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SE Asia Stocks-Thai banks rally; large caps underperform in Indonesia
July 2, 2014 / 7:16 AM / 3 years ago

SE Asia Stocks-Thai banks rally; large caps underperform in Indonesia

BANGKOK, July 2 (Reuters) - The Thai index rose to its
highest in almost a year on Wednesday, as banking stocks scaled
new highs on optimism about the domestic economy, while
Indonesian shares were rangebound amid a weaker rupiah and
foreign selling in large caps.
    Investors looked forward to better business conditions and
an improved loan growth outlook for Thai banks after the central
bank this week signalled the economy would avoid recession this
quarter and said it expected a strong recovery next year.
    Large cap banks' shares were among the top 30 by turnover.
Siam Commercial Bank touched a nine-month high and
Kasikornbank climbed to a 13-month peak in active
    Shares of the state-run Krung Thai Bank rose to an
eight-month high. The bank told analysts in a meeting that it
expected a more encouraging outlook for loan demand and credit
quality from the second half onwards, CIMB said in note dated
June 30.
    "We share the same view and believe that KTB is more ready
than ever to exploit the positive economic momentum," the broker
    Bangkok's key SET index was up 0.3 percent at
1,489.63 at midday, after earlier rising to 1,494.54, its 
highest since July 25.
    Jakarta's composite index was nearly flat, with
shares of Bank Mandiri and Semen Indonesia 
among the losers, while stock exchange data showed foreign
investors were net sellers in stocks.
    The rupiah fell on fresh concerns over the
country's current account deficit and uncertainty over the
presidential election next week. 
    Singapore's property shares, including Hongkong Land
Holdings Ltd, rebounded after a fall on Tuesday due to
weak industry data. The benchmark Straits Times Index 
gained 0.5 percent, coming off a near two-month low hit in the
previous session. 
    Stocks in Malaysia, the Philippines and
Vietnam were slightly higher while Asian stocks rose to a
three-year peak after a round of upbeat global economic data
whetted risk appetites and helped Wall Street taste all-time
For Asian Companies click;  
For South East Asia Hot Stock reports, click;

 Change at 0630 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   428.34        427.44       +0.21
 Singapore          3259.45       3242.64       +0.52
 Kuala Lumpur       1882.02       1879.12       +0.13
 Bangkok            1489.63       1485.75       +0.26
 Jakarta            4885.00       4884.82        0.00
 Manila             6833.24       6826.61       +0.10
 Ho Chi Minh         581.26        578.07       +0.55
 * 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 Anupama Dwivedi)

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