BANGKOK, Aug 19 (Reuters) - Southeast Asian stocks rose on
Tuesday after Wall Street climbed to its highest since late
July, with Thailand and Indonesia edging up cautiously as
investors awaited the formation of new governments.
Bangkok's SET index was up 0.2 percent amid
selective buying in stocks such as builder Ch Karnchang
and retailer CP All, as the 2015 draft budget assured
investors of further growth in domestic investment and
The 2015 budget bill (October-September) worth about 2.575
trillion baht ($80.85 billion) has passed its first round of
debate by the National Legislative Assembly.
The country is expected to name its prime minister and
cabinet members this month.
"The selection of a new prime minister may also be sooner,
possibly Aug. 21, compared to the previous schedule for the
final week of the month," strategists at broker KGI Securities
said in a report.
Jakarta's Composite Index rose 0.2 percent to
5,165.30, with XL Axiata and Bank Rakyat Indonesia
among the actively traded stocks.
Broker Danareksa Securities said it had an 'overweight'
rating on the market, with a year-end index target of 5,248,
citing the formation of the new government in October.
"In October, the new government will be installed and the
president will announce his new cabinet. These catalysts should
help bolster confidence," the broker said in a report.
Stocks in Singapore and Malaysia hovered
around their two-week highs, the Philippine index rose
for a second day and Vietnam hit a near two-week high
amid hopes of some easing of tensions in the Ukraine crisis.
Among weak spots in the region, shares of Petron Corp
tumbled to their lowest in more than 11 months after
the Philippines' largest oil refiner said its employee
retirement fund had sold $100 million worth of shares at a
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0619 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 445.21 443.88 +0.30
Singapore 3316.93 3312.78 +0.13
Kuala Lumpur 1869.83 1861.75 +0.43
Bangkok 1545.32 1542.36 +0.19
Jakarta 5165.30 5156.75 +0.17
Manila 7078.07 7027.58 +0.72
Ho Chi Minh 606.04 605.08 +0.16
* 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 US dollar = 31.8500 Thai baht)
(Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)