SE Asia Stocks -Thai shares trim losses, consumer confidence at 11-month high

Thu Aug 7, 2014 1:41am EDT

BANGKOK, Aug 7 (Reuters) - Thai shares trimmed some of their
early losses on Thursday as a strong consumer confidence index
lifted broader sentiment, while the Philippine benchmark snapped
a two-day losing streak, with strong earnings further boosting
shares of Globe Telecom.
    The consumer confidence index of the University
of the Thai Chamber of Commerce rose in July to an 11-month
high, reflecting optimism around the military's infrastructure
plans and the outlook of domestic economy next year.
  
    Bangkok's SET index was nearly flat near the midday
trading break. It earlier lost about 0.5 percent amid weaknesses
in Asian stock markets. Gainers included Kasikornbank 
while the recently-rallying Advanced Info Service shares
retreated.
    Shares of the state-run Krung Thai Bank regained
lost ground after a big lot deal at a higher-than-market price.
 
    Short-term trading dominated the Thai stock market ahead of
a long weekend. The SET index was expected to move in a range of
1,510-1,530, broker Phillip Securities said. The market will be
shut on Aug. 11-12 for a public holiday.
    "Each investor category has continued to engage in
short-term trading activities, which would limit the markets
upside and make the market more sensitive to any negative news
flow," the broker said in a report.
    In Manila, the key index edged up 0.3 percent as
shares of Globe Telecom extended gains from the previous day
after the company posted strong earnings for the six months
ended June 30. 
    Large caps fell across exchanges as Asia saw investors
flocking to safe haven assets on Thursday, spooked by a Russian
troop build-up on the border with Ukraine and tit-for-tat
economic sanctions between the West and Moscow. 
    Singapore's index hit the lowest since July 18, led
by shares of DBS Group Holdings. Malaysia's  Tenaga
Nasional and Indonesia's Bank Mandiri led
among the losers in the region.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0454 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   437.09        437.76       -0.15
 Singapore          3306.51       3320.23       -0.41
 Kuala Lumpur       1868.10       1869.92       -0.10
 Bangkok            1521.17       1522.41       -0.08
 Jakarta            5047.80       5058.23       -0.21
 Manila             6971.19       6948.97       +0.32
 Ho Chi Minh         605.91        606.70       -0.13
 * 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 Anupama Dwivedi)