SE Asia Stocks-S'pore weak amid proposed reforms, Thai political risks weigh on SET

Feb 10 (Reuters) - Singapore stocks eased on Monday as a

proposed reform of stock-market rules kept investors cautious,

while Thai stocks gave up early gains amid the protracted

political risks at home and the impact on the economic outlook.

Stocks in Malaysia, Indonesia, the Philippines and Vietnam

eked out modest gains, in line with Asian stock markets after

U.S. nonfarm payrolls fell far short of expectations for a

second month in January.

MSCI's broadest index of Asia-Pacific shares outside Japan

inched up 0.3 percent.

Singapore's benchmark Straits Times Index edged

down 0.2 percent, hovering around its day low of 3,008 level and

reversing a 0.8 percent rise on Friday.

Bourse operator Singapore Exchange Ltd (SGX) was

among the underperformers, with its shares down more than 1

percent at S$6.71, the lowest since November 2012.

SGX and the Monetary Authority of Singapore said after the

market close on Friday that they were consulting the market on a

series of changes such as minimum trading prices, new collateral

rules and short-selling reporting.

The proposed reforms could rattle near-term trading

sentiment while over the long term, it would enhance

transparency and prevent speculation and market rumours, said a

Singapore-based analyst at UOB Kay Hian Securities.

"It's a net long-term positive," the analyst said.

In Bangkok, the SET index edged down 0.01 percent to

1,296.41 by midday.

Traders cited technical-led selling around a key 1,300

resistance level, with large caps, including Kasikornbank

and PTT Exploration and Production, taking a

hit.

"The market should be capped around 1,300-1,310 because of

the political headwinds, with the focus on the government's

solution to the rice pledging scheme and the protests of unpaid

rice farmers," said Teerada Charnyingyong, a strategist at

Phillip Securities.

Malaysia rose 0.5 percent, led by large cap Tenaga

Nasional, while the Philippines gained 0.8

percent to a more than one-week high. Indonesia rose 0.3

percent to its highest in more than two weeks.

Jakarta-based MNC Securities said earnings plays would

further lift the market. There was a chance the index would

cross the 4,500-mark this week ahead of corporates' 2013

earnings releases, it said in a report.

"However by Thursday, investors are expected to refrain from

stock-buying in anticipation of the Bank Indonesia rate

decision," MNC Securities said.

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SOUTHEAST ASIAN STOCK MARKETS

Change at 0532 GMT

Market Current Prev Close Pct Move

TR SE Asia Index* 382.42 381.62 +0.21

Singapore 3008.01 3013.14 -0.17

Kuala Lumpur 1817.39 1808.59 +0.49

Bangkok 1296.41 1296.49 -0.01

Jakarta 4479.93 4466.67 +0.30

Manila 6056.42 6011.14 +0.75

Ho Chi Minh 552.64 549.76 +0.52