BANGKOK, March 26 — Thai stocks edged higher on Wednesday on selective buying towards the end of the quarter but appetite remained weak due to domestic political problems, while Singapore recovered from the previous day's fall, with commodity leading the way.
The broader SET index was up 0.4 per cent by midday, after a modest rise on the previous session.
Dividend yielding banks and telecommunications shares were among gainers, including shares of Advanced Info Service and Bangkok Bank, which will pay an interim dividend per share of 5.75 baht (RM0.58) and 4.5 baht (RM0.46), respectively.
Institutional-led buying ahead of the end of the first quarter could further lend support this week but quick profit-taking could also keep the market gain small, brokers said.
Resistance on the week was seen at 1,377, then 1,381, said Koraphat Vorachet, an analyst at broker Nomura Pattanasin.
The SET index was at 1,359.30 at midday.
“For the week, we can expect SET to gain support from ‘window dressing’ activity by institutional investors,” he said.
Anti-government protesters marched in Bangkok on Tuesday to drum up support for a rally at the weekend, just before Thailand holds elections for the Senate, which will play a central role in their aim of removing Prime Minister Yingluck Shinawatra.
The market focus was also on exports data for February due out later in the day which is expected to rise only 0.4 per cent from a year earlier after January's 1.98 per cent decline, according to a Reuters poll.
Stocks in Singapore rose 1.3 per cent, led by shares of Noble Group
Other major Southeast Asian share markets were flat to higher following gains on Wall Street overnight.
Asian shares raced to two-week highs on Wednesday, with investors confidence getting a much needed boost from upbeat U.S. data and lingering hopes China may take steps to stimulate its sagging economy.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1 per cent. — Reuters
