July 8, 2014 / 7:47 AM / 4 years ago

SE Asia Stocks -Indonesia at 7-wk peak ahead of elections; Malaysia at record high

BANGKOK, July 8 (Reuters) - Indonesia's benchmark scaled a
seven-week high on Tuesday on foreign inflows ahead of
Wednesday's elections while the Malaysian index hit an all-time
high intra-day as the ringgit rose on expectations of a policy
rate hike this week.
    A rally in shares of Bank Rakyat and Bank Negara
Indonesia amid foreign-led buying brought Jakarta's
composite index to 5,050.56, its highest since May 19,
according to Thomson Reuters data.
    Indonesia's presidential election could be the last chance
for old-style politicians to lead what is one of the world's
biggest democracies, and one of its youngest. 
    "Market has started pricing in the probability of Jokowi
winning the election and we expect it would continue
strengthening," broker Trimegah Securities said.
    The Indonesian rupiah advanced, but pared most of
its gains because of growing uncertainty over the presidential
election with some opinion polls showing the race now too close
to call.    
    Kuala Lumpur's composite index was up 0.03 percent
at 1,893.14, having touched a record high of 1,896.23 intra-day.
The ringgit rose to its highest in more than seven months on
    Malaysia's central bank is expected to raise its key
interest rate to 3.25 percent at a policy meeting on Thursday, a
Reuters poll showed. 
    Banking stocks such as Hong Leong Bank and Malayan
Banking led among gainers.
    The Thai index earlier hit an intraday high of
1,512.57, a near one-year high, led by banks as the sector is
due to report quarterly results from next week. Siam Commercial
Bank and Krung Thai Bank led among gainers.
    Other markets eased as Asian stocks tracked sideways, with 
Singapore reversing Monday's rise, while the
Philippines fell after a three-day rally and Vietnam
 slid on profit-taking. 
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 Change at 0203 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   437.38        435.97       +0.32
 Singapore          3284.88       3291.57       -0.21
 Kuala Lumpur       1893.14       1892.50       +0.03
 Bangkok            1510.93       1503.21       +0.51
 Jakarta            5022.94       4989.03       +0.71
 Manila             6946.35       6999.10       -0.75
 Ho Chi Minh         590.73        590.69       +0.01
* 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 Kaweewit Kaewjinda; Editing by Sunil Nair)

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