SE Asia Stocks-Thai shares perk up after unexpected rate cut
BANGKOK, Nov 27 (Reuters) - Thai stocks rose on Wednesday as the central bank's unexpected rate cut boosted interest rate-sensitive property stocks such as Land & Houses while most Southeast Asian stock markets posted limited gains after a range-bound session. Thai SET index rose 1.1 percent, building on the modest rise on Tuesday and further recouping its losses this month, after the Bank of Thailand surprisingly cut its benchmark interest rate by 25 basis points to cope with domestic risks. The benchmark drifted lower in early trading hours as anti-government protesters marched across the Bangkok capital and stepped up protests across the country in an effort to oust Prime Minister Yingluck Shinawatra. The property sub-index was an outperformer, surging 3.3 percent, led by a 4.7 percent rise in shares of Land & Houses, the third-biggest percentage gainer on the large cap SET50 index. Thai stocks suffered more outflows, with foreign investors selling a net 4.4 billion baht ($137.5 million) on the day, taking their net selling this month to $1.46 billion and year-to-date net selling to $4.9 billion. In a choppy session, stocks in Indonesia closed up 0.4 percent, falling at one point to an 11-week low amid the weakness in the rupiah. The Indonesian currency lost 1.1 percent to its weakest since March 2009. The Philippines, plagued by the impact of typhoon Haiyan, gained 0.5 percent following the rebound on Tuesday. Singapore and Malaysia were nearly flat, edging down 0.05 percent and up 0.02 percent, respectively. Stocks in Vietnam pared early gains to fall 0.2 percent, after three straight sessions of rising streaks. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 397.89 397.54 +0.09 Singapore 3172.06 3173.51 -0.05 Kuala Lumpur 1798.46 1798.13 +0.02 Bangkok 1373.11 1358.69 +1.06 Jakarta 4251.49 4235.26 +0.38 Manila 6053.87 6025.37 +0.47 Ho Chi Minh 508.43 509.16 -0.14 Change on year Market Current End prev yr Pct Move TR SE Asia Index* 397.89 424.10 -6.18 Singapore 3172.06 3167.08 +0.16 Kuala Lumpur 1798.46 1688.95 +6.48 Bangkok 1373.11 1391.93 -1.35 Jakarta 4251.49 4316.69 -1.51 Manila 6053.87 5812.73 +4.15 Ho Chi Minh 508.43 413.73 +22.89 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Stock Market Volume (shares) Market Current Volume Average Volume 30 days Singapore 192,118,400 217,327,635 Kuala Lumpur 137,681,500 126,084,927 Bangkok 6,476,487 7,293,735 Jakarta 2,790,126,000 3,380,198,683 Manila 119,850 79,727 Ho Chi Minh 102,743 84,297
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.