SET ends lower, Indonesia shares mark record close

SET ends lower, Indonesia shares mark record close

A woman makes phone calls in front of a trading screen at the Indonesia Stock Exchange building in Jakarta on Tuesday. (Reuters photo)
A woman makes phone calls in front of a trading screen at the Indonesia Stock Exchange building in Jakarta on Tuesday. (Reuters photo)

The Stock Exchange of Thailand main index slightly eased, while Indonesian shares notched up an all-time closing high on Tuesday.

The SET index rose as much as 0.5% to an all-time high before closing 0.05% lower to 1,821.83.

Real estate and consumer staples propped up the market with Berli Jucker Plc and CP All Plc rallying more than 3.5% each.

The Indonesian index rose 0.7% to 6,429.692, buoyed by telecom and consumer staples stocks. Telekomunikasi Indonesia climbed 2.2% while cigarette maker Gudang Garam added 2.4%. 

The Philippine index edged up 0.1%, led by consumer stocks and telcos, easing off an earlier peak of 8,969.18. 

"That (record) level offers strong resistance given that the market has been on a rally since the start of the year," said Jeffrey Lucero, equity research analyst at RCBC Securities.

"The 8,900 level would be hard to break this week, particularly as investors would like to take a wait-and-see position before upcoming corporate earnings," he added.

Consumer goods manufacturers Universal Robina Corp and Jollibee Foods led the gains with the latter adding 5.2% to hit a record close. 

Consumer stocks could benefit from the recent tax reform programme which can increase the disposable income of consumers, Lucero added.

Singapore stocks reversed earlier losses to end 0.4% higher at levels not see since December 2007.

Gains in financials and industrial stocks pushed the city-state's main index higher. 

Oversea-Chinese Banking Corp and United Overseas Bank marked record closing levels, having added 0.7% and 1% respectively. 

Malaysia closed marginally higher while Vietnam closed slightly lower.

Southeast Asian stock markets

 

 

Current

Previous

% change

Thailand

1,821.83

1,82266

-0.05

Indonesia                

6,429.69

6,382.19

+0.74

Malaysia                

1,826.03

1,825.91

+0.01

Philippines                 

8,865.13

8857.72

+0.08

Singapore                 

3,550.21

3,536.41

+0.39

Vietnam       

1,062.96

1,063.47

-0.05


Do you like the content of this article?
COMMENT