BANGKOK, Nov 26 — Most Southeast Asian stock markets declined today, with Indonesia touching its highest level in nearly one month, led by Medco Energi Internasional, while the Philippines fell after third-quarter GDP data.
The Jakarta Composite Index was up 0.7 per cent at 4,616.22, after climbing at one point to its highest since October 28.
Medco shares, the biggest percentage gainers, surged 16 per cent after news that the energy company was eyeing a majority stake in a unit of Newmont Mining Corp.
Shares of Bank Mandiri jumped 3.6 per cent and Telkom Indonesia gained 1.6 per cent, amid foreigners’ buying, Thomson Reuters data showed.
Nomura said in a report dated November 25 that it had a more positive bias on the Indonesian market heading into 2016, partly reflecting a higher likelihood of infrastructure delivery in the year.
The Philippine index was down 0.02 per cent. The Philippine economy grew slightly slower than expected in the third quarter but remains on track to be one of Asia’s fastest growing economies this year, gross domestic product data released today showed.
Stocks in Singapore, Malaysia, Thailand and Vietnam drifted lower in range-bound trading. Asian shares rose slightly after Wall Street put in a nearly flat performance ahead of the US Thanksgiving holiday.
“Investors may also hold back trade ahead of the year-end holidays. Eyes are on the ECB meeting, and the release of key US indicators next week, which could affect the Fed’s decision at the December 15-16 meeting,” said broker Krungsri Securities in Bangkok. — Reuters
