SE Asia Stocks-Thai index over 13-month high; Indonesia weak amid election uncertainty
BANGKOK, July 14 (Reuters) - Thai key index scaled an over 13-month high on Monday as a planned infrastructure development lifted bank and construction related stocks, while Indonesia fell for the second straight session amid uncertainty over election results. Thailand's public debt management office has set an initial 150 billion baht ($4.67 billion) for infrastructure investments for the fiscal year starting Oct. 1, its director general said on Monday. Gains were led by banking stocks such as Krung Thai Bank Pcl and Siam Cement, which were seen among beneficiaries of the domestic construction boom. The Thai stock market closed up 0.74 percent at 1,529.23, the highest close since June 4, 2013. "The second-half 2014 earnings will recover further, supported by the government infrastructure projects," said broker Maybank Kim Eng Securities. The Bank of Thailand gave a positive tone on the domestic economy on Monday, saying it had no concerns about the stability of the economy and financial markets, including the level of non performing loans (NPLs) in the financial system. Jakarta's composite index ended down 0.23 percent, extending Friday's fall. The index hit its highest in more than 13 months on Thursday after a presidential election. Investors had braced for quick-count results for what seemed like a Joko "Jokowi" Widodo win last Thursday but confidence has backtracked following uncertainty over the voting outcome and allegations of vote-tampering. Shares of selected large caps such as Bank Rakyat Indonesia Persero and Astra International dropped due to foreign selling, Thomson Reuters data showed. Elsewhere, the Philippines fell more than 1 percent as outflows hit large caps such as Metropolitan Bank & Trust Co , while Singapore eased after data showed the city-state's gross domestic product contracted in April-June. Malaysia was little changed while Vietnam's index closed up 0.59 percent as shares of rubber firms rose on expectations of good earnings in the second quarter. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 439.24 438.90 +0.08 Singapore 3290.98 3293.73 -0.08 Kuala Lumpur 1884.87 1883.15 +0.09 Bangkok 1529.23 1518.01 +0.74 Jakarta 5021.06 5032.60 -0.23 Manila 6830.37 6901.09 -1.02 Ho Chi Minh 586.23 582.77 +0.59 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 439.24 388.37 +13.10 Singapore 3290.98 3167.43 +3.90 Kuala Lumpur 1884.87 1866.96 +0.96 Bangkok 1529.23 1298.71 +17.75 Jakarta 5021.06 4274.18 +17.47 Manila 6830.37 5889.83 +15.97 Ho Chi Minh 586.23 504.63 +16.17 * 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 = 32.1000 Thai Baht) (Reporting by Viparat Jantraprap and Kaweewit Kaewjinda; Editing by Anand Basu)
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