SE Asia Stocks -Mostly weaker; Thai index recovers on calm after martial law
May 21 (Reuters) - Thai shares recovered on Wednesday as the capital Bangkok remained calm, a day after the army declared martial law to restore order following lingering anti-government protests, while other Southeast Asia markets mostly fell tracking a weaker Wall Street. Thailand's SET index was up 0.5 percent at midday, led by energy and property shares, after having fallen more than 1.1 percent in the previous session. "No confrontation was seen and that is taken as a positive sign," said Teerada Charnyingyong, a strategist at broker Phillip Securities. Market participants are watching the meeting between rival parties arranged by the army with caution and the index may move sideways until the crisis is resolved, she added. Thailand's army chief will meet leaders of rival political groups and parties, Election Commission members and senators later on Wednesday to discuss a way out of the country's political crisis, an army spokesman said. "Historically speaking, military intervention to Thai politics signalled that the crisis was nearing its end," Broker KGI Securities said in a note to investors, while asking traders to pick up stocks on possible short-term weakness. The brokerage recommended Advanced Info Service, Bangkok Bank, Sino-Thai Engineering and Constructions , and Supalai. Other Southeast Asian markets mostly declined after U.S. stocks fell in a broad selloff on Tuesday. The Philippines and Indonesia were down 1.5 percent and 0.3 percent respectively at 0620 GMT. In Jakarta, investors cautiously monitored the political situation ahead of the July 9 presidential polls as front-runner Joko "Jokowi" Widodo, who is seen as market friendly, faces a strong challenge from his rival. Singapore and Malaysia were each down 0.2 percent. Bucking the trend, Vietnam traded 0.6 percent firmer. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0622 GMT Market Current Prev Close Pct Move TR SE Asia Index* 420.85 421.66 -0.19 Singapore 3258.10 3265.47 -0.23 Kuala Lumpur 1877.25 1881.16 -0.21 Bangkok 1401.49 1394.69 +0.49 Jakarta 4882.92 4895.96 -0.27 Manila 6779.71 6882.73 -1.50 Ho Chi Minh 540.60 533.19 +0.57 * 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 Shihar Aneez in COLOMBO and Viparat Jantraprap in BANGKOK; Editing by Sunil Nair)
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