BANGKOK, June 16 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
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
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
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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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