Thailand's key stock market index posted a seventh straight gain to a near one-year high on Friday as the prospects of loan demand growth lifted banking stocks, while foreign buying of selected large caps in Indonesia took the benchmark there to a more than three-week high. Bangkok's SET index rose 0.2 percent, finishing the week 0.9 percent higher. Shares of Siam Commercial Bank climbed 2 percent to a 1-month high amid positive broker ratings.
Nineteen of 27 analysts rate the stock a 'buy' or 'strong buy', seven put 'hold' and one has a 'sell' rating, Thomson Reuters data showed. "Management signalled that SCB is ready to shift its game plan from defence to offence ... SCB remains one of our sector favourites, with its likely-solid second quarter earnings as a potential near-term re-rating catalyst," broker CIMB said in a report.
Jakarta's composite index ended up 0.4 percent, with a weekly gain of 1.3 percent, its first in four weeks. Stock exchange data showed net foreign buying in shares of Telkom Indonesia and Bank Rakyat Indonesia. Indonesia's presidential election is due on Wednesday. Other stock markets in Southeast Asia also notched up gains on the week. Vietnam and the Philippines were each up about 1.8 percent, while Singapore and Malaysia ended slightly higher.
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