Asean stocks rebound
BANGKOK: Southeast Asian stocks rebounded in light volume on Friday as market players built up positions in regional large caps amid gains in broader Asia after US jobless claims data pointed to an improving labour market.
Banks and telecoms saw a bout of short-term trading after declining this week in foreign-led selling, with Kasikornbank , Bank Rakyat Indonesia and Philippine Long Distance Telephone among the actively-traded stocks.
Indonesia’s key index gained 0.7 per cent after four sessions of loss, trimming its fall so far in the week to 3.2 per cent. The Thai index rose 0.2 per cent, reversing its slide on Thursday but on track for a 3.9 per cent drop on the week.
Thai stocks were expected to move in a range of 1,410-1,450 on the day, strategists at broker Phillip Securities said, citing talks on the US budget as among external concerns.
The index closed at 1428.09 at mid-day.
"In the near term, there remains room for trading opportunities," they wrote in a report. "Clock ticks towards the US budget deadline on October 1...these concerns could put a cap on the market’s upside potential and spark selling," they said.
Thailand and Indonesia have underperformed regional peers so far this week, recording net foreign selling in the four sessions to September 26 of US$212 million and US$153 million, respectively, Thomson Reuters and stock exchange data showed.
The Philippines, Malaysia and Vietnam brought in net foreign inflows for the same period, data showed.-- Reuters