BANGKOK, Oct 25 — Malaysian shares closed a tad lower today, trimming early modest losses after the government unveiled its budget for 2014, while Thai shares retreated from two days of gains as Bank of Thailand cut its GDP growth forecast, triggering late selling.
Kuala Lumpur’s composite index closed down 0.07 per cent at 1,817.57, from a record closing high of 1,818.93 yesterday. It edged up 1 per cent on the week, Southeast Asia’s best performer.
Malaysian Prime Minister Najib Razak unveiled his government’s budget for 2014 today, seeking to address a large fiscal deficit, shrinking current account surplus and growing debt pile that are sources of concern for investors and ratings agencies.
The Thai SET index finished down 0.8 per cent after climbing 1.2 per cent in the past two sessions and ending the week down 2 per cent, the region’s worst.
Thailand’s central bank cut its forecast for growth in gross domestic product to 3.7 per cent from 4.2 per cent in July and slashed its forecast for 2013 export growth to just 1 per cent from July’s 4 per cent.
Sharemarkets in the region ended mixed on the week, with the Philippines closing down 1 per cent after three weeks of gains.
Singapore and Indonesia extended gains for a third week, adding 0.4 per cent and 0.8 per cent, respectively. Vietnam rose for a second week, up 0.2 per cent. — Reuters
