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.
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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