SE Asia Stocks-Thailand rises over 4 pct as markets stay calm

Last Updated: Fri, Oct 14, 2016 11:20 hrs

By Susan Mathew Oct 14 (Reuters) - Thai stocks rose as much as 4.25 percent on Friday in their biggest intraday percentage gain in more than three 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. "While sentiment is likely to be subdued due to the demise of the revered king, I do not expect significant downside from here on relating to this," said Kum Soek Ching, head of Southeast Asia research at Credit Suisse Private Banking. "Consumer, retail, 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." Thailand is unlikely to face major economic disruption after the death of the king, some risk analysts and diplomats said. "The military government which has carried the country through a period of increasing GDP growth could help the country through the period of transition," said Jingyi Pan, a Singapore-based strategist at IG Asia. Most other Southeast Asian markets rose, tracking gains in Asian peers as stronger-than-expected Chinese inflation data eased some concerns about the health of the world's second-biggest economy. China's producer prices rose unexpectedly in September for the first time in nearly five years, while consumer inflation quickened to 1.9 percent from a year earlier, also beating market expectations. Sentiment also got a boost from crude oil prices, which edged up on the back of a tighter U.S. fuel market and as technical indicators attracted buying from financial players MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent after dropping 1.1 percent on Thursday. Philippine shares rose 1 percent, posting their biggest intraday percentage gain in over two weeks and snapping a seven-session losing streak. Singapore shares were trading higher after five sessions of falls, while Vietnam hit a one-week high. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0446 GMT Market Current Previous Pct Move Close Singapore 2811.81 2805.48 0.23 Bangkok 1468.23 1412.82 3.92 Manila 7380.29 7312.18 0.93 Jakarta 5337.687 5340.4 -0.05 Kuala Lumpur 1662.34 1665.02 -0.16 Ho Chi Minh 689.58 685.23 0.63 Change so far Market Current End 2015 Pct Move Singapore 2811.81 2882.73 -2.46 Bangkok 1468.23 1288.02 13.99 Manila 7380.29 6952.08 6.16 Jakarta 5337.687 4593.008 16.21 Kuala Lumpur 1662.34 1692.51 -1.78 Ho Chi Minh 689.58 579.03 19.09 (Reporting by Susan Mathew in Bengaluru; additional reporting by; Pairat Temphairojana in Bangkok and Nichola Saminather in Singapore; Editing by Subhranshu Sahu)

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