SE Asia Stocks - Thai shares near 1-week high; others up

Wed May 28, 2014 2:50am EDT

BANGKOK, May 28 (Reuters) - Thai shares traded near a
one-week high on Wednesday as investors picked up stocks on
hopes of a recovery in the domestic economy while other
Southeast Asian indexes followed regional stocks higher after
strong economic data from the United States.
    The SET index was up 1.1 percent at 1,407.44 points
at midday, its highest since May 22. Airports of Thailand
, retailer CP All and Ch Karnchang 
were among the actively-traded stocks.
    "There are signs the market is beginning to factor in the
new political post-coup era under Army Chief Prayuth Chan-ocha
and his plans to revive the economy. However, it will take some
time before confidence is completely restored," broker Krungsri
Securities said in a report.
    A new round of speculative buying was likely to drive the
index up to the 1,425 level in coming days, it added.
    Thailand's trade shrank in April and factory output fell for
a 13th straight month, underscoring the damage political unrest
has caused and the tough job the new military government faces
in reviving an economy that contracted in the first quarter.
 
    Stocks in Singapore, Malaysia and Indonesia
all gained while MSCI's broadest index of Asia-Pacific shares
outside Japan rose 0.6 percent.
    The Philippines inched up 0.1 percent ahead of GDP
data for the first quarter, due on Thursday. 
    The Philippine economy probably grew the most among regional
peers in the first three months of the year, driven by private
consumption and post-typhoon rebuilding that could continue to
bolster expansion ahead. 
    Vietnam's benchmark VN Index was up 0.4 percent as
retailers extended buying after a strong rally in the previous
day, an analyst said. 
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0628 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.97        420.78       +0.28
 Singapore          3275.05       3274.06       +0.03
 Kuala Lumpur       1868.14       1867.57       +0.03
 Bangkok            1407.44       1392.73       +1.06
 Jakarta            4975.69       4963.93       +0.24
 Manila             6787.91       6780.26       +0.11
 Ho Chi Minh         555.07        552.75       +0.42
 
* 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; Editing by Sunil Nair)
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