SE Asia Stocks-Malaysia gains to near 3-wk high; others mixed

martes 25 de noviembre de 2014 04:03 GYT

Nov 25 (Reuters) - Malaysian stocks rose for a second
straight session on Tuesday to their highest in nearly three
weeks on the government's decision to abolish fuel subsidies
from Dec. 1, while other Southeast Asian stock markets traded
mixed amid waning optimism over China's rate cut. 
    The FTSE Bursa Malaysia KLCI Index was up 0.3
percent at 0736 GMT, led by a 2.9 percent gain in Petronas Gas
    Malaysia will scrap subsidies for petrol and diesel, the
government said on Friday, a move that could potentially result
in some 20 billion ringgit ($5.97 billion) savings annually.
    Sentiment was also boosted after the IMF said Malaysia was
on track to achieve the 2014 federal budget deficit target of
3.5 percent, down from 3.9 percent in 2013 and that it also
projected deficit could decline below 3 percent of GDP in 2015
with fuel subsidy removal. 
    Stock markets in south-east Asia were buoyed in the previous
session after 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.
    "Rate cut of China was little bit optimistic, but it has now
been factored in," said Song Seng Wun, an economist with
Singapore-based CIMB. "But the focus is on whether there will be
a rebound in the oil prices."
    Oil prices lost more ground on Tuesday ahead of a
much-anticipated meeting of the Organization of the Petroleum
Exporting Countries (OPEC) later this week.
    Singapore's Straits Times Index was steady, while
the Thai SET index and the Indonesian index were
down 0.1 percent each after hitting their near two-month closing
highs in the previous session. 
    The Philippine index was 0.5 percent weaker after
hitting a two-month closing high in the previous day. Vietnam's
benchmark VN Index rebounded 0.9 percent as investors
picked up beaten-down stocks after the index hit a near
one-month closing low in the previous session. 
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 Change at 0734 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3341.00       3340.53       +0.01
 Kuala Lumpur       1838.98       1833.77       +0.28
 Bangkok            1588.20       1590.14       -0.12
 Jakarta            5136.36       5141.76       -0.11
 Manila             7286.85       7325.13       -0.52
 Ho Chi Minh         587.75        582.53       +0.90
 (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)