SE Asia Stocks-Thai shares rebound; Singapore property stocks fall

BANGKOK, March 19 (Reuters) - Thai shares rose on Wednesday

as investors bought large caps and tourism-related stocks after

the government lifted a state of emergency in Bangkok, while

Singapore's CapitaLand fell to a near 21-month low

after selling its remaining stake in an Australian firm.

Thai SET index was up 0.5 percent by midday,

recovering from the fall on Tuesday when investors booked

profits in the overbought market.

Shares of telecommunications firm Advanced Info Service Pcl

, Kasikornbank Pcl and Central Plaza Hotel

were among outperformers on the top 50 large caps

.

The government's decision to lift the emergency decree could

be supportive to the Thai stock market sentiment, brokers said.

Foreign investors bought shares worth a net $62.19 million on

Tuesday, their first in three sessions, following the

announcement.

"We can expect a return of foreign funds. Foreign investors

have left this market for a while since the declaration of the

state of emergency in January," said Tisco Securities senior

strategist Viwat Techapoonphol.

Market investors will also focus on Thai Constitutional

Court ruling on Feb. 2 poll case on Friday for a clearer outlook

of the domestic political crisis. The court set the ruling date

after conducting a hearing on the case early on Wednesday.

In Singapore, shares of CapitaLand dropped as much as 1.5

percent to S$2.7, their lowest in nearly 21 months, after the

company said it had sold its remaining stake in Australia's

Australand Property Group.

Other property shares, including Hongkong Land Holdings

, City Developments Ltd were among

underperformers on the benchmark Straits Times Index.

"News that existing stock of unsold properties have been

clearing at lower prices and CapitaLand's sale of its remaining

Australand stake - after calling it a key investment last

November - does not augur well for the property sector,"

brokerage firm NRA Capital said in a report.

Other markets were mostly rangebound, while Asian stocks

fell amid the backdrop of East-West geopolitical

tensions involving Ukraine and ahead of a closely watched

Federal Reserve policy review later in the session.

Indonesian shares edged up 0.3 percent after

retreating on Tuesday in part due to profit-taking by local

pension funds, broker Trimegah Securities said.

Among bright spots, shares of Philippine conglomerate San

Miguel Corp climbed 2.1 percent, after a combined 26

percent rally over the past three sessions.

San Miguel Corp said it was not selling its controlling

stake in liquor maker Ginebra San Miguel Inc after

shares in both firms surged amid market talk about a Ginebra

sale.

For Asian Companies click;

For South East Asia Hot Stock reports, click;

SOUTHEAST ASIAN STOCK MARKETS

Change at 0622 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 406.62 406.52 +0.02

Singapore 3073.41 3093.84 -0.66

Kuala Lumpur 1818.02 1820.70 -0.15

Bangkok 1380.16 1373.08 +0.52

Jakarta 4818.98 4805.61 +0.28

Manila 6464.96 6466.55 -0.02

Ho Chi Minh 604.87 599.85 +0.84

* The Thomson Reuters South East Asia Index is a

highly representative indicator of stocks listed in Indonesia,

Malaysia, the Philippines, Singapore, Thailand and Vietnam.

($1 = 32.16 Baht)

(Reporting by Viparat Jantraprap; Additional reporting by

Singapore bureau; Editing by Anand Basu)