SE Asia Stocks -Mostly weaker; Thai index recovers on calm after martial law

Wed May 21, 2014 2:43am EDT

May 21 (Reuters) - Thai shares recovered on Wednesday as the
capital Bangkok remained calm, a day after the army declared
martial law to restore order following lingering anti-government
protests, while other Southeast Asia markets mostly fell
tracking a weaker Wall Street. 
    Thailand's SET index was up 0.5 percent at midday,
led by energy and property shares, after having fallen more than
1.1 percent in the previous session. 
    "No confrontation was seen and that is taken as a positive
sign," said Teerada Charnyingyong, a strategist at broker
Phillip Securities. 
    Market participants are watching the meeting between rival
parties arranged by the army with caution and the index may move
sideways until the crisis is resolved, she added. 
    Thailand's army chief will meet leaders of rival political
groups and parties, Election Commission members and senators
later on Wednesday to discuss a way out of the country's
political crisis, an army spokesman said. 
    "Historically speaking, military intervention to Thai
politics signalled that the crisis was nearing its end," Broker
KGI Securities said in a note to investors, while asking traders
to pick up stocks on possible short-term weakness.
    The brokerage recommended Advanced Info Service,
Bangkok Bank, Sino-Thai Engineering and Constructions
, and Supalai. 
    Other Southeast Asian markets mostly declined after U.S.
stocks fell in a broad selloff on Tuesday. The Philippines
 and Indonesia were down 1.5 percent and 0.3
percent respectively at 0620 GMT.  
    In Jakarta, investors cautiously monitored the political
situation ahead of the July 9 presidential polls as front-runner
Joko "Jokowi" Widodo, who is seen as market friendly, faces a
strong challenge from his rival. 
    Singapore and Malaysia were each down 0.2
percent. Bucking the trend, Vietnam traded 0.6 percent
firmer. 
            
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0622 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   420.85        421.66       -0.19
 Singapore          3258.10       3265.47       -0.23
 Kuala Lumpur       1877.25       1881.16       -0.21
 Bangkok            1401.49       1394.69       +0.49
 Jakarta            4882.92       4895.96       -0.27
 Manila             6779.71       6882.73       -1.50
 Ho Chi Minh         540.60        533.19       +0.57
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.   

 (Reporting by Shihar Aneez in COLOMBO and Viparat Jantraprap in
BANGKOK; Editing by Sunil Nair)
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