SE Asia Stocks -Indonesia up after Jokowo win; Thai shares rebound

Source : REUTERS
Last Updated: Wed, Jul 23, 2014 11:20 hrs

BANGKOK, July 23 (Reuters) - Indonesian shares rose on Wednesday as lingering political uncertainty eased after Joko "Jokowi" Widodo was declared the winner in the presidential election while Thai stocks rebounded, with consumer and tourism shares leading the pack. Investors selectively built positions in shares of blue chip firms that could benefit from potential reforms expected to be introduced by the new government, taking the broader Jakarta composite index (JCI) 0.5 percent higher. The benchmark JCI fell almost 1 percent on Tuesday on worries about possible unrest after the likely loser in presidential elections, ex-general Prabowo Subianto, tried to delay the official result. Prabowo plans to challenge the result in the Constitutional Court, his team's chief lawyer said on Wednesday. "We believe this allows investors time to build positions ahead of a potential rally," Credit Suisse analysts wrote in a report. Shares of Astra International, a proxy of domestic consumption, and Bank Mandiri, that could gain from higher infrastructure-related lending, led among gainers. The Thai SET index rose 0.8 percent, with shares of airport operator Airports of Thailand and retailer CP All among the top percentage gainers. Telecoms shares, including the biggest, Advanced Info Service, recouped some recent losses amid technical led buying, traders said, adding that postponement of an auction of fourth generation (4G) mobile phone bandwidth was still a concern. Broker Krungsri Securities said it expects the SET index to rise to 1,540, citing positive political sentiment after Thailand's King Bhumibol Adulyadej endorsed an interim constitution on Tuesday. "The political outlook became clearer," the broker said in a report. Stocks in Singapore rose to the highest since May 2013 while Malaysia and the Philippines hovered in positive territory as Asian stocks edged up as risk aversion triggered by recent geopolitical tensions continued to ebb. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0510 GMT Market Current Prev Close Pct Move TR SE Asia Index* 445.14 442.42 +0.62 Singapore 3336.30 3316.91 +0.58 Kuala Lumpur 1871.71 1871.36 +0.02 Bangkok 1533.29 1520.81 +0.82 Jakarta 5107.68 5083.52 +0.48 Manila 6883.08 6869.94 +0.19 Ho Chi Minh 597.97 597.98 0.00 * 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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