December 20, 2017 / 10:26 AM / 2 months ago

SE Asia Stocks-Indonesia down 1 pct, Thai shares extend gains

    By Nikhil Nainan
    Dec 20 (Reuters) - Indonesian stocks fell about 1
percent on Wednesday after they touched a record in the previous
session, while Thailand extended gains as its central
bank raised growth forecasts while standing pat on rates. 
    The Indonesian index, which hit a record closing high on
Tuesday, snapped six straight sessions of gains, as consumer
stocks lost ground, with heavyweights Unilever Indonesia
 and Astra International falling about 2
percent each.
    An index of the country's 45 most liquid stocks
dropped 1.4 percent.
    Thai shares closed 0.3 percent higher after hitting
a near 24-year high earlier in the day.
    Thailand's central bank held key rates steady as expected,
but raised its economic growth forecast for this year to 3.9
percent from 3.8 percent, and its 2018 projection to 3.9
percent.
    Malaysia reversed losses from the previous session
to close 0.6 percent higher, with CIMB Group Holdings
surging 3.7 percent and Public Bank up 1.1 percent.
    Malaysia's annual inflation rate in November came in line
with forecasts, but was down from the 3.7 percent recorded in
October. 
    In the Philippines, shares were little changed as
investors digested details of an ambitious tax reform bill, with
losses in real estate and financial stocks offsetting gains in
telecom stocks.
    "The tax reform expectations are actually lower than
expected. It was reported that it was expected to generate 92
billion pesos ($1.83 billion), that's actually significantly
lower than what was initially expected, which was around 130
billion pesos," said Lexter Azurin, an analyst with AB Capital
Securities in Manila. 
    The Philippine Congress last week approved President Rodrigo
Duterte's tax overhaul, which aims to increase state revenues
and make the tax system fairer and simpler.

    Singapore ended 0.3 percent lower, with losses seen
across the board.
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day                                      
 Market                   Current   Previous close  Pct Move
 Singapore                3394.87   3404.47         -0.28
 Bangkok                  1738.16   1732.31         0.34
 Manila                   8362.61   8365.96         -0.04
 Jakarta                  6109.482  6167.666        -0.94
 Kuala Lumpur             1746.63   1736.95         0.56
 Ho Chi Minh              953.51    951.42          0.22
                                                    
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3394.87   2880.76         17.85
 Bangkok                  1738.16   1542.94         12.65
 Manila                   8362.61   6840.64         22.25
 Jakarta                  6109.482  5296.711        15.34
 Kuala Lumpur             1746.63   1641.73         6.39
 Ho Chi Minh              953.51    664.87          43.41
 

($1 = 50.2580 Philippine pesos)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Biju Dwarakanath)
  
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