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SE Asia Stocks-Thailand, Indonesia gain; Bernanke testimony watched
July 17, 2013 / 5:57 AM / 4 years ago

SE Asia Stocks-Thailand, Indonesia gain; Bernanke testimony watched

July 17 (Reuters) - Stock markets in Thailand and Indonesia
gained in early trading on Wednesday, while other Southeast
Asian markets were mixed as investors waited for clarity on when
the U.S. central bank will roll back its $85-billion-a-month
bond buying programme.
    Federal Reserve Chairman Ben Bernanke is due to testify to
Congress on Wednesday and Thursday. 
    Thailand's main index was up 0.5 percent at 1,457.87
at 0518 GMT, led by banking shares.
    Foreign buying had remained modest, reflecting a lack of
conviction for a serious return to the Thai stock market ahead
of Bernanke testimony, which could signal the timing of the QE
exit, Philip Securities said in a note. 
    "In our view, there remains a significant risk to the
downside for the market, while the room for upside appears
limited," the note said. 
    "For trading strategy, we advise investors to selectively
accumulate stocks on weakness, with focus on good earnings and
dividend plays. Cut loss if the SET index breaks below a key
level of 1400."
    Jakarta's Composite Index was up 0.6 percent at
4,671.05 after Indonesia's central bank governor said there was
no need to be concerned about the current rate of the rupiah,
adding that the economy would improve. 
    The resistance level for the index is 4,675, Jakarta-based
Batavia Prosperindo Sekuritas said in a note.
    Singapore's Straits Times Index was down 0.3
percent and Philippines main index was trading 0.5
percent weaker. 
    Among regional bright spots, Shares in telecommunications
firm M1 Ltd gained nearly 3 percent, outperforming the
broader market and helping kick off Singapore's results season
with an inspiring quarterly performance. 
    Vietnam gained 0.2 percent in cautious trade, lifted
by buying in big firms that are expected to post positive
second-quarter earnings, traders said, while Malaysia's broader
index was steady.
    For Asian Companies click  
For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0503 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   431.09        431.45       +0.08
 Singapore          3215.00       3224.96       -0.31
 Kuala Lumpur       1785.90       1786.39       -0.03
 Bangkok            1456.16       1451.45       +0.32
 Jakarta            4571.05       4644.04       +0.58
 Manila             6548.88       6583.55       -0.53
 Ho Chi Minh         497.16        496.22       +0.19
 
 (Reporting by Shihar Aneez in Colombo, Viparat Jantraprap in
Bangkok and Andjarsari Paramaditha in Jakarta; Editing by Jijo
Jacob)

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