SE Asia Stocks-Indonesia at record high; Thai construction shares gain

lunes 8 de septiembre de 2014 02:12 GYT
 

BANGKOK, Sept 8 (Reuters) - Indonesia's key stock index hit
a record high on Monday as investors bought consumer and banking
shares on expectations of a likely end to fuel subsidy, while
construction shares lifted the Thai index, underpinned by the
government's investment plan.
    Jakarta's composite index rose 0.6 percent to
5,249.16, after climbing to 5,262.568 and topping an intraday
record high of 5,235.76 hit in May 2013. 
    Among those actively traded, shares of Bank Negara Indonesia
 added to their Friday's gain to the highest since June
1999. Shares of hypermarket store operator Matahari Putra Prima
 climbed about 1 percent to the highest since July 1.
    Talks of a fuel price hike helped lift market sentiment as
President-elect Joko Widodo is expected to go ahead with a plan
to cut expensive fuel subsidy that is hobbling reform efforts
and broader economic growth. 
    Broker Trimegah Securities said the government should raise
the fuel price as soon as possible as the economy has begun to
price in the possibility of a hike. "For the consumer sector, we
continue to favour those that sell everyday needs i.e. grocery,"
it said in a report.
    The Thai SET index edged up 0.3 percent, extending
its gains from Friday, led by construction-related shares such
as builder Italian Thai Development and cement maker
Siam Cement.
    The Thai government has earmarked about 2.4 trillion baht
($75 billion) for investment in infrastructure projects over the
next eight years.
    Broker Maybank Kim Eng Securities expects the SET index to
rise further to a key resistance level of 1,590. The index was
at 1,587.80 near midday.
    "Investors should closely watch on the tomorrow first
cabinet meeting where the clearer economic plan should be
revealed," Maybank strategists wrote in a report.
    Stocks in the Philippines were up 0.8 percent,
hovering around a more-than 15-month high. Stocks in Singapore
, Malaysia and Vietnam were little
changed, in line with the broader Asian stock market.
 
    Brokers expect Southeast Asian stock markets to see foreign
inflows as tepid United States jobs data could delay the U.S.
Federal Reserve's decision on interest rate hike.
    Data released on Friday showed U.S. employers hired the
fewest number of workers in eight months in August and more
Americans gave up the hunt for jobs, providing a cautious
Federal Reserve with more reasons to wait longer before raising
interest rates. 
      
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0528 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3337.02       3341.73       -0.14
 Kuala Lumpur       1868.56       1868.46       +0.01
 Bangkok            1587.80       1584.32       +0.22
 Jakarta            5249.16       5217.33       +0.61
 Manila             7318.96       7263.58       +0.76
 Ho Chi Minh         640.47        638.65       +0.28
 * 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 = 31.9900 Thai baht)

 (Reporting by Viparat Jantraprap; Additional reporting by
Fransiska Nangoy in JAKARTA; Editing by Anupama Dwivedi)