SE Asia Stocks: Mixed; Spain debt, China stimulus weigh
BANGKOK, May 30 – Thailand’s stock market ended today 1.3 per cent weaker, while other southeast Asian markets closed mixed as fears over Spain’s bank crisis and the possibility of China taking a cautious stance on economic stimulus measures damped investor appetite for risky assets.
Concerns over Spain’s borrowing costs rising to unsustainable levels hit hopes for the recovery of the euro zone.
Thailand snapped a four-session rising streak, but Bangkok-based Viwat Techapoonphol, senior strategist of Tisco Securities, said the fall would help boost buying in the Bangkok market, where foreigners have been net sellers only for one month so far this year.
“There will be buying opportunities, especially for local investors, in this market at the lower prices. If you look at the domestic economy in the second half, I think it’s a good story,” Techapoonphol said.
Shares in Singapore lost 0.6 per cent, and the Philippines benchmark edged down 0.1 per cent.
Indonesian stocks, recovering from early losses, closed steady with foreign inflows of US$12.36 million, while Malaysian shares gained 0.6 per cent with net foreign buying of US$29.80 million and Vietnam’s benchmark added 0.9 per cent. – Reuters