SE Asia Stocks - Thai telecoms weak; Philippine down on weak April exports
BANGKOK, June 10 (Reuters) - Thai shares rose on Tuesday as a rally in consumer stocks outweighed falls in telecoms shares as True Corporation's deal with China Mobile led to concerns of increased competition in the industry, though some analysts said these were misplaced. Others Southeast Asia indexes were mixed, with the Philippines weaker after disappointing exports in April while Indonesia rebounded from Monday's one-month closing low. Bangkok saw sell-offs in telecoms shares, sending top mobile phone operator Advanced Info Service as much as 3.8 percent lower and No. 2 player Total Access Communication falling as much as 13.7 percent. At midday, AIS was down 2.5 percent and DTAC shares dropped 5.1 percent. Broker Citi said the entry of China Mobile into True would not in itself translate into expansion of telecoms network capacity. True Corp shares lost almost 5 percent earlier amid worries over stock dilution after a rights issue and a private placement to China Mobile. It rose 2.7 percent at midday as the market weighed in the benefit of fresh funds on its financial strength. The benchmark SET index was up 0.5 percent at midday, led by Kasikornbank Pcl and mall operator Central Pattana. Strategists now expect limited market upside after a rally since May 26, reflecting improving prospects for the Thai economy due to the military government's policy to revive consumption and investment. "It seems the market needs some rest (and is) waiting for more information on Thai macro factors," strategists at broker KGI Securities said in a report. Losses in Manila were led by large-caps such as SM Investment which fell 1.7 percent after three straight days of gains. Data showed the Philippines' April exports fell to a three-month low. In Jakarta, banking shares such as Bank Rakyat Indonesia and Bank Mandiri recovered from recent losses as investors awaited Bank Indonesia's monetary policy meeting. The central bank is expected to keep its benchmark policy rate unchanged on Thursday to maintain economic growth amid growing pressure on its exports, a Reuters poll showed. Vietnam's benchmark VN Index rose as shares of PetroVietNam Gas gained on market talk of a likely stake sale to foreign investors. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0711 GMT Market Current Prev Close Pct Move TR SE Asia Index* 427.01 426.91 +0.02 Singapore 3294.40 3305.20 -0.33 Kuala Lumpur 1865.46 1863.69 +0.09 Bangkok 1463.79 1457.30 +0.45 Jakarta 4925.28 4885.08 +0.82 Manila 6767.53 6802.73 -0.52 Ho Chi Minh 567.54 565.61 +0.34 * 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 Viparat Jantraprap; Additional reporting by HANOI bureau; Editing by Sunil Nair)
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