SE Asia Stocks - Thai construction shares up; energy stocks lead regional gains
BANGKOK, June 13 (Reuters) - Thai shares edged higher on Friday as hopes around government infrastructure spending lifted construction shares such as Italian-Thai Development Pcl , while energy and plantation stocks outperformed across the region amid strong oil prices. A transport strategy committee planned to propose a 3 trillion baht ($92.71 billion) infrastructure development plan to the ruling military council, news reports said. But army chief Prayuth Chan-ocha said the National Council for Peace and Order (NCPO) had not discussed the spending plan. Italian Thai shares rose 2.8 percent, the second biggest percentage gainer on the top 100 large-cap index. Sino Thai Engineering Pcl gained 2.2 percent, while Ch Karnchang edged 0.5 percent higher. The broader SET index was up 0.2 percent and poised for a modest 0.1 percent gain on the week, a third consecutive week amid optimism around the military government's policy on reviving consumption and investment. Technically, the market was set for a near-term correction, strategists said. Broker Maybank Kim Eng Securities expects the SET fall to 1,455, then 1,450. "Foreign and local investors will likely slow investment due to a lack of new support. Investors are waiting for clarity on NCPO economic, water management, infrastructure project and energy plans, which should take around 1-2 more weeks," it said. Others markets in Southeast Asia were mostly range-bound as Asian stocks slid amid an escalating civil war in Iraq. Brent crude, which climbed to a nine-month high, bolstered buying into resources-related stocks such as Tenaga Nasional , Astra Agro Lesta and Energy Development and Keppel Corp. In Hanoi, gains in some blue-chips sent Vietnam's benchmark VN Index 0.4 percent higher. It was on track for a weekly gain of 3 percent, Southeast Asia's best performer. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0714 GMT Market Current Prev Close Pct Move TR SE Asia Index* 426.99 426.97 0.00 Singapore 3293.96 3293.01 +0.03 Kuala Lumpur 1874.81 1873.87 +0.05 Bangkok 1459.62 1457.02 +0.18 Jakarta 4924.47 4934.41 -0.20 Manila 6779.66 6809.18 -0.43 Ho Chi Minh 575.76 573.77 +0.35 * 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 = 32.3600 Thai Baht) (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
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