April 12, 2016 / 6:01 AM / 2 years ago

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
    "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;  

 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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