January 20, 2014 / 7:20 AM / in 4 years

SE Asia Stocks-Mixed; Thai shares down amid political unrest

3 Min Read

Jan 20 (Reuters) - Thai stocks traded lower on Monday in
thin volume as cautious investors stayed on the sidelines after
violence over the weekend hit sentiment, while other Southeast
Asian markets were mixed amid concerns about a slowdown in the
Chinese economy this year.
    Twenty-eight people were wounded, seven seriously, in
explosions on Sunday at a camp of anti-government protesters in
Bangkok, the latest violence in a prolonged political crisis,
threatening the Thai economy. 
    The Thai SET index was down 0.5 percent at 0616 GMT,
led by information technology shares. The baht also
slid due to political tension. 
    "Investors are cautious about the situation and trading
volumes are thin," said Teerada Charnyingyong, a strategist with
Phillip Securities. "They are quite worried about the situation
from the rally. Foreigners seem to be buying and selling instead
of buying for a long term." 
    Foreign investors sold a net $119.40 million worth shares in
the last four sessions, Thomson Reuters data showed. 
    Analysts expect more losses with Thai authorities "very
seriously" considering a state of emergency after the weekend
violence where protesters have been trying for more than two
months to bring down the government.     
    Shares in Singapore and Malaysia were down
0.6 percent and 0.4 percent, respectively as expectation of a
sluggish growth in China this year dented investor appetite for
risky assets. 
    China's economy grew 7.7 percent in 2013 after easing in the
final three months on sagging investment growth, while analysts
expect a cool-down this year as the government wrestles to
implement major reforms. 
    Bucking the trend, the Vietnam stock index 
outperformed the region with a 2.3 percent rise at 0642 GMT, led
by blue chips and banks, while the Jakarta Composite Index
 and the Philippines traded 0.2 percent and 0.1
percent firmer, respectively. 
    In Manila, a court temporarily halted the sale of a minority
stake worth $165 million in casino operator Bloomberry Resorts
Corp by its Las Vegas-based partner. 
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 Change at 0642 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   383.43        385.42       -0.52
 Singapore          3129.87       3147.33       -0.55
 Kuala Lumpur       1806.73       1813.01       -0.35
 Bangkok            1288.84       1295.41       -0.51
 Jakarta            4417.62       4412.23       +0.12
 Manila             5991.45       5987.09       +0.07
 Ho Chi Minh         556.15        543.59       +2.31

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