BANGKOK: Thailand shares fell on Friday as foreign investors continued to exit the country's risky assets, a day after the army chief seized control of the government in a coup, but local investors were in buying mode as no fresh violence was reported.
Thailand's SET index fell as much as 2.12 percent to
1,375.41, its lowest close since May 12, but recouped some of
the losses by the close.
Outflows stood at 6.6 billion Thai baht ($203.7 million) on
Friday, extending net foreign selling to $613.34 million since
the army declared martial law on Tuesday.
However, local investors chose to buy as they saw stability
since the army declared martial law.
Top oil firm PTT Pcl and Advanced Info Service Pcl
both fell 1.3 percent, pulling the index down.
Thailand's army chief seized control of the government in a
coup late on Thursday, two days after declaring martial law,
saying the military had to restore order and push through
reforms after six months of turmoil.
"In the short term, this is probably the best outcome given
the circumstances as the military is looking to find a solution
to move the country forward," said John Ford, CIO of the
Fidelity Fund for Asia Pacific.
"However, we need closely to monitor the situation,
especially regarding the actions of the Red Shirts," Ford said,
referring to the ousted Prime Minister's supporters.
The Thai baht also closed weaker on Friday due to worries
about more capital outflows after the bloodless coup.
Other markets closed range-bound, with the Philippines
down 0.3 percent, while the Malaysian stock index
lost 0.3 percent, falling for the fourth straight session since
hitting a record high on Monday.
Foreigners bought $87.80 million worth of Malaysian stocks
on Friday.
The Jakarta Composite Index, the worst performer of
the week, rose 0.1 percent while Singapore closed up
0.4 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 421.78 423.08 -0.31
Singapore 3278.02 3265.66 +0.38
Kuala Lumpur 1869.22 1875.12 -0.31
Bangkok 1396.84 1405.21 -0.60
Jakarta 4973.06 4969.88 +0.06
Manila 6811.33 6830.58 -0.28
Ho Chi Minh 541.49 541.73 -0.04
Change on year
Market Current End 2013 Pct Move
TR SE Asia Index* 421.78 388.37 +8.60
Singapore 3278.02 3167.43 +3.49
Kuala Lumpur 1869.22 1866.96 +0.12
Bangkok 1396.84 1298.71 +7.56
Jakarta 4973.06 4274.18 +16.35
Manila 6811.33 5889.83 +15.65
Ho Chi Minh 541.49 504.63 +7.30
* 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 = 32.3950 Thai Baht)
($1 = 3.2125 Malaysian Ringgits)- Reuters
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