step down,
throwing the country into further political turmoil.
 
    The baht edged up after the Yingluck verdict as
most emerging Asian currencies gained. Analysts said investors
were cautious about Thai financial markets as there was no sign
of political stabilisation.
    Losses were led by large caps such as Advanced Info Service
 and PTT Exploration and Production while
low valuations in shares of growth firms lured bargain hunters,
including retailer CP All which rebounded almost 2
percent.
    Broker Nomura Pattanasin's analyst Koraphat Vorachet expects
market weakness, with near-term support levels for the SET index
seen at 1,380, then 1,361.
    "Political risks overall are higher after the court verdict.
Stock market investors may need to see new government before
adding on to risk positions, and it's still uncertain if the
election will go as planned in July," he said.
    Indonesian shares gained 0.6 percent as investors
bought banking shares such as Bank Rakyat Indonesia 
amid expectations the central bank would keep interest rates
unchanged at its meeting on Thursday. 
    Malaysia ended flat while the Philippines 
closed near its intraday low amid domestic-led selling.
    Foreign investors bought Malaysian shares worth a net 34.6
million ringgit ($10.63 million) and Philippine and Indonesian
stocks worth a net 699 million peso ($15.77 million) and 339.8
billion rupiah ($29.50 million), respectively, stock exchange
and Thomson Reuters data showed.
    
For Asian Companies click;  
For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   418.31        418.92       -0.15
 Singapore          3236.43       3245.56       -0.28
 Kuala Lumpur       1860.43       1860.43        0.00
 Bangkok            1402.61       1404.01       -0.10
 Jakarta            4862.07       4834.47       +0.57
 Manila             6748.51       6765.93       -0.26
 Ho Chi Minh         559.97        555.11       +0.88
 
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   418.31        388.37       +7.71
 Singapore          3236.43       3167.43       +2.18
 Kuala Lumpur       1860.43       1866.96       -0.35
 Bangkok            1402.61       1298.71       +8.00
 Jakarta            4862.07       4274.18      +13.75
 Manila             6748.51       5889.83      +14.58
 Ho Chi Minh         559.97        504.63      +10.97
 
* 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 = 3.2535 Malaysian Ringgits)
($1 = 44.3200 Philippine Pesos)
($1 = 11517.0000 Indonesian Rupiahs)

 (Reporting by Viparat Jantraprap; Additional reporting by
Jongwoo Chen in SINGAPORE; Editing by Anupama Dwivedi)