SE Asia Stocks -Thai shares up after new cabinet; SM Prime rebounds
BANGKOK, Sept 1 (Reuters) - Thai shares rose on Monday as investors bought banking stocks amid economic optimism after the formation of an interim cabinet, while Philippine company SM Prime Holdings rebounded from a two-week low hit on Friday after the announcement of a project. Thailand's military ruler General Prayuth Chan-ocha has named the interim cabinet dominated by members of the security forces to govern the country through at least a year of political reforms before he permits an election. The benchmark SET index had gained 0.5 percent by midday, boosted by banking stocks. Bangkok Bank Pcl jumped 2.4 percent to a near one-year high, while Siam Commercial Bank was up 1.6 percent. "We expect the Thai market to trade sideways up on Monday, to reflect continued domestic optimism as the new cabinet was officially set up yesterday, which could speed up the macro recovery started by the fiscal disbursement for the new fiscal year," broker KGI securities said in a report. The Philippine main index edged up 0.6 percent after two straight days of losses. Shares of property company SM Prime, the country's fourth-biggest firm by market capitalisation, gained about 2 percent after a 2.6 percent drop on Friday. SM Prime plans to spend 100 billion pesos ($2.29 billion) to develop a 2.3 square mile land reclamation project along Manila Bay, company officials said on Monday. Shares in Singapore and Malaysia edged lower while Asian shares cautiously pushed higher, with investors wary of a deepening crisis in Ukraine and a downbeat China manufacturing survey. Jakarta's Composite Index gained 0.6 percent after data showed Indonesia's trade balance returned to a surplus in July, with foreign inflows boosting banking shares including Bank Central Asia and Bank Mandiri. Vietnam's financial markets are closed on Monday and Tuesday for national holidays. Trading will resume on Wednesday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0706 GMT Market Current Prev Close Pct Move TR SE Asia Index* 445.84 444.92 +0.21 Singapore 3312.66 3327.09 -0.44 Kuala Lumpur 1866.11 1875.68 -0.51 Bangkok 1569.10 1561.63 +0.48 Jakarta 5170.31 5136.86 +0.63 Manila 7088.62 7050.89 +0.54 * 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 Kaweewit Kaewjinda; Editing by Subhranshu Sahu)
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