SE Asia Stocks-Mostly up; Thailand posts biggest gain in 2 weeks

martes 12 de abril de 2016 06:53 GYT

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, while
Thailand had its best day since March 30 ahead of a long
    Leading the regional market, Thailand rose 1.1
percent in light trading, led by airport operator Airports of
Thailand Pcl that climbed 1.6 percent.
    KT ZMICO Securities in Bangkok said Airports of Thailand
sees passenger volumes for April 1-9, ahead of the big Songkran
(New Year) Festival, rise 12 percent from a year ago. 
    Shares of heavyweight energy company PTT Pcl rose
as much as 1.4 percent to touch their highest since March 30
before settling 0.7 percent higher.
    Oil reached a 2016 high above $43 a barrel on Tuesday,
supported by hopes that an upcoming meeting of oil producers
will agree steps to tackle a supply glut, and by a weak U.S.
dollar and further signs of strong demand in China. 
    Thailand's stock market will be closed on Wednesday through
rest of the week for the Songkran Festival.    
    Indonesia's Jakarta Composite Index, which hit a
two-week low on Monday, rose 0.9 percent. The gains came on the
back of positive domestic sentiment, Trimegah Securities said in
    "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. 
    Meanwhile, on Tuesday, the Indonesian parliament started
discussion on a tax amnesty bill that may bring in undeclared
assets stashed overseas. 
    Indonesia's automotive company PT Astra International Tbk
 bounced from its lowest in a month to climb 3.9
percent, its best single-day percentage gain since Feb. 26.    
    Singapore and the Philippines each gained 0.2
percent, while the Malaysian index posted a slim loss.
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 Change on day
 Market        Current   Prev close  Pct move
 Singapore      2814.65     2809.24       0.19
 Kuala Lumpur   1715.00     1715.28      -0.02
 Bangkok        1385.42     1369.84       1.14
 Jakarta        4829.57     4786.97       0.89
 Manila         7306.56     7291.43       0.21
 Ho Chi Minh     579.84      579.27       0.10
 Change on year
 Market        Current    End 2015   Pct move
 Singapore      2814.65     2882.73      -2.36
 Kuala Lumpur   1715.00     1692.51       1.33
 Bangkok        1385.42     1288.02       7.56
 Jakarta        4829.57    4593.008       5.15
 Manila         7306.56     6952.08       5.10
 Ho Chi Minh     579.84      579.03       0.14

 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)