BANGKOK, May 29 Thai stocks pared early gains to fall on Wednesday amid profit taking in recently-rallying bank and property shares following an expected interest rate cut while concerns that the U.S. Federal Reserve could reduce monetary stimulus weighed on the region. The Thai main SET index was down 1.1 percent at 1,601.61 after the country's central bank cut its benchmark interest rate by 25 basis points as expected. Macquarie Equities Research said the Thai stock market looked expensive at 14 times forward price-to-earnings, based on its coverage of 71 listed companies. But the broker maintained its 'neutral' rating on the market. "... The multiples are still underpinned by what we view as robust earnings growth, and while there are other factors to consider, most notably policy risks, these still appear as risks rather than realities," it said in a report dated May 28. Philippine shares outperformed the region, with the main index up 1.6 percent at 7,228.57. The index had risen a modest 0.2 percent on Tuesday on bargain hunting after a nearly 4 percent drop over the past three sessions as weak global sentiment prompted selling in Southeast Asia's second-best performer. 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* 438.97 446.21 -1.62 Singapore 3367.47 3406.08 -1.13 Kuala Lumpur 1783.47 1776.16 +0.41 Bangkok 1601.61 1619.57 -1.11 Jakarta 5200.69 5176.23 +0.47 Manila 7228.57 7113.22 +1.62 Ho Chi Minh 515.09 516.33 -0.24 Change on year Market Current End prev yr Pct Move TR SE Asia Index* 438.97 424.10 +3.51 Singapore 3367.47 3167.08 +6.33 Kuala Lumpur 1783.47 1688.95 +5.60 Bangkok 1601.61 1391.93 +15.06 Jakarta 5200.69 4316.69 +20.48 Manila 7228.57 5812.73 +24.36 Ho Chi Minh 515.09 413.73 +24.50 * 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 279,712,800 272,313,503 Kuala Lumpur 151,129,200 176,124,667 Bangkok 9,470,203 9,959,483 Jakarta 5,237,461,500 4,524,518,467 Manila 101,373 104,894 Ho Chi Minh 99,723 54,382
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