SE Asia Stocks - Indonesia up amid fuel price hike talks, Malaysia on steady rates
BANGKOK, Sept 19 (Reuters) - Indonesian shares hovered near a two-week high on Friday, heading for the best weekly gain in more than two months, amid expectations of a cut in fuel subsidy. Most other sharemarkets in Southeast Asia also edged higher in line with the rest of Asia. Jakarta's composite index <.JKSE), which tracks 30 large-cap stocks, was up 0.7 percent at 5,246.25, the highest since Sept. 9. The index has gained 2 percent so far on the week, the biggest since the week ended July 11. Among the actively traded stocks, retailer Matahari Putra Prima and Bank Rakyat Indonesia each rose almost 3 percent, while Telkom Indonesia jumped 4 percent. Foreign investors led the buying, Thomson Reuters data showed. Indonesia's new government plans to hike the price of subsidised fuel by as much as 3,000 rupiah per litre by November to reduce its budget deficit and allocate more funds for fixing its infrastructure bottlenecks, policymakers said on Thursday. "Once executed, this will send a strong signal that the Jokowi administration will push ahead on further structural reform. We view this as a very positive move for the long run," broker Maybank KimEng Indonesia said in a report. Malaysia's key stock index was up 0.4 percent amid active buying in shares of Public Bank and Tenaga Nasional, with the central bank's decision to maintain key interest rate supportive to market sentiment. The region is set to end the week mixed. Singapore is on track for a 1 percent fall on the week amid weakness in property shares, while Malaysia is poised for a modest 0.2 percent loss and Vietnam a 2.5 percent drop. Thailand is on course for a 0.5 percent gain. Philippines, which is shut on Friday due to a tropical storm, posted a weekly gain of 1.2 percent, rebounding from a 0.9 percent fall in the previous week. MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.1 percent on Friday, supported by Wall Street's strong showing overnight. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0755 GMT Market Current Prev Close Pct Move Singapore 3306.31 3297.29 +0.27 Kuala Lumpur 1853.00 1845.32 +0.42 Bangkok 1588.52 1584.23 +0.27 Jakarta 5246.25 5208.14 +0.73 Ho Chi Minh 613.29 615.80 -0.41 (Reporting by Viparat Jantraprap; Additional reporting by Fransiska Nangoy in JAKARTA; Editing by xxxx)
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