BANGKOK (May 27): Thai shares rose on Tuesday as new military rulers have started to tackle economic problems, boosting consumer and construction stocks such as CP All and Italian Thai Development, while others in Southeast Asia were little changed.
Thailand’s key SET index was up 0.3 percent, ending two sessions of losses. Domestic investors, including institutional and retail, bought shares worth a net 2.7 billion baht ($ 82.82 million), Thomson Reuters data showed.
Foreign investors sold a net 2.7 billion ($ 82.82 million), taking their net selling to 26 billion baht ($ 797.55 million) since the imposition of martial law on May 20.
“A quick execution of economic policies under the centralized junta government should lead to better GDP and earnings in the second half of 2014,” said broker KGI Securities.
Thailand’s new military rulers are moving fast to tackle economic problems caused by the absence of a proper government since December and are making it a priority to pay arrears owed to rice farmers, big supporters of the government they ousted.
Shares in some state-owned companies underperformed, led by energy firm PTT, amid concerns that top executives could be fired and boardroom policies altered after the government was toppled by the military last week.
Elsewhere, Singapore fell 0.3 percent in line with broader Asia, as investors locked in profits, following its rise to a one-year high on Monday. Malaysia rose 0.3 percent, with foreign investors buying shares a net 74 million ringgit ($ 23.05 million), stock exchange data showed.
The Philippine index fell for a third straight session, down 0.2 percent, while Indonesia was shut for a market holiday.
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 420.78 421.03 -0.06
Singapore 3274.06 3282.88 -0.27
Kuala Lumpur 1867.57 1862.80 +0.26
Bangkok 1392.73 1388.29 +0.32
Manila 6780.26 6790.42 -0.15
Ho Chi Minh 552.75 544.06 +1.60
Change on year
Market Current End 2013 Pct Move
TR SE Asia Index* 420.78 388.37 +8.35
Singapore 3274.06 3167.43 +3.37
Kuala Lumpur 1867.57 1866.96 +0.03
Bangkok 1392.73 1298.71 +7.24
Jakarta — 4274.18 +16.14
Manila 6780.26 5889.83 +15.12
Ho Chi Minh 552.75 504.63 +9.54
* 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 = 32.6000 Thai Baht)
($ 1 = 3.2105 Malaysian Ringgits)
|#Ukraine Crisis* More than 50 rebels killed in biggest Ukraine government assault< Prev||Next >#Highlight* Axiata 1Q profit rises 9.8% yoy to RM674.9m on forex gains|