SE Asia Stocks -Indonesia snaps losing streak; fuel policy in focus
BANGKOK, Nov 11 (Reuters) - Indonesia's key index snapped a six-day losing streak on Tuesday, led by beaten-down large caps, but gains were limited due to a lack of clarity over the government's plan to raise fuel prices as a step towards cutting subsidy spending. Other Southeast Asian markets remained rangebound with shares of palm plantation firms rising in line with a rebound in palm oil futures. Jakarta's composite index gained 1.3 percent, recouping some of its 2.4 percent loss over the past six sessions. Shares of Telkom Indonesia and Bank Mandiri rose in strong volumes on foreign-led buying, Thomson Reuters data showed. "I don't think the rally will last because of the uncertainty in the fuel price increase plan," said Andri Zakarias, an analyst with BNI Securities. Indonesian President Joko Widodo said last week he had not decided on the timing of a fuel price hike, signalling a possible delay in cutting massive fuel subsidies that are straining the state's finances. In Singapore, shares of Olam International jumped 3.3 percent, the biggest percentage gainers on the Straits Times Index. Palm plantation firm Kuala Lumpur Kepong rose 0.6 percent, the second biggest gainer on Malaysia's key index . Indonesia's Astra Agro Lestari rose 3.5 percent after a report it bought a 50 percent stake worth 75 billion rupiah ($6.17 million) in a unit of Malaysia' Kuala Lumpur Kepong. Malaysian palm oil futures ended four days of falls on Monday as export demand picked up. In Bangkok, strong quarterly results boosted shares of zinc firm Padaeng Industry. The stock was up 14.3 percent at midday, the third biggest gainer on the key SET index. The Philippines' key index reversed two days of falls after data showed September exports rose 15.7 percent from a year earlier. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0603 GMT Market Current Prev Close Pct Move Singapore 3298.96 3301.00 -0.06 Kuala Lumpur 1825.31 1827.93 -0.14 Bangkok 1575.36 1567.34 +0.51 Jakarta 5029.94 4965.39 +1.30 Manila 7209.98 7192.12 +0.25 Ho Chi Minh 607.35 602.12 +0.87 (Reporting by Viparat Jantraprap and Fransiska Nangoy in JAKARTA; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.