Thai market hits over four-year high

Published: August 30, 2017 17:33:36 | Updated: October 22, 2017 02:04:19


Thai shares hit their highest level in more than four years on Wednesday before erasing the gains to trade marginally higher ahead of the release of factory output and inflation data this week.

Thailand's SET index rose as much as 0.8 per cent to its highest since May 23, 2013 with energy and utility stocks leading the gains, reports Reuters.

Gas and petroleum company PTT climbed as much as 2 per cent, Airports of Thailand rose 2.3 per cent and Siam Commercial Bank climbed up to 2.4 per cent to its highest since July 27.

 A Reuters poll showed annual headline inflation rate may have increased slightly in August and factory output likely expanded, developments that would ensure the central bank still has room to keep monetary policy loose.

Thailand is scheduled to release its factory output data on Thursday and headline inflation numbers on Friday.  

 Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan rose half a per cent, taking cue from Wall Street's higher close, as concerns about North Korea's firing of a missile over Japan ebbed.

"Asian bourses may see some further stabilisation if not recovery today as the risk-off concerns fade a little," OCBC Bank said in a note.

Among other gainers in Southeast Asia, Singapore shares rose half a per cent with financials accounting for nearly half the gains.

Oversea-Chinese Banking Corp was up 0.5 per cent, while United Overseas Bank gained 0.6 per cent.  Meanwhile, Philippine shares fell with industrial stocks accounting for half of the losses.

JG Summit Holdings fell as much as 2.4 per cent, while Aboitiz Equity Ventures dropped more than 1 per cent.    

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