SE Asia Stocks-Most up on China rate cut; Malaysia soars after fuel pricing plan

lunes 24 de noviembre de 2014 01:48 GYT
 

BANGKOK, Nov 24 (Reuters) - Southeast Asian stock markets
rose on Monday amid prospects of further policy stimulus in
China and Europe, with the key Malaysian index climbing to a
near two-week high after the government said it would abolish
fuel subsidies from December 1.
    Malaysia will scrap subsidies for petrol and diesel, the
government said on Friday, a bold move that could potentially
result in some 20 billion ringgit ($5.97 billion) savings
annually. 
    The plan should allay concerns over whether Malaysia would
be able to meet its budget deficit target for 2015 and may
result in international rating agencies announcing upgrades to
Malaysia's sovereign credit ratings/rating outlooks, Maybank
KimEng said in a report.
    Kuala Lumpur's composite index, which gauges moves
of 30 large-cap stocks, traded up 1.1 percent at 1,828.12. It
earlier hit 1,829.11, the highest since Nov. 11.
    Among actively traded stocks, Tenaga Nasional, the
country's largest electricity utility, jumped 3.3 percent and
telecoms firm Axiata Group was up 1 percent ahead of
the release of quarterly earnings later in the day.
 
    Singapore's Straits Times Index hit the highest
since Sept. 12, the Thai SET index hovered around a
three-week high, Indonesia rose to the highest since
Oct. 1 and the Philippines traded at a near two-month
high.
    The People's Bank of China cut its benchmark interest rates
for the first time in more than two years on Friday to lower
borrowing costs and lift a cooling economy that is on track for
its slackest annual growth in 24 years. 
    European Central Bank President Mario Draghi threw the door
wide open on Friday for more drastic measures to prevent the
euro zone from sliding into deflation, promising to use whatever
means necessary. 
    The latest moves by the European Central Bank and the
People's Bank of China "echoed our view that global monetary
easing, ex-US Fed, continued. This should support Thai inflows
but not very strongly as further rise in the dollar could cap
the baht and Asian FX upside," the Bangkok-based KGI strategists
wrote in a report.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was up 0.6 percent. 
    
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0500 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3343.66       3345.32       -0.05
 Kuala Lumpur       1828.12       1809.13       +1.05
 Bangkok            1588.21       1579.20       +0.57
 Jakarta            5141.03       5112.05       +0.57
 Manila             7341.78       7276.18       +0.90
 Ho Chi Minh         586.22        588.03       -0.31
 
 (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)