SE Asia Stocks-Thai telecoms shares fall, Malaysia eases after weak data
BANGKOK, June 11 (Reuters) - Thai shares fell on Wednesday as telecoms stocks such as Advanced Info Service extended losses amid concerns about increased competition while Malaysian shares eased after data showed disappointing industrial production in April. Others in Southeast Asia mostly drifted lower, in line with Asian stock markets. The Thai key SET index was down 0.07 percent at 1,468.17 at midday, coming off a near eight-month high hit earlier in the day. Advanced Info shares dropped 2.2 percent after a nearly 3 percent fall on Tuesday while No. 2 player Total Access Communication shed 5.4 percent, adding to its 4.7 percent loss in the previous session. Shares of True Corporation jumped 5.6 percent as its plan to raise capital, including a private placement to China Mobile, helped strengthen its finances, paving ways for growth in the future, analysts said. The move, however, raised worries about competition in the industry now that China Mobile is backing True. "Telecoms stocks could face near term volatility thanks to a bout of investment funds' reallocation in favour of True," said a strategist at broker Thanachart Securities. Bucking the trend, shares of media firm RS Pcl were up 4.6 percent ahead of a court ruling on its dispute with the national broadcasting regulator on the 2014 World Cup broadcast rights. RS is expected to report strong revenue from the broadcast of the football matches, mainly from sponsorship, dealers said. Elsewhere, the Philippine main index gained almost 1 percent to a one-week high, amid active buying in banking shares, including Metropolitan Bank & Trust and BDO Unibank. In Singapore, shares of Total Access Communication were unmoved after the company's board announced a voluntary delisting of the stock from Singapore Exchange, with the last day of trading on Sept. 16. Vietnam's benchmark VN Index edged up 0.3 percent, led by gains in small- and mid-cap shares as the market expected the central bank to soon reduce the deposit ceiling rate, an analyst said. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0613 GMT Market Current Prev Close Pct Move TR SE Asia Index* 427.74 427.68 +0.01 Singapore 3285.47 3293.82 -0.25 Kuala Lumpur 1875.51 1876.61 -0.06 Bangkok 1468.17 1469.19 -0.07 Jakarta 4940.56 4946.09 +0.11 Manila 6801.81 6777.98 +0.35 Ho Chi Minh 569.48 566.89 +0.46 * 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 Anupama Dwivedi)
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