SE Asia Stocks-Thai shares snap 2-day rising streak; Indonesia at 1-month low

Mon Jun 9, 2014 6:37am EDT

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BANGKOK, June 9 (Reuters) - Thai stocks retreated on Monday
as investors sold construction shares amid concerns about
project delays, while Indonesia's benchmark index fell to
one-month low as selling in large caps weighed on one of
Southeast Asia's top performers this year.
    Losses in Bangkok were led by shares of the biggest builder
Italian Thai Development, which came under selling
pressure after reports that the military government was freezing
water projects which its group was working on. 
    Italian Thai shares ended down 6.1 percent, their worst drop
since January. The broader SET index edged down 0.05
percent, snapping a two-session winning streak.
    Shares of telecommunications group True Corp were
suspended from trading, pending an announcement. A source with
knowledge of the deal said True Corp is to offer an 18 percent
stake to China Mobile via a private placement as part
of its plans to take on a foreign partner to help with regional
expansion. 
    Jakarta's composite index fell 1.1 percent to
4,885.08, the lowest close since May 8, amid active selling in
banking shares such as Bank Rakyat Indonesia and other
large-caps such as Telekommunikasi Indonesia.
    The loss trimmed its year-to-date gain to 14.3 percent,
Southeast Asia's second-best performing bourse after the
Philippines which rose 15.5 percent, the region's best
performer.
    In a report, Morgan Stanley said it continued to recommend
Singapore over Indonesia over Thailand. Morgan Stanley said it
continued to prefer global cyclicals over domestic consumption
stocks and investors would likely do well by positioning their
portfolios defensively.
    "ASEAN3 equity markets are interestingly perched in search
of direction. We see limited upside with relatively full
valuations, rising risks and slowing growth," it said in a
report.
    Singapore's Straits Times Index edged a tad higher,
closing at the highest in more than one year.
    Stocks in Malaysia, the Philippines and
Vietnam rose after U.S. and China data pointed to global
recovery.  
          
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   426.94        425.86       +0.25
 Singapore          3305.20       3299.43       +0.17
 Kuala Lumpur       1863.69       1862.70       +0.05
 Bangkok            1457.30       1458.02       -0.05
 Jakarta            4885.08       4937.18       -1.06
 Manila             6802.73       6762.62       +0.59
 Ho Chi Minh         565.51        559.04       +1.18
 
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   426.94        388.37       +9.93
 Singapore          3305.20       3167.43       +4.35
 Kuala Lumpur       1863.69       1866.96       -0.18
 Bangkok            1457.30       1298.71      +12.21
 Jakarta            4885.08       4274.18      +14.29
 Manila             6802.73       5889.83      +15.50
 Ho Chi Minh         565.51        504.63      +12.06
 
* 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 Viparat Jantraprap; Editing by Anand Basu)
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