September 1, 2014 / 7:47 AM / 3 years ago

SE Asia Stocks -Thai shares up after new cabinet; SM Prime rebounds

BANGKOK, Sept 1 (Reuters) - Thai shares rose on Monday as
investors bought banking stocks amid economic optimism after the
formation of an interim cabinet, while Philippine company SM
Prime Holdings rebounded from a two-week low hit on
Friday after the announcement of a project.
    Thailand's military ruler General Prayuth Chan-ocha has
named the interim cabinet dominated by members of the security
forces to govern the country through at least a year of
political reforms before he permits an election. 
    The benchmark SET index had gained 0.5 percent by
midday, boosted by banking stocks. Bangkok Bank Pcl 
jumped 2.4 percent to a near one-year high, while Siam
Commercial Bank was up 1.6 percent.
    "We expect the Thai market to trade sideways up on Monday,
to reflect continued domestic optimism as the new cabinet was
officially set up yesterday, which could speed up the macro
recovery started by the fiscal disbursement for the new fiscal
year," broker KGI securities said in a report.
    The Philippine main index edged up 0.6 percent after
two straight days of losses.
    Shares of property company SM Prime, the country's
fourth-biggest firm by market capitalisation, gained about 2
percent after a 2.6 percent drop on Friday. 
    SM Prime plans to spend 100 billion pesos ($2.29 billion) to
develop a 2.3 square mile land reclamation project along Manila
Bay, company officials said on Monday. 
    Shares in Singapore and Malaysia edged
lower while Asian shares cautiously pushed higher, with
investors wary of a deepening crisis in Ukraine and a downbeat
China manufacturing survey. 
    Jakarta's Composite Index gained 0.6 percent after
data showed Indonesia's trade balance returned to a surplus in
July, with foreign inflows boosting banking shares including
Bank Central Asia and Bank Mandiri.
    Vietnam's financial markets are closed on Monday and
Tuesday for national holidays. Trading will resume on Wednesday.
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 Change at 0706 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   445.84        444.92       +0.21
 Singapore          3312.66       3327.09       -0.44
 Kuala Lumpur       1866.11       1875.68       -0.51
 Bangkok            1569.10       1561.63       +0.48
 Jakarta            5170.31       5136.86       +0.63
 Manila             7088.62       7050.89       +0.54
 * 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 Kaweewit Kaewjinda; Editing by Subhranshu Sahu)
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