Malaysian shares closed a tad lower on Friday, 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 percent at 1,817.57, from a record closing high of 1,818.93 on Thursday. It edged up 1 percent on the week, Southeast Asia's best performer.
Malaysian Prime Minister Najib Razak unveiled his government's budget for 2014 on Friday, 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 percent after climbing 1.2 percent in the past two sessions and ending the week down 2 percent, the region's worst.
Thailand's central bank cut its forecast for growth in gross domestic product to 3.7 percent from 4.2 percent in July and slashed its forecast for 2013 export growth to just 1 percent from July's 4 percent. Sharemarkets in the region ended mixed on the week, with the Philippines closing down 1 percent after three weeks of gains. Singapore and Indonesia extended gains for a third week, adding 0.4 percent and 0.8 percent, respectively. Vietnam rose for a second week, up 0.2 percent.
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