Asean stocks flat to weaker ahead of US data
BANGKOK: Southeast Asian stocks traded mostly flat to weaker on Monday on profit-booking in recent gainers, including Thai banks, with light trading volume across exchanges suggesting cautions remained over a deluge of US data this week.
Thai SET index was down 0.9 per cent at 1,471.89 by mid-day, with index heavyweight banks slipping 0.8 per cent.
Banking shares gained nearly two per cent last week, the benchmark’s top performer, after they reported favourable earnings for the July-September quarter.
Brokers expected more profit-taking to further cap the SET index from breaking a key resistance of 1,500.
"Investors who previously accumulated stocks should consider to take profit at 1,480-1,500 level to lock in profit," strategists at broker Maybank Kim Eng Securities wrote in a report.
"Tonight, investors should closely watch on the US unemployment number and the US employment numbers in non-agricultural and private sectors to evaluate the US economic trend in the fourth quarter," they wrote.
Stocks in Malaysia pared earlier gains in thin volume that was 25 per cent of a full-day average over the past 30 sessions. Philippine stocks were down 0.1 per cent after last week’s 1.8 rise, outpacing most others in the region.
Indonesian shares bucked the trend, up 0.4 per cent, led by a 6.5 per cent jump in shares in cigarette firm Gudang Garam, the second-most actively traded, after the government has cancelled a plan to raise the cigarette excise by five per cent in January 2014.-- Reuters