BANGKOK, Aug 7: Most Southeast Asian stocks edged slightly higher on Wednesday amid selective buying in a thin market, with an anti-government rally in Bangkok capping the Thai benchmark and sending the baht to a one-month low.
The SET index traded nearly unchanged around the 1,428 level, with trading volume falling to around 30 percent of the full-day average over the past 30 sessions. The market has been range-bound since late last week over political worries.
The index is likely to continue its downside bias in a trading range of 1,400-1,440 later in the day, strategists at broker Phillip Securities wrote in a report.
‘The market remained clouded by domestic political pressure as controversial amnesty-related bills are tabled for debate in parliament today amid protests against the bills,’ they said.
Thailand’s parliament was due to debate a political amnesty bill on Wednesday as anti-government protesters marched to try to get it scrapped, saying it could let ex-premier Thaksin Shinawatra return from exile without having to serve a jail sentence.
The Thai bourse said foreign investors were net sellers of shares over the past four sessions worth a combined $107 million.
Singapore’s Straits Times Index edged up 0.2 percent, poised for a modest loss of 0.7 percent on the week, while Malaysia’s key index was down 0.3 percent, on track to end the week 1.2 percent lower.
The Philippine index was up 0.3 percent after losses over the past three sessions. Vietnam climbed 0.8 percent, extending Tuesday’s gain.
Investors bought regional large caps in a reporting season, including Singapore’s DBS Group Holdings, Malaysia’s Maxis, Thailand’s Advanced Info Service Pcl and Philippine Ayala Land Inc.
Trading volume in the region was relatively light in a shortened week, with Singapore and Malaysia shut on Thursday and Friday, and the Philippines on Friday, for a public holiday.
Indonesia is shut for the week for Eid Al-Fitr holidays.
Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the U.S. Federal Reserve would start to reduce stimulus kept a leash on market bulls.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0530 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 422.55 422.86 -0.07
Singapore 3231.17 3224.89 +0.19
Kuala Lumpur 1779.32 1784.64 -0.30
Bangkok 1428.15 1429.39 -0.09
Manila 6439.92 6420.78 +0.30
Ho Chi Minh 500.35 496.56 +0.76
(agencies)
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