SE Asia Stocks-Most indexes higher; Thai solar farm shares outperform
BANGKOK, Oct 22 (Reuters) - Southeast Asian stock markets mostly gained on Wednesday, with shares of solar farm companies outperforming in Thailand after the Ministry of Energy raised its target to buy electricity from solar farm operators. Thailand's energy ministry plans to purchase 800 megawatts of electricity from solar farms in 2014-2015, higher than its previous projection of 576 megawatts, Kurujit Nakornthap, deputy permanent secretary at the energy ministry, told reporters. Shares of mid- and small-cap solar farm companies such as Solartron Pcl, Gunkul Engineering Pcl, Inter Far East Engineering Pcl and Demco Pcl rose after the news. Thai key stock index edged up 0.2 percent, recovering from two sessions of losses. Brokers said they expect thin buying interest ahead of a market holiday on Thursday and cautions remain over external factors. "Most investors wait for more clarity on the U.S. Fed's QE decision and the resolution from the ECB to solve the issue about credit quality of ABS bonds it can purchase," broker KGI Securities said in a report. The European Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin purchases early next year, several sources familiar with the situation told Reuters. In Jakarta, foreign-led buying lifted shares of Telkom Indonesia and Bank Rakyat Indonesia. Jakarta's composite index was up 0.9 percent. It fell slightly on Tuesday as investors waited for the formation of the country's new cabinet. The Philippines rose for a third straight day and Vietnam was little changed. Asian shares were on track for solid gains on Wednesday, after Wall Street's strong performance on upbeat results from two technology bellwethers offset investors' recent concerns about the outlook for the global economy. Singapore and Malaysia are shut for a market holiday, reopening on Thursday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0639 GMT Market Current Prev Close Pct Move Bangkok 1528.91 1526.14 +0.18 Jakarta 5073.69 5029.34 +0.88 Manila 7110.68 7068.03 +0.60 Ho Chi Minh 600.84 600.55 +0.05 (Reporting by Viparat Jantraprap; Additional reporting by Wirat Buranakanoktanasarn and Wilawan Pongpitak; Editing by Anand Basu)
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