SE Asia Stocks: Indonesia Hits Record High, Philippines Falls About 1%

Stocks prices are displayed on an electronic stock board at Asia Plus Securities headquarters in Bangkok. (Bloomberg Photo/Dario Pignatelli)

By : Devika Syamnath | on 2:53 PM October 26, 2017
Category : Business, Markets, Featured

Jakarta. Indonesian shares hit an all-time high on Thursday (26/10), helped by gains in Telekomunikasi Indonesia on robust earnings, while Philippine stocks dropped nearly 1 percent to a more than three-week low.

The Jakarta Composite Index rose as much as 0.3 percent to 6,042.45, hitting a record high for a third straight session. It has gained 2.2 percent so far this month in what could be its ninth straight monthly gain, and about 14 percent this year.

Telekomunikasi Indonesia recovered from early falls and rose as much as 4.2 percent, after the country's largest telecommunications company posted a 21.6 percent jump in its nine-month net profit.

Philippine shares fell as much as 0.9 percent to their lowest since Oct. 2, declining for a fourth session in five, with industrial and real estate stocks leading the fall.

SM Investments was the biggest drag, shedding as much as 1.7 percent, while BDO Unibank fell 1.1 percent.

Among other Southeast Asian markets, Singapore extended gains into a second session, with financial and consumer stocks leading the rise.

The city-state's industrial production in September rose better than expected due to continued growth in electronics, data showed on Thursday.

Casino operator Genting Singapore PLC climbed 4.2  percent on Thursday, while lender DBS Group gained 0.5 percent.

Asian stocks barely changed, as Wall Street shares pulled back from record highs, while the euro stretched gains ahead of a European Central Bank meeting that could take a major step away from its accommodative policy.

The ECB is all but certain to cut back on its bond-buying stimulus, taking its biggest step yet in unwinding years of loose monetary policy.

However, as low inflation remains a primary concern for the bank, any reduction in monthly asset purchases would be expected to come with an extension of the program.

Thai markets were closed for the cremation of late King Bhumibol Adulyadej.

Reuters

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