November 15, 2019 / 9:59 AM / 21 days ago

SE Asia Stocks-Thai shares ease on telcos; Indonesia up

    * Jefferies removes Thailand's True Corp as top sector pick
    * Philippines, Singapore snap five straight weekly gains
    * Singtel falls on first ever quarterly loss 

    By Anushka Trivedi
    Nov 15 (Reuters) - Thai shares weakened on Friday, dragged
by telecoms on poor corporate earnings, while Indonesian stocks
edged higher after a surprise trade surplus in October.
    Thailand's SET index closed lower for the third
straight session, shedding 2.2% for the week.    
    Shares of True Corp Pcl slumped 9.7% to a more
than six-year closing low, after the telecom services provider
posted a 24% dive in third-quarter core profit and missed
Jefferies' forecast by a steep margin.     
    "True appears to be the least beneficiary of the ongoing
mobile market collaboration and is clearly in an inferior 
financial position to embrace an upcoming 5G capex cycle,"
Jefferies analysts said, and removed the stock as their top 
sector pick.
    True's smaller rival RS Pcl also reported a drop in
quarterly profit, sending its shares down 11.6% and posting its
lowest close since August 2017.
    Indonesian shares advanced after two sessions of
losses after trade data showed exports declined at a
slower-than-expected pace, and a trade surplus of $161.3
million.
    Financials led the gains, with Bank Rakyat Indonesia
(Persero) Tbk PT and Bank Mandiri (Persero) Tbk PT
 jumping 3.8% and 1.1%, respectively.
    Malaysian shares ended a tick higher after data
showed its economy grew by 4.4% in the third quarter, the
slowest pace in a year but within expectations.
    The central bank, however, said it expected growth to remain
positive and reaffirmed its 2019 outlook. 
    Malaysian shares lost 0.9% for the week.
    Singapore stocks were little changed as a surge in
industrial stocks was offset by a slump in telecoms. 
    Singapore Telecommunications Ltd dropped 3.6%
after the city state's third-biggest firm posted its first ever
quarterly loss after market hours on Thursday.
    Philippine shares closed flat after the central bank
stood pat on interest rates, citing firm economic growth in the
third quarter.
    Singapore and Philippine shares snapped five consecutive
weekly gains.  
    
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SOUTHEAST ASIAN STOCK MARKETS    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3238.86   3231.85         0.22
 Bangkok                1602.23   1609.47         -0.45
 Manila                 7932.96   7933.71         -0.01
 Jakarta                6128.345  6098.95         0.48
 Kuala Lumpur           1594.75   1593.55         0.08
 Ho Chi Minh            1010.03   1012.3          -0.22
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3238.86   3068.76         5.54
 Bangkok                1602.23   1563.88         2.45
 Manila                 7932.96   7,466.02        6.25
 Jakarta                6128.345  6,194.50        -1.07
 Kuala Lumpur           1594.75   1690.58         -5.67
 Ho Chi Minh            1010.03   892.54          13.16
    

 (Reporting by Anushka Trivedi in Bengaluru; Editing by
Subhranshu Sahu)
  
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