Thailand stocks gain amid rising Asian equities; PM Thavisin awaits verdict
Indonesian rupiah top gainer
Philippine stocks surge 0.9%
Thai baht mostly flat
By Sherin Sunny and Echha Jain
Aug 14 (Reuters) -Thai stocks rose along with most other Asian equity markets on Wednesday as investors shrugged off fears of a renewed period of political uncertainty while awaiting for a ruling which would decide the fate of Prime Minister Srettha Thavisin.
Stocks in Bangkok .SETI surged 0.6%, while the Thai baht THB= was mostly flat against a weakening U.S. dollar.
A Thai court is expected to rule later in the day on whether Thavisin could be dismissed after less than a year in office by deciding if he violated "ethical standards" by appointing Pichit Chuenban to cabinet.
Chuenban had earlier been jailed for contempt of court following a bribery attempt.
"If the PM survives the case, it could be quite positive for Thai assets as it could mean subsided political uncertainty," Poon Panichpibool, a markets strategist at Krung Thai Bank, said.
"But if the PM is found guilty and ousted from his post, then it could be quite negative for Thai assets in the near term amid concerns over political uncertainty," Panichpibool added.
A favourable court ruling for the prime minister would mean business as usual for Thailand and would remove any immediate risk for his government. A not guilty verdict would also be potentially cheered by foreign investors who have been long waiting for political stability in Southeast Asia's second largest economy.
Other stock markets in emerging Asia with the exception of China and Malaysia also rose ahead of key inflation numbers from the U.S. which could add to expectations for a September rate cut. Equities in Taiwan .TWII, Philippines .PSI and Indonesia gained 1.1%, 0.9%and 0.7%respectively.
Currencies in the region were mostly upbeat with the Indonesian rupiah IDR= and Taiwan dollar TWD=TP leading the gains, rising 0.9%and 0.5%respectively.
Indonesian government revenue stabilised in July, the finance minister said on Tuesday, amid higher spending by the government which is building a new capital Nusantara which is expected to potentially attract investor interest.
Analysts also currently expect Bank Indonesia (BI) to cut interest rates at its next policy meeting.
"In addition to the rupiah staying well -behaved, BI may also need greater confidence that Federal Reserve easing is at hand before starting its own cuts," analysts at Barclays said.
Stocks in Singapore .STI added 0.5%while agribusiness Olam Group OLAG.SI shed over 7.3% after its results.
HIGHLIGHTS:
** Thailand's Constitutional Court's judgement on PM Prime Minister Srettha Thavisin's court case in focus
** Japanese Prime Minister Fumio Kishida to step down in September
As of 0417 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.05 | -3.97 | .N225 | 0.1 | 8.2% |
China | CNY=CFXS | +0.05 | -0.74 | .SSEC | -0.35 | -3.93 |
India | INR=IN | +0.07 | -0.84 | .NSEI | -0.04 | 11.03 |
Indonesia | IDR= | +0.89 | -1.88 | .JKSE | 0.73 | 1.89 |
Malaysia | MYR= | +0.52 | +3.78 | .KLSE | -0.13 | 10.50 |
Philippines | PHP= | +0.02 | -2.78 | .PSI | 0.90 | 4.04 |
S.Korea | KRW=KFTC | +0.49 | -5.29 | .KS11 | 0.67 | -0.61 |
Singapore | SGD= | -0.05 | +0.11 | .STI | 0.46 | 1.02 |
Taiwan | TWD=TP | +0.51 | -4.86 | .TWII | 1.11 | 22.91 |
Thailand | THB=TH | +0.03 | -2.33 | .SETI | 0.56 | -7.83 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Sherin Sunny and Echha Jain in Bengaluru; Editing by Kim Coghill
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