SE Asia Stocks - Indonesia rebounds; vote result next week in focus
BANGKOK, July 15 (Reuters) - Indonesian stocks rose on Tuesday as battered large-caps rebounded ahead of the official results of the presidential election next week while commodity-related shares fell across the region amid weakness in crude oil markets. Shares of Bank Rakyat Indonesia and Kalbe Farma , which had been hit by profit-taking since Friday, saw good buying activity. The Jakarta composite index was up 0.5 percent at midday. Optimism around a possible win for Jakarta Governor Joko "Jokowi" Widodo, seen as more market friendly, sent stocks to an over-13-month high on Thursday, a day after the election. Investors sold the overbought market on Friday and Monday as some caution remained over the vote count, with rival candidate former general Prabowo Subianto also announcing a victory. "We continue to suggest buying on weakness ahead of the KPU's (the Elections Commission) official announcement on presidential election on July 22," analysts at broker Trimegah Securities wrote in a market strategy report. Shares of palm plantation firms and energy companies were among the weak spots in Southeast Asia, with Malaysian palm oil futures falling to a more than nine-month low in line with weak oil prices. Indonesia's palm plantation firm Astra Agro Lestari hit a three-month low, Singapore's Keppel Corp pulled back after gains over the past three days and Thailand's PTT fell almost 1 percent at one point. Bangkok's SET index inched 0.2 percent lower at midday amid technical-led selling after 12 consecutive days of gains. Singapore and the Philippines were range-bound while Vietnam's blue-chips traded mostly higher ahead of the earnings season. Malaysia is shut for a market holiday and will reopen on Wednesday. Asian shares rose on Tuesday after Citigroup's earnings and a fresh round of merger and acquisition activity in the U.S. healthcare industry lifted global share prices. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0609 GMT Market Current Prev Close Pct Move TR SE Asia Index* 438.72 439.24 -0.12 Singapore 3289.23 3290.98 -0.05 Kuala Lumpur -- 1883.15 -- Bangkok 1526.53 1529.23 -0.18 Jakarta 5047.96 5021.06 +0.54 Manila 6823.54 6830.37 -0.10 Ho Chi Minh 589.11 586.23 +0.49 * 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 Sunil Nair)
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