Thailand rejects amnesty bill, Bank Indonesia raises rates

|By:, SA News Editor

Thai stocks (THD, TF, TTF) rise 0.5% in Bangkok. The country's senate overwhelmingly rejected an amnesty bill that may have paved the way for former leader Thaksin Shinawatra to return to Thailand without serving a jail sentence. For more on the bill, see here.

Meanwhile, Indonesian stocks (IDX, IDXJ, EIDO) sink 1.4% to a five-week low as foreign investors dump shares for a seventh consecutive day. Bank Indonesia hiked its benchmark rate by 25 bps to 7.5% (a four-year high), in an effort to demonstrate a willingness to sacrifice at least some economic growth for currency stability and a healthier current-account balance. Full Bank Indonesia statement.

Elsewhere, the PSEi (EPHE) rallies nearly 1% as some say Typhoon Haiyan will likely not meaningfully slow economic momentum in the Philippines despite the enormous toll it's taken in terms of human suffering (an estimated 1.4% GDP hit apparently doesn't look so bad when you've recorded 7% growth for fourth consecutive quarters).