SE Asia Stocks - Thai at two-week high amid hopes of political solution
BANGKOK, May 16 (Reuters) - Most Southeast Asian stocks gained on Friday, with Thai shares climbing to a two-week high amid hopes for a solution to the political crisis, while Indonesia rose for a fifth day with PT Bumi Resources Tbk outperforming. Bangkok's SET index ended up 0.7 percent at 1,405.26, the highest close since May 2, with large cap stocks leading the pack. The SET rose 2 percent on the week, the biggest gain since the week ended March 7. Members of Thailand's Senate trying to devise a "road map" out of a long political crisis are expected on Friday to propose the appointment of an interim prime minister, a move which would infuriate supporters of a beleaguered caretaker government. Jakarta's Composite Index rose 0.8 percent on popular Jakarta Governor Joko "Jokowi" Widodo increasing chances in July's presidential election on Tuesday. The index, Southeast Asia's best performer this year according to Thomson Reuters data, notched up a weekly gain of 2.7 percent. Shares of PT Bumi Resources extended gains on Friday, rising as much as 8.1 percent, after the Indonesian coal miner said earlier this week it swung to a net profit for its first quarter from a loss a year ago. Vietnam's benchmark VN Index ended up 1.04 percent amid bargain hunting. It fell 2.4 percent on the week, the region's worst, amid concerns about an ongoing dispute between Vietnam and China over parts of South China Sea. Stocks in Singapore and Malaysia posted modest gains on the week. Philippines was down 0.4 percent on the week after seven consecutive weeks of gains. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 423.56 423.04 +0.12 Singapore 3262.59 3272.49 -0.30 Kuala Lumpur 1883.34 1879.83 +0.19 Bangkok 1405.26 1395.21 +0.72 Jakarta 5031.57 4991.63 +0.80 Manila 6817.71 6849.33 -0.46 Ho Chi Minh 529.49 524.05 +1.04 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 423.56 388.37 +9.06 Singapore 3262.59 3167.43 +3.00 Kuala Lumpur 1883.34 1866.96 +0.88 Bangkok 1405.26 1298.71 +8.20 Jakarta 5031.57 4274.18 +17.72 Manila 6817.71 5889.83 +15.75 Ho Chi Minh 529.49 504.63 +4.93 * 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 Prateek Chatterjee)
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