SE Asia Stocks-Thailand rises on stimulus plan; Indonesia, Philippines down

martes 22 de marzo de 2016 06:01 GYT
 

By Nichola Saminather
    SINGAPORE, March 22 (Reuters) - Southeast Asian stock
markets were mixed on Tuesday, with Thailand advancing on
stimulus measures announced this week and as investors waited
for a decision on interest rates by central banks in the country
as well as in the Philippines. 
    Thailand's SET index ended the day up 0.3 percent
after the nation's cabinet approved 70 billion baht ($2 billion)
of soft loans for lower-income first-home buyers. 
    That followed a plan announced Monday by the finance
minister for more stimulus measures, including grants for
low-income earners and tax deductions during next month's water
festival. 
    "Thailand's SET is helped by additional economic stimulus
that is targeted at boosting consumption. However, the boost may
be limited given that some of the measures are temporary," such
as the tax breaks, said Bernard Aw, market analyst at online
brokerage IG in Singapore.     
    The Philippines composite index pared losses to close
down 0.5 percent, after jumping to its highest close since
August on Monday. 
    Both the Thai and Philippine central banks are expected to
leave interest rates unchanged when they meet on Wednesday.
  
    Indonesia's Jakarta Composite index, the other loser
in the region, was down 0.6 percent at the close. 
    Thousands of Indonesian taxi drivers took to the streets of
the capital Jakarta on Tuesday to protest ride-hailing apps such
as Grab and Uber, bringing parts of the city to a standstill.
    "Indonesia and the Philippines have been doing really well
this year, so may be facing some profit-taking pressure," IG's
Aw said. Both indexes are up about 6 percent this year, and,
along with Malaysia, are the best performing major Asian
markets. 
    Moody's Investor Service on Tuesday said Singapore, Malaysia
and Thailand, the region's major export-oriented economies, face
weaker growth prospects than the more domestic demand-driven
economies of Indonesia and the Philippines. 
    Singapore's Straits Times Index surrendered early
gains to end the day flat at 2,880.65.
    A Reuters poll on Tuesday showed February industrial
production probably fell from a year earlier for the 13th
straight month. 
    Investors are looking to the city-state's 2016 budget
announcement expected on Thursday. 
    Malaysia, which traded flat most of the day, jumped
in late trading to close 0.4 percent higher.   
   
        
For Asian Companies click:  

SOUTHEAST ASIAN STOCK MARKETS
  STOCK MARKETS                                           
  Change on the                                           
 day                                                 
  Market          Current      previous    Pct Move       
                               close                 
  Singapore       2880.65      2880.69     0.00           
  Bangkok         1397.2       1393.63     0.26           
  Manila          7342.03      7376.41     -0.47          
  Jakarta         4856.107     4885.163    -0.59          
  Kuala Lumpur    1724.75      1718.36     0.37           
 Ho Chi Minh      570.91       572.27      -0.24          
                                                          
  Change so far                                           
 this year                                           
  Market          Current      End prev    Pct Move       
                               yr                    
  Singapore       2880.65      2882.73     -0.07     
  Bangkok         1397.2       1288.02     8.48           
  Manila          7342.03      6952.08     5.61           
  Jakarta         4856.107     4593.008    5.73           
  Kuala Lumpur    1724.75      1692.51     1.90           
 Ho Chi Minh      570.91       579.03      -1.40          
                                                          
 

($1 = 34.9000 baht)

 (Reporting by Nichola Saminather; Editing by Biju Dwarakanath)