SE Asia Stocks-Thai index underperforms on telecoms auction woes
BANGKOK, Dec 21 (Reuters) - Most Southeast Asian stock markets fell on Monday as weak oil prices hit energy shares, with the Thai benchmark touching a one-week low as key telecoms shares faced more selling pressure amid concerns over high 4G bidding prices and rising competition. Thai key SET index fell 1.1 percent to the lowest since Dec. 14, led by a 20 percent plunge in shares of Total Access Communication and a 14 percent decline in shares of Jasmine International. The lengthy auction for two 4G spectrum licences ended on Saturday at high prices of 151.95 billion baht ($4.2 billion), with Jasmine and True Corp the winning bidders. The selloffs came amid analysts' downgrades of the sector. Broker Krungsri Securities said it cut its rating on the sector to "underweight" from "neutral". "Existing operators are likely to lose market share and see lower revenue per subscriber and margins; DTAC should be hardest hit," it said in a report. Malaysia's index touched a near one-week low, led by a 4 percent slide in oil and gas service firm Sapurakencana Petroleum. Singapore's index eased 0.3 percent, with Keppel Corp among underperformers. Stocks in Vietnam slipped amid foreign selling, while Indonesia and the Philippines recouped early losses. Most share markets saw thin trading volumes ahead of public holidays in the region later in the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0741 GMT Market Current Prev Close Pct Move Singapore 2844.18 2852.84 -0.30 Kuala Lumpur 1629.49 1643.90 -0.88 Bangkok 1270.68 1284.92 -1.11 Jakarta 4483.51 4468.65 +0.33 Manila 6910.34 6867.07 +0.63 Ho Chi Minh 566.64 568.18 -0.27 (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
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