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Southeast Asian stock markets traded mixed on Wednesday with Thai stocks rebounding from their lowest since June as the focus shifted to the central bank’s policy rate meeting.
The SET Index rose 0.9 per cent, after declining 8.5 per cent in the past six sessions, giving investors attractive stock valuations, analysts said.
“The Thai market is on a technical rebound,’’ said Teerada Charnyingyong, an analyst with Phillip Capital in Bangkok.
“The focus has shifted to the rate meeting today. There are some hopes of an interest rate cut, which would be positive for the stock market,’’ she added.
Interest rate cut
Most economists surveyed by Reuters expect the interest rate to remain unchanged, but with inflation at a five-year low of 1.26 per cent in November, some analysts said the Bank of Thailand had room to cut rates.
Indonesia’s main stock index edged up 0.1 per cent from a five-week low touched in the previous session after the rupiah hit a 16-year low.
Trimegah Securities said in a research note on Wednesday that the correction earlier this week presented a buying opportunity in selected stocks.
Shares of PT Impack Pratama Industri, an Indonesian packaging and building material company, jumped 50 per cent on its trading debut on Wednesday.
Singapore stocks extended their losses for a third day, falling 0.2 per cent on Wednesday while the Philippine index fell nearly 2 per cent.
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