July 14, 2014 / 11:12 AM / 3 years ago

SE Asia Stocks-Thai index over 13-month high; Indonesia weak amid election uncertainty

BANGKOK, July 14 (Reuters) - Thai key index scaled an over
13-month high on Monday as a planned infrastructure development
lifted bank and construction related stocks, while Indonesia
fell for the second straight session amid uncertainty over
election results.
    Thailand's public debt management office has set an initial
150 billion baht ($4.67 billion) for infrastructure investments
for the fiscal year starting Oct. 1, its director general said
on Monday. 
    Gains were led by banking stocks such as Krung Thai Bank Pcl
 and Siam Cement, which were seen among
beneficiaries of the domestic construction boom. The Thai stock
market closed up 0.74 percent at 1,529.23, the highest
close since June 4, 2013.
    "The second-half 2014 earnings will recover further,
supported by the government infrastructure projects," said
broker Maybank Kim Eng Securities.
    The Bank of Thailand gave a positive tone on the domestic
economy on Monday, saying it had no concerns about the stability
of the economy and financial markets, including the level of non
performing loans (NPLs) in the financial system.
    Jakarta's composite index ended down 0.23 percent,
extending Friday's fall. The index hit its highest in more than
13 months on Thursday after a presidential election.
    Investors had braced for quick-count results for what seemed
like a Joko "Jokowi" Widodo win last Thursday but confidence has
backtracked following uncertainty over the voting outcome and
allegations of vote-tampering.  
    Shares of selected large caps such as Bank Rakyat Indonesia
Persero and Astra International dropped due
to foreign selling, Thomson Reuters data showed.
    Elsewhere, the Philippines fell more than 1 percent
as outflows hit large caps such as Metropolitan Bank & Trust Co
, while Singapore eased after data showed the
city-state's gross domestic product contracted in
    Malaysia was little changed while Vietnam's index
 closed up 0.59 percent as shares of rubber firms rose on
expectations of good earnings in the second quarter.
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 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   439.24        438.90       +0.08
 Singapore          3290.98       3293.73       -0.08
 Kuala Lumpur       1884.87       1883.15       +0.09
 Bangkok            1529.23       1518.01       +0.74
 Jakarta            5021.06       5032.60       -0.23
 Manila             6830.37       6901.09       -1.02
 Ho Chi Minh         586.23        582.77       +0.59
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   439.24        388.37      +13.10
 Singapore          3290.98       3167.43       +3.90
 Kuala Lumpur       1884.87       1866.96       +0.96
 Bangkok            1529.23       1298.71      +17.75
 Jakarta            5021.06       4274.18      +17.47
 Manila             6830.37       5889.83      +15.97
 Ho Chi Minh         586.23        504.63      +16.17
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.    
($1 = 32.1000 Thai Baht)

 (Reporting by Viparat Jantraprap and Kaweewit Kaewjinda;
Editing by Anand Basu)

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