BANGKOK: Thai stocks snapped four days of losses on Wednesday as bargain hunting emerged in banks after positive consumer confidence data in December while Malaysian shares trimmed losses amid a rise in the ringgit and strong trade data in November.
Thai SET index closed up 1.6 percent, erasing some
of the 12.9 percent loss over the past four trading days, after
a university survey showed consumer confidence in Thailand hit
an 18-month high in December.
Shares of state-run Krung Thai Bank jumped 4.2
percent, the biggest single-day gain since November 2013. Krung
Thai shares gained snapping a three-day losing streak, which
sent the stock to a more than six month low.
"Many brokers had a buy call in many battered stocks today.
But the market's near-term rally would be capped by long-term
equity fund redemptions," said strategist Viwat Techapoonpol at
Tisco Securities.
Stocks in Singapore and Indonesia also
rebounded amid gains in other Asian stock markets.
In Kuala Lumpur, the key stock index closed down 0.4
percent, trimming some of its early loss, while the ringgit
won brief reprieve after the strong export and trade
balance data in November.
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
Singapore 3298.36 3281.95 +0.50
Kuala Lumpur 1709.18 1716.58 -0.43
Bangkok 1500.75 1477.58 +1.57
Jakarta 5207.12 5169.06 +0.74
Manila 7309.70 7277.74 +0.44
Ho Chi Minh 552.05 549.66 +0.43
Change on year
Market Current End 2014 Pct Move
Singapore 3298.36 3365.15 -1.98
Kuala Lumpur 1709.18 1761.25 -2.96
Bangkok 1500.75 1497.67 +0.21
Jakarta 5207.12 5226.95 -0.38
Manila 7309.70 7230.57 +1.09
Ho Chi Minh 552.05 545.63 +1.18
- Reuters
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