SE Asia Stocks-Mostly up; Indonesia recovers from 2-wk low on tax cut plan
JAKARTA, April 12 (Reuters) - Most Southeast Asian markets rose on Tuesday, with a tax cut plan by Indonesia helping stocks rebound from the biggest one-day loss in seven weeks and Thailand climbing ahead of a long holiday. The main Indonesian stock index, which hit a two-week low on Monday, rose 0.6 percent. The gains were helped by positive domestic sentiment, Trimegah Securities said in Jakarta. "These positive sentiments are, first, the government plan to reduce corporate tax rate to 20 percent; second, government proposed non-taxable income ceiling to be increased," it said in a note on Tuesday. Indonesia plans to cut tax rates on corporate profits in an upcoming revision of the income tax law, possibly bringing down the rate for companies by 5 percentage points, the finance minister told lawmakers on Monday. Indonesia's automotive company PT Astra International Tbk rose 2.9 percent, bouncing from its lowest in a month. Thailand gained 0.7 percent in light volume ahead of a long holiday, led by shares of heavyweight energy company PTT Pcl which rose 1.4 percent to touch their highest since March 30. Oil prices dipped on Tuesday, but both U.S. and international crude futures held above $40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. Thailand's stock market will be closed on Wednesday through rest of the week for the Songkran Festival. Singapore and the Philippines each posted slim gains, while the Malaysian index fell 0.1 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change 0540 GMT Market Current Prev close Pct move Singapore 2811.8 2809.24 0.09 Kuala Lumpur 1714.46 1715.28 -0.05 Bangkok 1379.21 1369.84 0.68 Jakarta 4813.98 4786.97 0.56 Manila 7296.21 7291.43 0.07 Ho Chi Minh 580.56 579.27 0.22 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)
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