SE Asia Stocks - Thai telecoms stocks rebound; oil shares outperform in region
BANGKOK, June 16 (Reuters) - Thai shares rose on Monday as stocks of large-cap telecoms firms recovered from the previous week's losses, while others in Southeast Asia saw buying interest in energy-related stocks as tensions in Iraq boosted crude oil. Mobile phone operator Total Access Communication Pcl led the gains in the Thai stock market after a positive broker view. The stock jumped 5.1 percent, the top percentage gainer on the 50 large-cap share index. It dropped 17 percent last week after a fund raising plan by rival True Corp raised prospects of increased competition in the industry. Broker CIMB Securities (Thailand) said DTAC was its top pick in the country's telecoms sector. "We understand that DTAC is the most vulnerable if True is stronger. However, we have noticed that True's service proposition of leadership in mobile broadband technology, coverage and convergence challenges AIS's core competency more than DTAC's," it said. Advanced Info Service rose 1.4 percent, while True Corp was up 0.6 percent. The key SET index was up 0.7 percent at midday. It fell 0.2 percent last week partly due to a selloff in telecoms shares. Optimism around the ruling military government's planned budget spending also helped underpin sentiment, brokers said. "This week, investors should closely watch the National Council for Peace and Order decision toward the 2015 budget, especially the 450 billion baht investment of dual-tracking and mass transit," said broker Maybank Kim Eng Securities. Across the region, shares of energy and plantation firms outperformed. Singapore-listed Keppel Corp, the world's top offshore drilling rig builder, rose to its highest since April 22. Thailand's energy explorer PTT Exploration and Production hit its highest since Jan. 24. PT Astra Agro Lestari Tbk, Indonesia's largest listed plantation firm, gained more than 1 percent, on strong palm oil prices. Malaysian palm oil futures rose for a third straight day on Monday as a spike in crude oil prices continued to stoke demand for the tropical oil. The broader sharemarkets in Southeast Asia were little changed, in line with other Asian stock markets amid concerns about the insurgency in Iraq. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0638 GMT Market Current Prev Close Pct Move TR SE Asia Index* 426.11 426.44 -0.08 Singapore 3292.14 3293.25 -0.03 Kuala Lumpur 1873.76 1876.74 -0.16 Bangkok 1465.80 1456.02 +0.67 Jakarta 4901.73 4926.66 -0.51 Manila 6762.37 6784.95 -0.33 Ho Chi Minh 573.31 574.48 -0.20 * 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; Editing by Prateek Chatterjee)
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