SE Asia Stocks -Malaysian shares retreat; Philippine index down
BANGKOK, Jan 20 (Reuters) - Malaysian stocks retreated on Tuesday after the government cut its economic growth forecast and on a potential credit ratings downgrade, while the Philippine index fell for a second day amid foreign-led selling in shares of energy-related firms. The Kuala Lumpur composite index closed down 0.2 percent at 1,750.11, falling from Monday's near three-week high amid selling in recent gainers including Tenaga Nasional . The Malaysian government widened its fiscal deficit target to 3.2 percent of gross domestic product for 2015 and cut its forecast for economic growth to adjust its budget after a sharp fall in earnings from oil and gas. Credit ratings agency Fitch said it would review Malaysia's rating in the first half of 2015 and that it may downgrade the sovereign. Standard & Poor's said a prolonged slump in oil prices could derail Malaysia's fiscal consolidation plan. The Philippine index fell 0.4 percent to 7,452.81, extending Monday's weakness which came after a record close of 7,490.88 on Jan. 14. Foreign investors sold shares worth a net 270 million peso ($6.05 million), with outflows mostly hitting shares of energy related firms such as Energy Development Corp and Aboitiz Power Corp, stock exchange data showed. Broker Regina Capital Development Corp said it maintained a 2015 index target of 7,800, citing a fall in energy costs. "We're still bullish on Philippine equities, especially with companies/industries that use oil/oil-related items for their overhead expenses," said analyst Jason Bibit. 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 3334.02 3307.70 +0.80 Kuala Lumpur 1750.11 1753.31 -0.18 Bangkok 1535.09 1535.37 -0.02 Jakarta 5166.09 5152.09 +0.27 Manila 7452.81 7485.32 -0.43 Ho Chi Minh 572.22 571.51 +0.12 Change on year Market Current End 2014 Pct Move Singapore 3334.02 3365.15 -0.93 Kuala Lumpur 1750.11 1761.25 -0.63 Bangkok 1535.09 1497.67 +2.50 Jakarta 5166.09 5226.95 -1.16 Manila 7452.81 7230.57 +3.07 Ho Chi Minh 572.22 545.63 +4.87 ($1 = 44.5950 Philippine pesos) (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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