Thai stock index hit a near six-week low on strong trading volume on Thursday as investors booked quick gains after consumer confidence fell further in April, while most other markets in Southeast Asia extended slides amid fund outflows. Thai benchmark SET index was down 1.4 percent at 1,498.31, the lowest close since March 30. About 14 million shares changed hands, 1.3 times of a full-day average over the past 30 trading days.
Top losers included shares of refiner Thai Oil, which dropped 6 percent after two straight days of gains and electronic component exporter Hana Microelectronics lost about 5 percent, erasing Wednesday's 4.5 percent gain. Thai consumer confidence slipped for a fourth straight month in April, a university survey showed on Thursday, as low commodity prices and worries over the sputtering economy hurt spending. Malaysia hit the lowest since March 23, with foreign investors selling a net 147 million ringgit ($41 million). Indonesia reversed from Wednesday's more than one-week high, with a net outflows of 351 billion rupiah ($26.7 million). Credit Suisse remained bullish on Indonesia's infrastructure spending and also recommended "overweight" on telecom companies, citing less exposure to government policies. Shares of Pembangunan Perumahan, among its picks, jumped 3.5 percent.