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SE Asia Stocks - Most weak; Thai PTT shares rise after new directors
June 27, 2014 / 11:01 AM / in 3 years

SE Asia Stocks - Most weak; Thai PTT shares rise after new directors

BANGKOK, June 27 (Reuters) - Thailand's main stock index hit
a new eight-month high on Friday as shares of PTT 
rallied after the appointment of new directors, while most
others in Southeast Asia fell in line with Asian stocks amid
doubts about the strength of the U.S. economy. 
    Thailand's largest energy firm PTT has appointed six new
directors to replace those who resigned as part of the military
government's attempt to reform and restructure the state
enterprise system. 
    PTT shares rose 1.3 percent to 312 baht, their highest close
in almost two months. The stock had been under selling pressure
since late May due to concerns that the energy reform plan could
hurt earnings of energy companies.
    "The new directors clearly helped improve sentiment on PTT's
stock and expectations on the reform plan are more positive now.
Buying in PTT shares was quite healthy after the news," said
Pichai Lertsupongkij, a senior analyst at broker Thanachart
    The SET index closed at 1,483.24, the highest since
Oct. 18 and added 1.1 percent on the week for a second straight
week of gains. Foreign investors bought shares worth a net $59
million, their first net purchase in 14 sessions. 
    Vietnam and the Philippines outperformed the
region, rising 3.2 percent and 1.7 percent on the week,
respectively, while Singapore, Malaysia and
Indonesia were little changed.
    Shares of energy-related firms rose across the region as
investors boosted exposure due to strong crude prices.
Philippine energy company First Gen Corp and
Indonesia's palm plantation firm Astra Agro Les Tari 
led the gainers.
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 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   426.24        426.01       +0.05
 Singapore          3271.05       3278.57       -0.23
 Kuala Lumpur       1880.93       1889.97       -0.48
 Bangkok            1483.24       1477.48       +0.39
 Jakarta            4845.13       4872.42       -0.56
 Manila             6842.15       6892.18       -0.73
 Ho Chi Minh         578.82        576.40       +0.42
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   426.24        388.37       +9.75
 Singapore          3271.05       3167.43       +3.27
 Kuala Lumpur       1880.93       1866.96       +0.75
 Bangkok            1483.24       1298.71      +14.21
 Jakarta            4845.13       4274.18      +13.36
 Manila             6842.15       5889.83      +16.17
 Ho Chi Minh         578.82        504.63      +14.70
* 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

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