BANGKOK, Nov 6 (Reuters) - Thai stocks rose almost 1 percent
on Wednesday after positive comments by a senator on the
controversial amnesty bill eased tensions while the Indonesian
index was largely flat after weak third-quarter economic growth
Other Southeast Asian stock markets traded largely in tight
ranges, tracking Asian stock markets in the face of uncertainty
over monetary policy in the U.S. and Europe.
The Thai SET index was up 0.7 percent at 1,424.58 at
the midday trading break, extending a gain of nearly 2 percent
in the previous session.
Among actively traded stocks, Siam Commercial Bank Pcl
jumped 3.1 percent, Airports of Thailand Pcl
rose 2 percent and Krung Thai Bank Pcl gained 1 percent
The Speaker of Thailand's Senate said it will reject an
amnesty bill critics say is aimed at bringing back convicted
former premier Thaksin Shinawatra from exile, a move that could
defuse rising tension on the streets of Bangkok.
"I reject this bill and will send it back to the lower
house. We will not accept this amnesty and the Senate majority
agrees with me," Speaker Nikom Wairatpanij told Reuters.
The Senate is expected to hold a press briefing later in the
"If this is the case, the amnesty issue will disappear from
the Thai political field for at least 180 days," strategists at
broker KGI Securities wrote in a report.
According to Thai law, the Senate has 180 days to send the
bill back to the lower house, which would have to wait until
that time before bringing the bill back to the table.
Strategists at broker Maybank Kim Eng Securities said the
SET index would be trapped in a narrow range of 1,400-1,440
until the Senate considers a first reading of the bill on
Foreign investors would continue slowing investments,
awaiting clarity on the political situation while Thai economic
fundamentals remained weak, they wrote in a report.
"We do not think protesters will stop movements until they
hear some clarity from the parliament," they said.
Foreign investors were net sellers of Thai shares worth
about $200 million over the past four sessions amid escalating
protests against the bill.
Indonesia's benchmark index edged up 0.1 percent
amid mixed performance by large caps, with shares of
Telekomunikasi Indonesia down 3.2 percent while shares
of Bank Mandiri rose 0.6 percent.
Indonesia's economy grew at its weakest pace in nearly four
years in the third quarter, throttled by weak exports and
slowing consumption as higher fuel prices bite.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0617 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 415.82 415.97 -0.04
Singapore 3206.10 3205.54 +0.02
Kuala Lumpur 1804.27 1807.47 -0.18
Bangkok 1424.58 1415.44 +0.65
Jakarta 4428.35 4423.29 +0.11
Manila 6466.31 6519.58 -0.82
Ho Chi Minh 501.07 499.79 +0.26
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