SE Asia Stocks-Down; Indonesia falls on cigarette tax hike concerns
By Anusha Ravindranath Sept 30 Southeast Asian stocks ended lower on Friday with Indonesia posting its biggest intraday percentage loss in over two weeks as the announcement of a tax hike on cigarettes weighed on tobacco companies. Indonesia's finance minister on Friday said the government would raise the excise tax on cigarettes by an average of 10.5 percent next year, and also intensify its crackdown on the illegal circulation of cigarettes. The Jakarta Composite Index ended down 1.24 percent, led by falls in major cigarette makers PT Hanjaya Mandala Sampoerna Tbk and PT Gudang Garam... read more
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