SE Asia Stocks - Indonesia falls as investors await voting result

Thu Jul 17, 2014 4:57am EDT

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BANGKOK, July 17 (Reuters) - Indonesian stocks retreated on
Thursday from a more than 13-month closing high in the previous
session as investors awaited the official results of the
presidential election, while Thai stocks edged up as bright
earnings prospects boosted firms such as TMB Bank.
    Jakarta's composite index fell 1.4 percent, down
from Wednesday's highs. Selling hit overbought stocks such as
Semen Indonesia and Bank Mandiri.
    Jakarta's populist governor Joko "Jokowi" Widodo looks set
to become Indonesia's next president, according to a private
tally of 80 percent of the votes cast, as his rival lashed out
at critics, including the capital's biggest English-language
newspaper. 
    The Elections Commission (KPU) is to officially announce the
result on July 22.
    Bangkok's SET index was up 0.2 percent at 1,533.64,
just shy of a more than 13-month high of 1,534.95 hit in the
previous session. It is expected to move in a narrow trading
band of 1,520-1,540, broker Phillip Securities said.
    The momentum started to lose steam as investors wait for
resolution of a number of key political and economic issues
currently under consideration by the ruling military council, it
said.
    Shares of TMB Bank, the most actively traded by
turnover, jumped 4 percent after positive management guidance
and analysts' earnings upgrades.
    TMB's management reaffirmed its 2014 loan growth target of
6-8 percent and aimed to cut non-performing loans (NPLs) to
below 3 percent, with further NPL sales likely, banking analyst
Adisorn Mungparnchon at Phillip Securities wrote in a report.
    "Several years of restructuring started to pay off for TMB
in terms of higher loan yields, lower funding and operating
costs as well as a steady decline in NPLs," he said.
    Stocks in the Philippines gained 0.5 percent on
resuming trade on Thursday. The stock exchange was shut on
Wednesday after its capital shut down due to typhoon Rammasun.
    Markets in Singapore, Malaysia and Vietnam
 were range-bound. 
    Asian equities dipped amid speculation the
U.S. Federal Reserve was tilting towards tighter monetary
policy. 
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0757 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   440.10        440.84       -0.17
 Singapore          3301.54       3304.43       -0.09
 Kuala Lumpur       1882.44       1886.71       -0.23
 Bangkok            1533.64       1530.42       +0.21
 Jakarta            5043.76       5113.93       +1.38
 Manila             6867.36       6834.04       +0.49
 Ho Chi Minh         590.37        589.68       +0.12
 * 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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