SE Asia Stocks - Mixed; Malaysia at 3-week high
Nov 25 (Reuters) - Thailand stocks rose for a third straight session on Tuesday while Malaysian stocks rose to their highest in nearly three weeks on a government decision to abolish fuel subsidies. Other Southeast Asian stock markets ended mixed amid waning optimism over China's rate cut. Thailand's SET index gained 0.4 percent to its highest close since Sept. 26, led by a 2.32 percent gain in top oil firm PTT ahead of a landmark meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna on Thursday. Bangkok saw a net foreign inflow of $38.43 million on Tuesday, while Jakarta saw net foreign buying of $32.06 million, Thomson Reuters data showed. The Malaysian index ended up 0.3 percent to its highest close since Nov. 5, on hope that the government decision to scrap subsidies for petrol and diesel from next week would help boost the country's budget deficit. Also, the IMF said it projected the budget deficit could decline below 3 percent of GDP in 2015 with the fuel subsidy removal. Southeast Asian stocks were buoyed on Monday 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 oil prices." Singapore's Straits Times Index rose 0.1 percent while Vietnam's benchmark VN Index gained 0.6 percent on bargain hunting, recovering from its lowest close in almost a month hit in the previous session. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3344.99 3340.53 +0.13 Kuala Lumpur 1838.56 1833.77 +0.26 Bangkok 1596.80 1590.14 +0.42 Jakarta 5118.95 5141.76 -0.44 Manila 7286.85 7325.13 -0.52 Ho Chi Minh 585.91 582.53 +0.58 Change on year Market Current End 2013 Pct Move Singapore 3344.99 3167.43 +5.61 Kuala Lumpur 1838.56 1866.96 -1.52 Bangkok 1596.80 1298.71 +22.95 Jakarta 5118.95 4274.18 +19.76 Manila 7286.85 5889.83 +23.72 Ho Chi Minh 585.91 504.63 +16.11 (1 US dollar = 32.8000 Thai baht) (1 US dollar = 12,159.0000 rupiah) (Reporting by Shihar Aneez; Editing by Sunil Nair)
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