SE Asia Stocks - Thai construction shares up; energy stocks lead regional gains

Fri Jun 13, 2014 3:56am EDT

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BANGKOK, June 13 (Reuters) - Thai shares edged higher on
Friday as hopes around government infrastructure spending lifted
construction shares such as Italian-Thai Development Pcl
, while energy and plantation stocks outperformed across
the region amid strong oil prices.
    A transport strategy committee planned to propose a 3
trillion baht ($92.71 billion) infrastructure development plan
to the ruling military council, news reports said.
    But army chief Prayuth Chan-ocha said the National Council
for Peace and Order (NCPO) had not discussed the spending plan.
 
    Italian Thai shares rose 2.8 percent, the second biggest
percentage gainer on the top 100 large-cap index. Sino
Thai Engineering Pcl gained 2.2 percent, while Ch
Karnchang edged 0.5 percent higher.
    The broader SET index was up 0.2 percent and poised
for a modest 0.1 percent gain on the week, a third consecutive
week amid optimism around the military government's policy on
reviving consumption and investment.
    Technically, the market was set for a near-term correction,
strategists said. Broker Maybank Kim Eng Securities expects the
SET fall to 1,455, then 1,450.
    "Foreign and local investors will likely slow investment due
to a lack of new support. Investors are waiting for clarity on
NCPO economic, water management, infrastructure project and
energy plans, which should take around 1-2 more weeks," it said.
    Others markets in Southeast Asia were mostly range-bound as
Asian stocks slid amid an escalating civil war in Iraq.
 
    Brent crude, which climbed to a nine-month high, bolstered
buying into resources-related stocks such as Tenaga Nasional
, Astra Agro Lesta and Energy Development
 and Keppel Corp. 
    In Hanoi, gains in some blue-chips sent Vietnam's benchmark
VN Index 0.4 percent higher. It was on track for a weekly
gain of 3 percent, Southeast Asia's best performer.
      
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0714 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   426.99        426.97        0.00
 Singapore          3293.96       3293.01       +0.03
 Kuala Lumpur       1874.81       1873.87       +0.05
 Bangkok            1459.62       1457.02       +0.18
 Jakarta            4924.47       4934.41       -0.20
 Manila             6779.66       6809.18       -0.43
 Ho Chi Minh         575.76        573.77       +0.35
 * 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 = 32.3600 Thai Baht)

 (Reporting by Viparat Jantraprap; Editing by Prateek
Chatterjee)
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