SINGAPORE, Jan 26 — Philippine shares today retreated from a record closing high hit in the previous session, while Indonesia scaled a fresh peak on the back of gains in infrastructure and financial stocks.
Most other South-east Asian stock markets were sluggish, but on course to close the week higher.
Meanwhile, the US dollar regained some lost ground after US President Donald Trump said yesterday he wanted a “strong dollar,” contradicting Treasury Secretary Steven Mnuchin's comments.
Philippine stocks fell as much as 0.6 per cent with industrials and financials weighing on the index.
“Every time the market reaches around the 9,000 resistance, there is a tendency to take profits, since there really is no catalyst for the market to break above 9,000,” said Rachelle Cruz, an equity analyst with AP Securities.
Among the biggest drags, Metropolitan Bank and Trust Co fell up to 2.6 per cent.
Indonesian shares climbed as much as 0.8 per cent to an all-time peak, with Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT jumping as much as 4.3 per cent.
An index of the country's 45 most liquid stocks gained as much as 1.1 per cent and was headed for an eighth straight weekly rise.
Vietnam shares surged as much as 1.7 per cent to their highest level since May 2007 and were the region's biggest gainers, propelled by financials and consumer staples.
Joint Stock Commercial Bank for Investment and Development of Vietnam rose as much as 6.9 percent to an all-time peak.
Singapore fell marginally as gains in real estate stocks were overshadowed by losses in financials and telecoms.
DBS Group Holdings was the biggest drag with a drop of 1.3 per cent.
The city-state is scheduled to release its December manufacturing data later in the day.
Malaysian shares touched their highest since April 2015, largely due to gains in financials, but reverted to trade flat. They have gained 0.9 per cent so far this week, heading for a ninth straight weekly gain.
Thai shares fell as much as 0.7 per cent to their lowest in a week, hurt by losses in consumer discretionary and utility stocks. — Reuters
