SE Asia Stocks -Mostly up; Jakarta recovers after FinMin comment

miércoles 24 de septiembre de 2014 04:03 GYT

Sept 24 (Reuters) - Indonesian shares recovered on Wednesday
from their near one-week low hit earlier in the day after the
country's finance minister said this year's budget would be
revised to address adverse impact from a reduction in fuel
    Other Southeast Asian stocks traded mostly higher, a day
after better-than-expected Chinese manufacturing data helped
boost commodity prices. 
    The Jakarta Composite Index was up 0.2 percent by
0703 GMT after hitting its lowest level since Sept. 17 earlier
in the day.  
    In Jakarta, Finance Minister Chatib Basri said 5 trillion
rupiah ($420 million) would be provisioned for social safety in
this year's revised budget in the event of a fuel hike.
    The move will pave way for a smooth fuel price hike either
in October or November by the administration president-elect
Joko Widodo (Jokowi), brokerage Maybank KimEng said in a report.
    "Previously there were concerns that Jokowi will have no
budget for the social safety net programme if he increased fuel
price in 2014." the broker said. 
    Indonesia's PT Bakrie Telecom traded steady at 50
rupiah in thin trade after three investors filed a lawsuit in
the United States against the firm and associated companies for
allegedly breaching the terms of a $380 million bond, by failing
to make two interest payments and indicating that it will
continue to default on its obligations. 
    The Philippine Index was higher 1.3 percent, Malaysia
 was up 0.2 percent and Thailand was stronger 0.2
    Bangkok-based broker KGI said in a report that it expected
the SET index to move sideways.  
    "International factors are negative after Eurozone reported
Flash MPI for manufacturing in September to be less than
expected and the lowest in nine months. The U.S. has stepped up
their attack on IS in Syria which puts pressure on its high-risk
    Thai institutions are likely to collect communications and
energy stocks as the third quarter comes to an end, KGI said.  
    Bucking the trend, Singapore and Vietnam 
were down 0.1 percent and 0.3 percent, respectively. 
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 Change at 0703 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3293.98       3298.09       -0.12
 Kuala Lumpur       1843.83       1840.19       +0.20
 Bangkok            1593.14       1590.13       +0.19
 Jakarta            5196.51       5188.11       +0.16
 Manila             7368.78       7271.62       +1.34
 Ho Chi Minh         608.77        610.39       -0.27
 (Reporting by Shihar Aneez; Additional reporting by Fransiska
Nangoy in Jakarta and Kaweewit Kaewjinda in Bangkok; Editing by
Subhranshu Sahu)