SE Asia Stocks - Most weak ahead of Fed; Thai telecoms shares fall

Wed Jun 18, 2014 2:56am EDT

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BANGKOK, June 18 (Reuters) - Most Southeast Asian stock
markets edged lower on Wednesday as investors weighed in the
risks of the U.S. Federal Reserve's policy outlook, with Thai
telecoms shares succumbing to more selloffs after an auction of
mobile licences was suspended.
    Shares of Advanced Info Service saw brisk
selling as the auction delay dented the earnings outlook of the
country's biggest mobile phone operator.
    "Should spectrum auctions be delayed for an extended period,
we may see operators start to struggle on capacity and service
offers given the rising importance of data. AIS will be most
vulnerable in this case," broker Citi said in a report.
    The Thai SET index was down 0.4 percent at midday.
    The index fell Tuesday on late selling in telecom shares
after a regulator temporarily suspended the auction of fourth
generation licences. 
    Brokers expect near-term consolidation in Thai shares after
a 3.5 percent gain so far this month, boosted by optimism about
a recovery in domestic consumption and investment. Most others
in Southeast Asia were little changed during the same period.
    The Bank of Thailand is expected to maintain its policy
interest rate at 2.0 percent in a meeting due later in the day,
partly due to prospects of improvement in the domestic economy,
brokers said. 
    In Manila, banking shares such as BDO Unibank and
Metropolitan Bank & Trust rose ahead of the central
bank meeting on Thursday, outperforming the broader market
 which fell 0.6 percent.
    The Philippine central bank will likely keep rates unchanged
at its policy meeting after growth unexpectedly slowed in the
first quarter, a Reuters poll showed. 
    Stocks in Singapore, Malaysia, Indonesia
 and Vietnam were almost unchanged.
    The Fed is widely expected to chop another $10 billion from
its monthly bond purchases at a meeting on Tuesday and Wednesday
but make few, if any, other concrete policy moves.
 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0631 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   423.01        424.87      -0.44
 Singapore          3281.82       3274.44      +0.19
 Kuala Lumpur       1873.03       1874.60      -0.08  
 Bangkok            1464.55       1471.02      -0.44 
 Jakarta            4897.80       4909.52      -0.24 
 Manila             6661.73       6704.93      -0.64 
 Ho Chi Minh         573.06        572.25      +0.14 
 
* 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 Sunil Nair)
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