SE Asia Stocks -Mostly up; Jakarta recovers after FinMin comment
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 subsidies. 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 percent. 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 assets." 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. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS 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)
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