SE Asia Stocks -Thai down on strong foreign outflows after army coup

Fri May 23, 2014 7:20am EDT

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May 23 (Reuters) - Thailand shares fell on Friday as foreign
investors continued to exit the country's risky assets, a day
after the army chief seized control of the government in a coup,
but local investors were in buying mode as no fresh violence was
reported. 
    Thailand's SET index fell as much as 2.12 percent to
1,375.41, its lowest close since May 12, but recouped some of
the losses by the close.
    Outflows stood at 6.6 billion Thai baht ($203.7 million) on
Friday, extending net foreign selling to $613.34 million since
the army declared martial law on Tuesday. 
    However, local investors chose to buy as they saw stability
since the army declared martial law. 
    Top oil firm PTT Pcl and Advanced Info Service Pcl
 both fell 1.3 percent, pulling the index down. 
    Thailand's army chief seized control of the government in a
coup late on Thursday, two days after declaring martial law,
saying the military had to restore order and push through
reforms after six months of turmoil. 
    "In the short term, this is probably the best outcome given
the circumstances as the military is looking to find a solution
to move the country forward," said John Ford, CIO of the
Fidelity Fund for Asia Pacific. 
    "However, we need closely to monitor the situation,
especially regarding the actions of the Red Shirts," Ford said,
referring to the ousted Prime Minister's supporters.
    The Thai baht also closed weaker on Friday due to worries
about more capital outflows after the bloodless coup. 
    Other markets closed range-bound, with the Philippines
 down 0.3 percent, while the Malaysian stock index 
lost 0.3 percent, falling for the fourth straight session since
hitting a record high on Monday. 
    Foreigners bought $87.80 million worth of Malaysian stocks
on Friday. 
   The Jakarta Composite Index, the worst performer of
the week, rose 0.1 percent while Singapore closed up
0.4 percent. 
                
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.78        423.08       -0.31
 Singapore          3278.02       3265.66       +0.38 
 Kuala Lumpur       1869.22       1875.12       -0.31
 Bangkok            1396.84       1405.21       -0.60
 Jakarta            4973.06       4969.88       +0.06
 Manila             6811.33       6830.58       -0.28
 Ho Chi Minh         541.49        541.73       -0.04
 
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   421.78        388.37       +8.60
 Singapore          3278.02       3167.43       +3.49
 Kuala Lumpur       1869.22       1866.96       +0.12
 Bangkok            1396.84       1298.71       +7.56
 Jakarta            4973.06       4274.18      +16.35
 Manila             6811.33       5889.83      +15.65
 Ho Chi Minh         541.49        504.63       +7.30
 * 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 = 32.3950 Thai Baht)
($1 = 3.2125 Malaysian Ringgits)

 (Reporting by Shihar Aneez in Colombo and Viparat Jantraprap in
Bangkok; Editing by Prateek Chatterjee)
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