BANGKOK, July 24 Most Southeast Asian stock
markets rose on Thursday as a strong reading on Chinese
manufacturing lifted broader sentiment, while
better-than-expected earnings boosted shares of PT Bank Central
Asia Tbk and Big C Supercenter Pcl.
Activity in China's factory sector expanded at its fastest
pace in 18 months in July, a preliminary HSBC survey showed,
helping Asian stocks edge higher.
Investors in Indonesia appeared shifting focus from the
presidential election to solid quarterly results from companies.
Earlier this week, Jakarta Governor Joko "Jokowi" Widodo was
declared the winner of the presidential election, putting to
rest much speculation around the result in the last few
Jakarta's composite index edged up 0.2 percent by
midday. Shares of Bank Central Asia, Indonesia's biggest bank by
market value, gained almost 1 percent at one point, with broker
Trimegah rating the stock a "buy".
"BBCA was able to book solid performance in the second
quarter of 2014 in the midst of rising interest rates, thanks to
its sound funding composition," it said in a report.
The benchmark index had gained more than 5 percent up to
midday on Thursday from late June, outperforming the region,
with foreign investors being net buyers almost every session so
far in July.
The Thai SET index was up 0.2 percent at midday.
Shares of retailer Big C Supercenter jumped as much as 6.5
percent to their highest since May 2013 after the company's
quarterly net profit came in above expectations due to new store
Broker Phillip Securities capped near-term resistance of the
SET at 1,550, citing net foreign selling of Thai shares for the
first time in 12 sessions on Wednesday and the market's high
"We believe the room for upside would continue to be limited
after current price-to-earnings levels are approaching two
standard deviations," it said in a report.
In Hanoi, the benchmark VN Index rebounded 0.8
percent, amid gains in large-caps, and foreign buying.
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SOUTHEAST ASIAN STOCK MARKETS
Change AT 0553 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 446.42 446.61 -0.04
Singapore 3351.40 3340.70 +0.32
Kuala Lumpur 1872.30 1871.83 +0.03
Bangkok 1544.23 1541.56 +0.17
Jakarta 5102.99 5093.23 +0.19
Manila 6884.74 6892.92 -0.12
Ho Chi Minh 602.14 597.50 +0.78
* 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; Additional reporting by HANOI
bureau; Editing by Prateek Chatterjee)