BANGKOK: Southeast Asian stocks traded flat-to-higher on Wednesday, with Thai stocks nearly unchanged amid short covering that cushioned losses in tourism shares amid heightening political protests, while Indonesian shares bounced off 11-week lows.
The Thai SET index was up 0.06 per cent at 1,359.51 after a mild rebound in the previous session on the back of selective buying by domestic institutions and retail investors.
Shares of mall operator Central Pattana Pcl jumped 4.3 per cent, the biggest percentage gainer on the large-cap SET50 index, regaining some of the 11.4 per cent loss over the past four sessions.
Tourism stocks such as hotelier Central Plaza Hotel Pcl and carrier Thai Airways International Pcl were among the worst performers as anti-government agitators marched across Bangkok and stepped up protests nationwide.
Ratings agency Fitch said a degree of political volatility is factored into the ratings while it would take a major impact on growth or investor confidence to trigger a negative rating action, it said.
Broker Phillip Securities advised short-term trading, within a range of 1,335-1,375. Maybank Kim Eng Securities said it had a negative view on the market.
"We do not yet see any exit of this current political situation. Today, the parliament will continue debating the no confidence motion against the prime minister and three other ministers before voting tomorrow," Maybank Kim Eng said.
Stocks in Indonesia edged up 0.03 per cent, falling at one point to an 11-week low and after the two per cent drop on the previous session due to weakness in the rupiah.
The Philippines, plagued by the impact of typhoon Haiyan, gained 0.5 per cent following the rebound on Tuesday. Singapore and Malaysia were nearly flat, edging down 0.2 per cent and 0.1 per cent, respectively.
Stocks in Vietnam rose 0.5 per cent, extending its gain over the past three sessions, to their highest in more than three months.-- Reuters
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Admin! Please run such articles more i i3investors! Very informative on what happening in other asian market! Those political articles only make us angry and lose focus! We have limited time to make money here!
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Admin! Please run such articles more i i3investors! Very informative on what happening in other asian market! Those political articles only make us angry and lose focus! We have limited time to make money here!
2013-11-27 19:54