SE Asia Stocks -Thai shares rebound; Indonesia at 11-month highs

Wed May 14, 2014 1:28am EDT

BANGKOK, May 14 (Reuters) - Thai shares rose on Wednesday on
bargain-hunting after five sessions of losses while stocks in
Indonesia jumped to their highest in more than 11 months after
Jakarta Governor Joko Widodo boosted his chances in the July
presidential election.
    Investors were lured by hopes of a solution to Thailand's
political impasse and the recent selloffs in risk assets that
pulled valuations of large caps to a relatively low level.
    The Thai SET index was up 0.8 percent, recovering
some of the 3.3 percent loss since May 2. Gainers included
Kasikornbank Pcl which was among the beaten-down
stocks last week in the wake of foreign investor-led selling.
 
    Shares of 50 large caps traded at 13.95 times
price-to-earnings compared with Indonesia's 16.57
times and the Philippines' 20.35 times, Thomson Reuters data
showed.
    "Domestic events like the first quarter 2014 earnings and
the first quarter 2014 GDP are widely forecasted to be weak, so
politics will be the only focal point," strategists at broker
KGI Securities wrote in a report.
    Thailand's Senate met on Tuesday to try to find a solution
to protracted political turmoil, with both sides putting
pressure on the only legislative assembly still functioning in
the polarised country. 
    Jakarta's composite index (JCI) was up 0.9 percent
at 4,964.79, the highest since June 7. The rally boosted its
year-to-date gain to 16.2 percent, Asia's second-best performer
after the Philippine index. 
    Foreign investors have bought Indonesian shares a net 35
trillion rupiah ($3.03 billion) so far this year after they
offloaded about 21 trillion rupiah in full year 2013.
    The market rally on Wednesday came after popular Joko
"Jokowi" secured the support of the country's second-largest
political party. 
    Technically, the index formed an overbought territory and
could trigger profit-taking ahead of a market holiday on
Thursday, said Trimegah Securities. JCI's 14-day Relative
Strength Index was 68.3 versus an overbought line of 70 or
above.
    Other markets in Southeast Asia gained support from the
positive sentiment in Asia, as a weaker-than-expected U.S.
retail sales report on Tuesday did little to change views the
economy was poised for faster growth this quarter. 
    In Manila, shares trimmed early gains thanks to weaknesses
in the country's second-biggest company by market value, SM
Investments Corp, which reported a 16 percent fall in
first-quarter net income. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0431 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.92        417.43       +1.08
 Singapore          3253.86       3222.43       +0.98
 Kuala Lumpur       1874.91       1866.08       +0.47
 Bangkok            1385.59       1375.14       +0.76
 Jakarta            4964.79       4921.39       +0.88
 Manila             6895.90       6852.81       +0.63
 Ho Chi Minh         521.01        513.91       +1.38
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.    
($1 = 11536.5000 Indonesian Rupiahs)

 (Reporting by Viparat Jantraprap; Additional reporting by
Eveline Danubrata in JAKARTA; Editing by Subhranshu Sahu)