Most Southeast Asian stocks gained in light trading on Thursday, with telecoms leading the Thai index to a new high, while Singapore rose to its highest close in more than five years as positive earnings hopes boosted Olam International Ltd. The Thai SET index was up 0.4 percent at 1,621.12, the highest close in more than 19 years, with shares in telecoms group Shin Corp Pcl, the most actively traded, climbing 1.7 percent on expectations it would be added to the MSCI index.
Morgan Stanley's index review will be announced on May 16, broker Maybank Kim Eng Securities (MBKET) said. "MBKET sees INTUCH as a stock soon to be added to the MSCI Thailand after the free float increased to 20.36 percent," it said. In Singapore, shares in agricultural commodities company Olam jumped 2.6 percent as investors expected positive third-quarter earnings. Olam is due to report on May 15.
Palm oil firm Wilmar International Ltd rose 1.2 percent after reporting a 23 percent jump in first-quarter net profit. The Malaysian index extended its loss for a second session, down 0.5 percent on the day as the market was cautious after political trouble. It hit a record high of 1,776.73 on Tuesday as the weekend general election helped lift a market overhang. Indonesia was shut for a market holiday, and will reopen on Friday. Jakarta's Composite Index, Southeast Asia's second-best performer, hit a record close of 5,089.33 on Wednesday.
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