February 27, 2013 / 8:16 AM / in 5 years

STOCKS NEWS THAILAND-SET index rebounds; dividend-yielding stocks lead

Thailand’s benchmark SET index edged slightly higher in moderate volume, regaining ground lost earlier, as gains by laggard dividend-yielding stocks outweighed losses in recent large cap gainers such as Siam Cement Pcl.

The SET index was up 0.13 percent at 1,532.35, with 9.4 million shares changing hands, 0.46 times a full day average over the past 30 sessions.

The SET50 index and the SET100 index, both tracking Thai blue chip firms, were up 0.07 percent and 0.11 percent, respectively. Traders said foreigners led sellers in the morning session.

“The negative foreign selling data will continue to keep investors in most parts cautious. There are some stock picking and flows of domestic funds that supported the market,” said strategist Teerada Charnyingyong at Phillip Securities.

Siam Cement, which hit a record last week, fell 1.7 percent after Tuesday’s 0.4 percent loss. Land & Houses jumped 4.3 percent, with Thanachart Securities expecting 2013 dividend yield of 4.4 percent, the highest in the property sector.

Thai stock market posted net foreign selling of $705 million in the month to Feb. 26 while Southeast Asian peers such as Indonesia, Malaysia and the Philippines reported inflows for the period, Thomson Reuters data showed. .

1451 (0751 GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Jijo Jacob

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