SE Asia Stocks - Indonesia eases before election result; Thai telecoms weak

Tue Jul 22, 2014 1:59am EDT

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BANGKOK, July 22 (Reuters) - Stocks in Indonesia eased on
Tuesday as investors took profits from recent gains in
large-caps before the presidential election result due later in
the day, while Thai shares skidded due to a selloff in telecoms
shares.
    Indonesian election officials were expected to officially
declare Jakarta Governor Joko "Jokowi" Widodo the winner of a
hotly contested presidential election in which his rival has
alleged mass cheating. 
    Domestic investors led the selling in recent gainers such as
Telkom Indonesia and Bank Mandiri, bringing
the broader Jakarta's composite index 0.5 percent lower.
    Investors appeared to weigh in the risks of a possible delay
in the result, although an announcement on July 22 is highly
anticipated.
    "Although Jokowi-JK looks to be triumphant based on the real
count, we believe that the decision will be referred to the
Constitutional Court, with a final verdict expected on August
24," brokerage Danareksa Sekuritas said in a report.
    In Bangkok, shares of Advanced Info Service fell
for a third day, hitting their lowest since March 12, after the
military government last week postponed an auction of fourth
generation (4G) mobile phone bandwidth. 
    Shares of construction firms such as Ch Karnchang 
and Italian Thai Development rose in active buying as
the government's infrastructure plan boosted prospects for the
sector, brokers said.
    "Investors were more selective and stuck with sectors that
will benefit from government spending plans. The market is ripe
for profit-taking as it tests 1,550, a key resistance," said
Viwat Techapoonphol, senior strategist at broker Tisco
Securities.
    The region saw a mixed performance, with large-caps in
Singapore and Malaysia seeing a boost in the reporting season,
with shares of DBS Group Holdings and Tenaga Nasional
 among the actively traded.
    In Manila, shares of Alliance Global Group extended
losses for a third day to their lowest since February. In Hanoi,
shares of dairy products maker Vinamilk retreated,
sending the benchmark VN index lower. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0510 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   442.68        443.51       -0.19
 Singapore          3316.15       3314.27       +0.06
 Kuala Lumpur       1869.51       1868.64       +0.05
 Bangkok            1521.63       1538.55       -1.10
 Jakarta            5103.69       5127.12       -0.46
 Manila             6858.14       6874.88       -0.24
 Ho Chi Minh         598.59        601.04       -0.41
 
* 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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