SE Asia Stocks - Thai telecoms stocks rebound; oil shares outperform in region

Mon Jun 16, 2014 3:29am EDT

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BANGKOK, June 16 (Reuters) - Thai shares rose on Monday as
stocks of large-cap telecoms firms recovered from the previous
week's losses, while others in Southeast Asia saw buying
interest in energy-related stocks as tensions in Iraq boosted
crude oil. 
    Mobile phone operator Total Access Communication Pcl
 led the gains in the Thai stock market after a
positive broker view.
    The stock jumped 5.1 percent, the top percentage gainer on
the 50 large-cap share index. It dropped 17 percent
last week after a fund raising plan by rival True Corp 
raised prospects of increased competition in the industry.
 
    Broker CIMB Securities (Thailand) said DTAC was its top pick
in the country's telecoms sector.
    "We understand that DTAC is the most vulnerable if True is
stronger. However, we have noticed that True's service
proposition of leadership in mobile broadband technology,
coverage and convergence challenges AIS's core competency more
than DTAC's," it said.
    Advanced Info Service rose 1.4 percent, while
True Corp was up 0.6 percent.
    The key SET index was up 0.7 percent at midday. It
fell 0.2 percent last week partly due to a selloff in telecoms
shares.
    Optimism around the ruling military government's planned
budget spending also helped underpin sentiment, brokers said.
    "This week, investors should closely watch the National
Council for Peace and Order decision toward the 2015 budget,
especially the 450 billion baht investment of dual-tracking and
mass transit," said broker Maybank Kim Eng Securities.
    Across the region, shares of energy and plantation firms
outperformed.
    Singapore-listed Keppel Corp, the world's top
offshore drilling rig builder, rose to its highest since April
22. Thailand's energy explorer PTT Exploration and Production
 hit its highest since Jan. 24.
    PT Astra Agro Lestari Tbk, Indonesia's largest
listed plantation firm, gained more than 1 percent, on strong
palm oil prices.
    Malaysian palm oil futures rose for a third straight day on
Monday as a spike in crude oil prices continued to stoke demand
for the tropical oil.  
    The broader sharemarkets in Southeast Asia were little
changed, in line with other Asian stock markets 
amid concerns about the insurgency in Iraq. 
    
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For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0638 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   426.11        426.44       -0.08
 Singapore          3292.14       3293.25       -0.03
 Kuala Lumpur       1873.76       1876.74       -0.16
 Bangkok            1465.80       1456.02       +0.67
 Jakarta            4901.73       4926.66       -0.51
 Manila             6762.37       6784.95       -0.33
 Ho Chi Minh         573.31        574.48       -0.20
 * 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 Prateek
Chatterjee)
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