SE Asia Stocks: Thai stocks dip on refiners; others mixed

June 13, 2012

BANGKOK, June 13 – Most Southeast Asian stock indexes fell today as escalating euro zone worries kept investors on the sidelines ahead of a crucial election in Greece over the weekend with Thailand and Singapore leading the declines.

Thailand’s benchmark SET index ended down 0.4 per cent at 1,158.22, led by a 4 per cent drop in top refiner Thai Oil Pcl on concerns about second-quarter earnings.

Singapore’s Straits Times Index finished down 0.4 per cent at 2,786.88.

Stocks in Malaysia and Indonesia were little changed, edging up 0.01 per cent and 0.2 per cent, respectively. Vietnam was down 0.13 per cent while the Philippines gained 0.7 per cent, resuming trade after a market holiday yesterday.

Shares in Indonesian cement firms rose on the back of strong domestic cement sales. Semen Gresik Tbk jumped 3.2 per cent while Holcim Indonesia Tbk gained 2.1 per cent.

Broker Macquarie Research said Semen Gresik was its top pick.

“We maintain our overweight stance on Indonesian cement due to healthy margins despite abundant new capacity and still strong demand drivers. Our top pick is Semen Gresik,” it said in a report. – Reuters