* 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 .SETI closed lower for the third
straight session, shedding 2.2% for the week.
Shares of True Corp Pcl TRUE.BK 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 RS.BK also reported a drop in
quarterly profit, sending its shares down 11.6% and posting its
lowest close since August 2017. Indonesian shares .JKSE 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 BBRI.JK and Bank Mandiri (Persero) Tbk PT
BMRI.JK jumping 3.8% and 1.1%, respectively.
Malaysian shares .KLSE 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 .STI were little changed as a surge in
industrial stocks was offset by a slump in telecoms.
Singapore Telecommunications Ltd STEL.SI dropped 3.6%
after the city state's third-biggest firm posted its first ever
quarterly loss after market hours on Thursday. Philippine shares .PSI 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