SE Asia Stocks-Down; Indonesia falls on cigarette tax hike concerns
By Anusha Ravindranath Sept 30 (Reuters) - Southeast Asian stocks ended lower on Friday with Indonesia posting its biggest intraday percentage loss in over two weeks as the announcement of a tax hike on cigarettes weighed on tobacco companies. Indonesia's finance minister on Friday said the government would raise the excise tax on cigarettes by an average of 10.5 percent next year, and also intensify its crackdown on the illegal circulation of cigarettes. The Jakarta Composite Index ended down 1.24 percent, led by falls in major cigarette makers PT Hanjaya Mandala Sampoerna Tbk and PT Gudang Garam Tbk. The index fell 0.45 percent on the week. A decline in oil prices and concerns over German lender Deutsche Bank spooked investors in regional markets, with financial and energy stocks losing ground. Singapore shares finished lower, but gained 0.44 percent on the week. Blue-chips Singapore Telecommunications Ltd and Singapore Airlines Ltd were among the top losers on the index. A weak peso pushed down Philippine stocks, which closed over 1 percent lower led by losses in telecom and consumer non-cyclicals. The index also posted its biggest quarterly percentage loss in a year. The Philippine peso in September saw its steepest monthly drop in 16 years as concerns grew that President Duterte's policies may keep driving foreign investors out of the country. "Investors are concerned about this headline-grabbing rhetoric from the president. They are looking for buzz words like growth and economic development," said Victor Felix, an analyst with AB Capital Securities in Manila. "I project that this weakness in the peso will continue," he added. Malaysian stocks closed 1 percent lower, dragged down by financials and consumer cyclicals, while Vietnam snapped a nine-day winning streak to end down 0.41 percent, but gained 1.7 percent on the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2869.47 2885.71 -0.56 Bangkok 1483.21 1491.43 -0.55 Manila 7629.73 7714.86 -1.10 Jakarta 5364.804 5431.957 -1.24 Kuala Lumpur 1652.55 1669.64 -1.02 Ho Chi Minh 685.73 688.55 -0.41 Change so far this year Market Current End prev yr Pct Move Singapore 2869.47 2882.73 -0.46 Bangkok 1483.21 1288.02 15.15 Manila 7629.73 6952.08 9.75 Jakarta 5364.804 4593.008 16.80 Kuala Lumpur 1652.55 1692.51 -2.36 Ho Chi Minh 685.73 579.03 18.43 (Reporting Anusha Ravindranath in Bengaluru; Editing by Sunil Nair)
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