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SE Asia Stocks-S'pore leads regional gains; Thai shares cautiously higher
February 6, 2014 / 5:51 AM / 4 years ago

SE Asia Stocks-S'pore leads regional gains; Thai shares cautiously higher

BANGKOK, Feb 6 (Reuters) - Major Southeast Asian stock
markets rose on Thursday, with Singapore rebounding from a
14-month closing low hit in the previous session amid gains in
Asian stock markets, while bargain hunting helped Thai shares
plagued with political risks.
    Thai SET index traded up 0.5 percent at 1,286.07
near midday, amid technical-led buying in shares of CP All Pcl
 and Airports of Thailand.
    The benchmark rose a modest 0.3 percent on Wednesday when
local institutions and retail investors were among buyers,
countering selling by foreign investors. 
    Brokers said investors awaited a court ruling later in the
day on whether to revoke the emergency decree issued by the
caretaker government. The emergency decree imposed in late
January sent consumer confidence in the month to 26-month lows.
  
    "If the court cancels the emergency decree, the SET is
expected to rebound to test the 1,290 level with slower foreign
net sales," strategists at broker Maybank Kim Eng Securities
wrote in a report.
    Gains in broader Asia offered some respite to the emerging
share market, with Singapore's index rising 0.8 percent
to 2,984.25, after falling for a fifth session on Wednesday to
the lowest close since November 2012.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 gained 1 percent after five days of losses.
 
    NRA Capital said investors looked forward to Friday's jobs
numbers in the United States to have a better clue on the
outlook.
    "Investors would remain cautious over taking new positions
on the assumption that the worst was not over," the broker said.
    Stocks in Malaysia and the Philippines, which
were under foreign selling pressure this week, gained 0.2
percent and 0.4 percent, respectively. Indonesia was up
0.5 percent, building on Wednesday's 0.7 percent rise.
    Bucking the uptrend, Vietnam eased 0.2 percent on
resuming trade after the Lunar New Year holiday since Jan. 28.
    Despite the weakness, the index had rallied more than 10
percent this year, Asia's best performer and among overbought
markets, with the 14-day relative strength index (RSI) holding
above 70 since Jan. 13.

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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0516 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   377.81        376.31       +0.40
 Singapore          2984.25       2960.09       +0.82
 Kuala Lumpur       1789.51       1785.88       +0.20
 Bangkok            1286.07       1280.25       +0.45
 Jakarta            4404.65       4384.31       +0.46
 Manila             5932.53       5908.41       +0.41
 Ho Chi Minh         555.67        556.52       -0.15

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