SE Asia Stocks-Thai shares jump to 7-month high on bargain-hunting

Mon Jun 2, 2014 2:49am EDT

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HANOI, June 2 (Reuters) - Most Southeast Asian markets fell
on Monday, but Thai shares bucked the trend to touch their
highest intraday level since Nov. 7, following an optimistic
rating by Moody's and on bargain-hunting at low levels.
    "Investors bought shares of some bullish stocks that have
bottomed out due to the military coup," said Sasima
Hattakitnikorn, an analyst with Phillip Securities.
    Thai shares have been lifted by buying from domestic
institutions and retail investors as the military government
moved to restart public spending and make delayed subsidy
payments to rice farmers. 
    Moody's on Monday affirmed Thailand's Baa1 sovereign rating,
saying the country's fundamental credit strengths were strong
enough to weather cyclical pressures on the economy and
recurring bouts of political instability. 
    Volume on the $383-billion market was solid, with 5.2
billion shares changing hands by Monday's break, compared to the
five-day daily average of 7.4 billion, Reuters data showed.
    The index has surpassed its resistance level of 1,426 points
and is likely to gain further to 1,480 points, Sasima added.
    Banking stocks led gains, with Siam Commercial Bank Pcl
 rising 3.14 percent while Kasikornbank Pcl 
gained 3.2 percent.
    Shares in the Philippines ticked up 0.61 percent
after having fallen a combined 2.1 percent in the past two
sessions on weaker-than-expected economic growth data.
 
    Other equities markets in the region fell, with Malaysia's
stock index losing 0.6 percent, and Vietnam's benchmark
VN Index dropping 0.87 percent on profit-taking after
hitting a near-four-week high on Friday. 
    Singapore's Straits Times Index was almost
unchanged, and Indonesia's Jakarta SE Composite Index 
edged down 0.28 percent.
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For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0604 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   420.65        420.71       -0.01
 Singapore          3298.45       3295.85       +0.08
 Kuala Lumpur       1862.21       1873.38       -0.60
 Bangkok            1434.25       1415.73       +1.31
 Jakarta            4880.08       4893.91       -0.28
 Manila             6688.39       6647.65       +0.61
 Ho Chi Minh         557.11        562.02       -0.87
 * 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 Mai Nguyen; Editing by Sunil Nair)
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