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
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
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
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)