* Thai finmin announces plans of $10 bln stimulus package
* Singapore ends lower on weaker non-oil exports data
* Indonesian govt proposes a $177 bln budget
By Soumyajit Saha
Aug 16 () – Thai shares gained on Friday, in line
with broader Asian peers, as the local government hinted plans
of an economic stimulus shortly after China prepped plans to
boost its disposable income, while the Singapore index faltered
on weak export data.
Sentiment got a lift when China’s state planner said on
Friday that Beijing would roll out a plan to boost disposable
income this year and in 2020 to spur consumption as the economy
Meanwhile, Thailand’s finance minister on Friday also
announced plans for a $10 billion stimulus package to help
support a slowdown in the economy. The government is targeting a
gross domestic product (GDP) growth of at least 3% this year and
3.5% next year, an economic cabinet official said.
Thai stocks posted gains of over 1.5%, with
financial heavyweights such as Siam Commercial Bank PCL
and Kasikornbank PCL ending up 2.9% and 1.6%,
The index, however, closed 1.2% lower for the week.
An uptick in U.S. retail sales data, that helped soothe
fears of an imminent recession, also averted an outflow of
crucial foreign capital from the Indonesian market, said Taye
Shim, director of capital markets at Mirae Asset Sekuritas.
The Indonesian benchmark index advanced to close at
its highest in two weeks, underpinned by consumer shares.
Cigarette makers Hanjaya Mandala Sampoerna and Gudang
Garam closed up 6.3% and 3.7% respectively.
Indonesia’s President Joko Widodo on Friday proposed a
2,528.8 trillion rupiah ($177.71 billion) budget to parliament
for 2020, 3% bigger than 2019, and set an economic growth target
of 5.3% for next year.
Singaporean shares ended 0.35% weaker after data
showed that the city-state’s non-oil exports shrank for a fifth
straight month due to a decline in shipments of electronics and
The data failed to improve market confidence despite of
exports being better than estimates, said Joel Ng, analyst, KGI
Beverage maker Thai Beverage closed 2.2% lower,
while property developer Ascendas Real Estate Investment
lost 1.6%. The index posted a weekly loss of 1.7%.
The Philippine index, the biggest laggard in the
region, was pulled down by subdued real estate and banking
shares. Property developer SM Prime Holdings closed
1.2% lower, while lender BDO Unibank ended down 2%.
Malaysian shares closed marginally lower, hurt by
the financial sector; the index lost 1% on the week.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3115.03 3126.09 -0.35
Bangkok 1631.4 1604.03 1.71
Manila 7795.98 7828.86 -0.42
Jakarta 6286.657 6257.586 0.46
Kuala Lumpur 1599.22 1600.29 -0.07
Ho Chi Minh 980 979.38 0.06
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3115.03 3068.76 1.51
Bangkok 1631.4 1563.88 4.32
Manila 7795.98 7,466.02 4.42
Jakarta 6286.657 6,194.50 1.49
Kuala Lumpur 1599.22 1690.58 -5.40
Ho Chi Minh 980 892.54 9.80
(Reporting by Soumyajit Saha, Editing by Sherry Jacob-Phillips)
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