SE Asia Stocks -Thai shares weak; Q3 GDP growth below forecasts
BANGKOK, Nov 17 (Reuters) - Southeast Asian stock markets
were range-bound on Monday as investors kept to the sidelines
after most major firms posted quarterly results and the Thai
index fell after weaker-than-expected third-quarter GDP data and
a cut in the forecast for the year.
The Thai economy grew a much less-than-expected 1.1 percent
in July-September from the previous three months and the
country's planning agency trimmed its economic growth forecast
for this year to 1.0 percent, citing weak exports.
The key SET index fell 0.1 percent, extending its
moderate loss from the previous session, led lower by large caps
stocks including Siam Commercial Bank and Advanced Info
Service.
The markets were cautious due to the uncertain prospect of
an economic turnaround in the near term, including a recovery in
consumption, investment, the government's fiscal spending and
exports.
"Unfortunately though, stagnant (in fact, slightly negative)
export earnings mean capacity utilization remains weak. As far
new investments are concerned, there is no real hurry for the
business owners," DBS Group Research said in a report.
Singapore eased 0.6 percent, reversing two days of
gains to a near two-month high on Friday. Malaysia
extended losses over the past four sessions, Indonesia
posted small gains and the Philippines inched higher.
In Singapore, selling hit bank shares recently boosted by
strong earnings, with shares of DBS Group Holdings
dropping 2 percent and Oversea-Chinese Banking Corp
losing 0.4 percent after rising to a near one-year high on
Friday.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0500 GMT
Market Current Prev Close Pct Move
Singapore 3296.45 3315.67 -0.58
Kuala Lumpur 1811.22 1813.79 -0.14
Bangkok 1574.77 1575.88 -0.07
Jakarta 5060.00 5049.49 +0.21
Manila 7232.18 7217.34 +0.21
Ho Chi Minh 604.48 600.36 +0.69
(Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)