BANGKOK, Nov 4: Thai stocks fell to their lowest in nearly a month today, underperforming others in Southeast Asia, as cautious investors offloaded riskier holding amid fears about heightening opposition against the political amnesty bill.
The benchmark SET index was down 1.75 percent at 1,404.06, the lowest since Oct. 2.
Volume remained thin in early trade at 0.2 percent of a full-day average over the past 30 sessions as investors watched the domestic political situation after more organisations expressed disagreement on the bill.
The political concerns would further undermine the broader market sentiment already gripped by weak economic data for September, brokers said.
The exchange recorded a combined $108 million of net foreign selling on Thursday and Friday, with the SET index ending the week almost 2 percent lower, Southeast Asia’s second worst performer.
“Foreign investors will continue reducing investments in Thai markets due to economic and political factors… Investors are now suggested to avoid investment in stocks affected by the political tension,” they wrote.
Tourism-related stocks, including Airports of Thailand Pcl and hotelier Central Plaza Hotel Pcl dropped more than 4 percent each, the two biggest percentage losers on the large cap SET50 index.
Stocks in Singapore, Malaysia and Vietnam were nearly flat while Indonesia and the Philippines posted modest losses, with central bank meetings in Europe and U.S. Payrolls report being in focus.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0335 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* — 417.72 n/a
Singapore 3205.66 3201.20 +0.14
Kuala Lumpur 1809.44 1810.41 -0.05
Bangkok 1404.06 1429.08 -1.75
Jakarta 4420.33 4432.59 -0.28
Manila 6541.22 6585.38 -0.67
Ho Chi Minh 497.35 497.08 +0.05 (agencies)
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