SE Asia Stocks-Thailand rises most in five years

Last Updated: Fri, Oct 14, 2016 16:20 hrs

By Susan Mathew Oct 14 (Reuters) - Thai shares rose 4.6 percent on Friday, the sharpest in five years, as markets stayed calm after the death of King Bhumibol Adulyadej on Thursday. The king had been unwell for much of the past year and the announcement by the palace of his passing away followed two announcements made over the past week about his deteriorating health. The Thai stock index started recovering towards the end of Thursday's trading after four sessions of falls. "The fast money tends to sell first and then when the news is out, they rebalance their positions. They (investors) may have been shorting into this and now that the news is out they are trying to buy back," said Khiem Do, head of Asian multi-asset investments, Baring Asset Management. "But I don't think this is the end of the fall, or the uncertainty about Thailand. We have to wait and see." Sentiment is likely to be subdued due to the demise of the revered king, said Kum Soek Ching, head of Southeast Asia research at Credit Suisse Private Banking. But she said she did not expect any significant downside from here on. "Consumer, retail and F&B are expected to underperform with more restrained spending in at least the next 30 days, but the earnings impact shouldn't be lasting," she added. For the week, the stock index declined 1.78 percent, its biggest since the week ended Sept. 9. Most other Southeast Asian markets gained, tracking Asian peers, as better-than-expected Chinese inflation data eased concerns about the world's second-largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent after dropping 1.1 percent on Thursday. The Manila market rose 1 percent, snapping a seven-session losing streak, but posted a weekly decline of 2.5 percent. Energy and financials led the gains, with Semirara Mining Corp gaining over 3 percent and BDO Unibank Inc rising more than 1 percent. Indonesian stocks rose over 1 percent, while Singapore and Vietnam closed slightly higher. For the week, Singapore fell 2.1 percent while Vietnam gained 0.5 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2815.24 2805.48 0.35 Bangkok 1477.61 1412.82 4.59 Manila 7389.3 7312.18 1.05 Jakarta 5399.885 5360.828 1.11 Kuala Lumpur 1658.97 1665.02 -0.36 Ho Chi Minh 687 685.23 0.26 Change on year Market Current End 2015 Pct Move Singapore 2815.24 2882.73 -2.34 Bangkok 1477.61 1288.02 14.72 Manila 7389.3 6952.08 6.29 Jakarta 5399.885 4593.008 17.57 Kuala Lumpur 1658.97 1692.51 -1.98 Ho Chi Minh 687 579.03 18.65 (Reporting by Susan Mathew in Bengaluru; additional reporting by Claire Milhench in London and Nichola Saminather in Singapore; Editing by Subhranshu Sahu)

More from Sify: