SE Asia Stocks-Most up; Thailand at 7-mth high on economic reform hopes

Mon Jun 2, 2014 6:48am EDT

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HANOI, June 2 (Reuters) - Southeast Asian shares mostly
gained on Monday, with the Thai SET Index rising 1.78
percent to its highest level since Oct. 31 as investors pinned
hopes on an upcoming economic reform plan while Philippine
shares rallied on bargain hunting.
    Investors anticipated a spurt in the Thai economy due to
economic policies expected to be released on Wednesday by the
National Council for Peace and Order, said CIMB Securities
analyst Kasem Prunratanamala.
    Banking stocks are likely to benefit especially from the
plan as requirements for investment loans would grow in the
coming months, Kasem added.
    Siam Commercial Bank Pcl led the gains on the Thai
Stock Exchange with a 4.4 percent jump, the highest single-day
rise since January, Reuters data showed.
    Sentiment was also helped by a positive Moody's rating on
the Thai economy and a weekend protest against the military coup
that was not as bad as investors expected, Kasem said.
    Moody's on Monday affirmed Thailand's Baa1 sovereign rating,
saying the country's fundamental credit strengths were solid
enough to weather cyclical pressures on the economy and
recurring bouts of political instability. 
    Volumes on the Thai bourse were solid, with 10 billion
shares changing hands, a level not seen in nearly seven months,
Reuters data showed.
    Analysts expected the SET Index to gain further, with the
next resistance level seen between 1,460 and 1,480 points.
    The Philippine stock market also rallied on Monday as
investors looked for bargains in shares that were at one-month
lows, hit by weaker-than-expected economic growth data, said
Manny Cruz, a market strategist with Asiasec Equities.
    The Philippine SE Composite Index rose 0.94 percent,
reversing falls since Thursday after data showed the country's
economy unexpectedly grew at its slowest pace in two years in
the first quarter. 
    Telecommunications firm Philippine Long Distance Telephone
Co led the gainers, advancing 2.06 percent, followed by
property firm Ayala Land that rose 2.17 percent.
    Other markets moved range-bound, with Singapore's Straits
Times Index edging up 0.19 percent, and the Jakarta SE
Composite Index 0.37 percent higher.
    Malaysia and Vietnam bucked the trend,
falling 0.49 percent and 0.93 percent respectively.
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   421.81        420.71       +0.26
 Singapore          3302.24       3295.85       +0.19
 Kuala Lumpur       1864.25       1873.38       -0.49
 Bangkok            1440.94       1415.73       +1.78
 Jakarta            4912.09       4893.91       +0.37
 Manila             6710.40       6647.65       +0.94
 Ho Chi Minh         556.80        562.02       -0.93
 
 Change on year 
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   421.81        388.37       +8.61
 Singapore          3302.24       3167.43       +4.26
 Kuala Lumpur       1864.25       1866.96       -0.15
 Bangkok            1440.94       1298.71      +10.95
 Jakarta            4912.09       4274.18      +14.92
 Manila             6710.40       5889.83      +13.93
 Ho Chi Minh         556.80        504.63      +10.34
 * 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 Mai Nguyen; Editing by Anupama Dwivedi)
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