Indonesia stocks down, other SE Asia markets mixed

Indonesia stocks down, other SE Asia markets mixed

Employees walk during lunch time at Sudirman Central Business District in Jakarta. The Indonesia stock market fell about 1% on Wednesday. (Reuters photo)
Employees walk during lunch time at Sudirman Central Business District in Jakarta. The Indonesia stock market fell about 1% on Wednesday. (Reuters photo)

Indonesian stocks fell about 1% on Wednesday after they touched a record in the previous session.

The Indonesian index, which hit a record closing high on Tuesday, snapped six straight sessions of gains, as consumer stocks lost ground, with heavyweights Unilever Indonesia and Astra International falling about 2% each.

An index of the country's 45 most liquid stocks dropped 1.4%.

Malaysia reversed losses from the previous session to close 0.6% higher, with CIMB Group Holdings surging 3.7% and Public Bank up 1.1%.

Malaysia's annual inflation rate in November came in line with forecasts, but was down from the 3.7% recorded in October.

In the Philippines, shares were little changed as investors digested details of an ambitious tax reform bill, with losses in real estate and financial stocks offsetting gains in telecom stocks.

"The tax reform expectations are actually lower than expected. It was reported that it was expected to generate 92 billion pesos (US$1.83 billion), that's actually significantly

lower than what was initially expected, which was around 130 billion pesos," said Lexter Azurin, an analyst with AB Capital Securities in Manila.

The Philippine Congress last week approved President Rodrigo Duterte's tax overhaul, which aims to increase state revenues and make the tax system fairer and simpler.

Singapore ended 0.3% lower, with losses seen across the board.

Southeast Asian stock markets

 

 

Current

Previous

% change

Indonesia                

6,109.48

6167.66

-0.94

Malaysia                 

1,746.63

1,736.95

+0.56

Philippines                 

8,362.61

8.365.96

-0.04

Singapore                 

3,394.87

3.404.47

-0.28

Vietnam        

953.51

951.42

+0.22



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