March 21, 2014 / 10:26 AM / in 4 years

SE Asia Stocks-Thai stocks fall, political uncertainty lingers

BANGKOK, March 21 (Reuters) - Thai stocks fell for a fourth
session on Friday as investors stayed on the defensive due to
domestic political uncertainty, although the country's
Constitutional Court nullified a Feb. 2 general election.
    The benchmark SET index was down 0.07 percent,
finishing the week 0.9 percent lower after three consecutive
weeks of gains. 
    The biggest loser was Glow Energy, which shed 8.1
percent. Traders said it was among stocks hit by short selling
this week.
    The court ruling was in line with expectations but the
market weakness reflected a risk and possible delay of the new
election, a trader at broker Kasikorn Securities said.
    The court did not mention a new election date but election
commission chairman Supachai Somcharoen told reporters after the
court ruling that if the political situation is stable enough it
would take a minimum of three months to organise the election.
    Other Southeast Asian stock markets rebounded from the
previous session's losses after Wall Street shook off concerns
about Federal Reserve policy. 
    Jakarta's Composite Index recouped earlier losses,
helped by selective buying in dividend yielding stocks, with top
gainers including shares of Perusahaan Gas Negara. It
dropped 3.7 percent on the week, Southeast Asia's worst
    In Singapore, the stock index was up 0.5 percent,
erasing most of its losses on the week. Property shares such as
City Developments led gainers, rebounding after
selloffs in property shares early in the week. 
    Late selling sent Philippine shares 1.2 percent
lower, the region's worst performer on the day. Manila bourse
said foreign investors were net sellers of stocks worth of 266.7
million peso ($5.9 million).
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 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   399.97        399.36       +0.15
 Singapore          3073.39       3057.20       +0.53
 Kuala Lumpur       1820.48       1818.17       +0.13
 Bangkok            1360.50       1361.47       -0.07
 Jakarta            4700.21       4698.97       +0.03
 Manila             6339.26       6417.35       -1.22
 Ho Chi Minh         601.75        600.26       +0.25
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   399.97        388.37       +2.99
 Singapore          3073.39       3167.43       -2.97
 Kuala Lumpur       1820.48       1866.96       -2.49
 Bangkok            1360.50       1298.71       +4.76
 Jakarta            4700.21       4274.18       +9.97
 Manila             6339.26       5889.83       +7.63
 Ho Chi Minh         601.75        504.63      +19.25
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.  
 ($1 = 45.0900 Philippine Pesos)

 (Reporting by Viparat Jantraprap; Additional reporting by Amy
Sawitta Lefevre; Editing by Anand Basu)
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