By Susan Mathew
Oct 14 Thai shares rose 4.6 percent on Friday,
the sharpest in five 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
The Thai stock index started recovering towards the
end of Thursday's trading after four sessions of falls.
"The fast money tends to sell first and then when the news
is out, they rebalance their positions. They (investors) may
have been shorting into this and now that the news is out they
are trying to buy back," said Khiem Do, head of Asian
multi-asset investments, Baring Asset Management.
"But I don't think this is the end of the fall, or the
uncertainty about Thailand. We have to wait and see."
Sentiment is likely to be subdued due to the demise of the
revered king, said Kum Soek Ching, head of Southeast Asia
research at Credit Suisse Private Banking. But she said she did
not expect any significant downside from here on.
"Consumer, retail and 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," she added.
For the week, the stock index declined 1.78 percent, its
biggest since the week ended Sept. 9.
Most other Southeast Asian markets gained, tracking Asian
peers, as better-than-expected Chinese inflation data eased
concerns about the world's second-largest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan
was up 0.6 percent after dropping 1.1 percent on
The Manila market rose 1 percent, snapping a
seven-session losing streak, but posted a weekly decline of 2.5
Energy and financials led the gains, with Semirara Mining
Corp gaining over 3 percent and BDO Unibank Inc
rising more than 1 percent.
Indonesian stocks rose over 1 percent, while
Singapore and Vietnam closed slightly higher.
For the week, Singapore fell 2.1 percent while Vietnam
gained 0.5 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Pct Move
Singapore 2815.24 2805.48 0.35
Bangkok 1477.61 1412.82 4.59
Manila 7389.3 7312.18 1.05
Jakarta 5399.885 5360.828 1.11
Kuala Lumpur 1658.97 1665.02 -0.36
Ho Chi Minh 687 685.23 0.26
Change on year
Market Current End 2015 Pct Move
Singapore 2815.24 2882.73 -2.34
Bangkok 1477.61 1288.02 14.72
Manila 7389.3 6952.08 6.29
Jakarta 5399.885 4593.008 17.57
Kuala Lumpur 1658.97 1692.51 -1.98
Ho Chi Minh 687 579.03 18.65
(Reporting by Susan Mathew in Bengaluru; additional reporting
by Claire Milhench in London and Nichola Saminather in
Singapore; Editing by Subhranshu Sahu)