SE Asia Stocks -Mixed; large-cap telecoms lead Thai decline

Wed Jun 11, 2014 6:58am EDT

BANGKOK, June 11 (Reuters) - Thai stocks fell on Wednesday
as investors sold shares of top telecoms operators Advanced Info
Service (AIS) and Total Access Communication
 in favour of True Corp, following its fund
raising plan and a possible rating upgrade by Moody's.
    Credit rating agency Moody's Investors Service said it is
reviewing its rating on True Corp for a possible upgrade, citing
a capital raising plan through a rights offering and a private
placement to China Mobile. 
 
    "This transaction, if successful, would help the company to
significantly improve its leverage and restore its equity base,"
assistant vice president and analyst Yoshio Takahashi said in a
report.
    Shares in True Corp, Thailand's no. 3 telecoms firm, jumped
5.6 percent to 8.5 baht, their highest close since Dec. 20. AIS
shares lost 2.6 percent and the Total Access stock dropped 4.9
percent, both hovering around two-month lows.
    The benchmark SET index ended down 0.4 percent at
1,463.71. It earlier hit a near 8-month high, reflecting
optimism about the military government's policy to revive
domestic consumption and investment, brokers said.
    The government has approved a state budget plan for the next
fiscal year starting Oct. 1, with spending projected at 2.575
trillion baht ($79.23 billion), up 2 percent from the current
year. 
    Other share markets in the region ended mixed, with
Singapore's key Straits Times Index down 0.1 percent,
in line with broader Asia. MSCI's broadest index of Asia-Pacific
shares outside Japan dipped 0.03 percent.
 
    Philippine shares rose 0.5 percent to a near
three-week high amid active buying in banking stocks, led by BDO
Unibank. The market recorded net foreign inflows of 901
million pesos ($20.58 million).
    Malaysia stocks ended up 0.09 percent as foreign
investors bought shares worth a net 102 million ringgit ($31.8
million) while retail investors and local institutions sold
shares. Malaysia's weak industrial production in April weighed
on early sentiment. 
    Indonesia rose 0.5 percent to a two-week high of
4,971.95. Shares of Astra International gained almost
2 percent after industry data showed strong motorbike sales in
May, reflecting robust domestic demand. 
    Vietnam's benchmark VN Index posted its fourth
consecutive gain, rising 0.61 percent as funds poured into
banking and real estate shares. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   427.46        427.68       -0.05
 Singapore          3290.04       3293.82       -0.11
 Kuala Lumpur       1878.38       1876.61       +0.09
 Bangkok            1463.71       1469.19       -0.37
 Jakarta            4971.95       4946.09       +0.52
 Manila             6809.18       6777.98       +0.46
 Ho Chi Minh         570.36        566.89       +0.61
 
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   427.46        388.37      +10.07
 Singapore          3290.04       3167.43       +3.87
 Kuala Lumpur       1878.38       1866.96       +0.61
 Bangkok            1463.71       1298.71      +12.70
 Jakarta            4971.95       4274.18      +16.33
 Manila             6809.18       5889.83      +15.61
 Ho Chi Minh         570.36        504.63      +13.03
 
* 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 = 43.7950 Philippine Pesos)
($1 = 32.5000 Thai Baht)
($1 = 3.2100 Malaysian Ringgits)
    

 (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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