SE Asia Stocks - Thai shares up Q2 GDP growth

Mon Aug 18, 2014 12:53am EDT

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BANGKOK, Aug 18 (Reuters) - Thai shares gained modestly on
Monday after second-quarter GDP growth helped the domestic
economy avoid a technical recession, while Oversea-Chinese
Banking Corporation underperformed the Singapore
market after the bank announced a rights issue. 
    Bangkok's SET index edged up 0.04 percent as
investors bought banking stocks such as Siam Commercial Bank
 and Kasikornbank ahead of interim dividend
announcements later this month.
    Thailand's economy expanded 0.9 percent in April-June from
the previous three months, avoiding a technical recession, and
grew 0.4 percent from a year earlier, the planning agency said.
 
    Investors focussed on the ruling military council's
discussion of the 2015 fiscal budget plan on Monday and
formation of an interim government seen later this month.
    "Market momentum is likely to remain positive this week with
further upside, driven by optimism over the fiscal budget and
the next prime minister," strategists at broker Krungsri
Securities wrote in a report.
    Singapore's Straits Times Index was down 0.37
percent, with shares of Oversea-Chinese Banking Corp falling as
much as 1.4 percent to an over one-week low.
    Other Southeast Asian markets were rangebound in line with
Asia after U.S. stocks ended mixed on Friday, paring an earlier
selloff sparked by reports of Ukraine shelling a Russian
armoured column.  

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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0305 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   444.49        444.35       +0.03
 Singapore          3302.60       3314.77       -0.37
 Kuala Lumpur       1862.62       1864.31       -0.09
 Bangkok            1547.28       1546.62       +0.04
 Jakarta            5163.84       5148.96       +0.29
 Manila             7030.71       7008.51       +0.32
 Ho Chi Minh         605.12        604.24       +0.15
 * 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 Subhranshu Sahu)
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