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SE Asia Stocks-Thai stocks fall on political concerns; Philippine drops on SM Investments
August 2, 2013 / 8:41 AM / in 4 years

SE Asia Stocks-Thai stocks fall on political concerns; Philippine drops on SM Investments

BANGKOK, Aug 2 (Reuters) - Thai stocks slid 1.6 percent on
Friday on light volume, poised for their worst weekly loss since
late June, as political concerns hit large caps such as PTT
, while Philippine index hit a three-week low, led by a
fall in SM Investments Corp.
    Thai benchmark SET index fell to 1,414.61 in the
afternoon session, on track to post a weekly loss of about 4
percent, with trade volume at 44 percent of a full day average
over the past 30 sessions. 
    Broker Maybank Kim Eng Securities expects selling ahead of
the planned anti-government rally over the weekend.
    "With the protest on Aug. 4, we recommend investors keep an
eye on foreign exchange rates, as this protest may lead to
foreign capital outflow," it said in a strategy report.
    "Next week, the amnesty bill will be considered on Aug 7-8.
MBKET feels an Emergency Act under consideration will have a
limited impact on investor confidence," it said.
    The Philippine index was down 1.9 percent, set for a
weekly loss of 3.4 percent. SM Investment shares, the biggest
firm by value, plunged 8.6 percent after it raised $150 million
in a share placement with institutional investors at discount
    Other Southeast Asian stocks were in a rangebound session as
market players awaited indications on global outlooks including
jobs data in the United States. 
    Trading volume on the Indonesian stock exchange fell to 60
percent of the average, with the benchmark index nearly
flat ahead of a public holiday next week and after data showed
its economy expanded weaker than expected in the second quarter.
    Indonesia's stock exchange will remain closed from Aug. 5 to
Aug. 9. The market will open on Aug. 12.
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 Change at 0803 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   422.30        425.28       -0.70
 Singapore          3252.23       3243.29       +0.27
 Kuala Lumpur       1779.91       1777.82       +0.12
 Bangkok            1414.61       1437.51       -1.59
 Jakarta            4631.23       4624.33       +0.15
 Manila             6533.95       6661.44       -1.91
 Ho Chi Minh         494.66        492.43       +0.45

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