|Published : 20 Mar 2017, 14:51:15|
SE Asian stocks mixed; Malaysia hits 22-mth high
Southeast Asian stock markets were mixed in thin trade on Monday, with Indonesia heading for its first fall in six sessions while the US Federal Reserve's dovish stance continued to drag the dollar lower.
Indonesian shares fell as much as 0.4 per cent following last week's record-setting spree with consumer and energy stocks leading the decline.
Indonesia's central bank held its key policy rate unchanged on Thursday, saying it wanted to maintain stability amid global uncertainties.
The dollar slowly ceded ground in Asia on Monday with greenback bulls still nursing grudges after the Fed's rate guidance last week proved to be less "hawkish" than many had wagered on.
United Tractors Tbk PT fell 2.3 per cent, while Unilever Indonesia Tbk PT dropped 0.9 per cent.
An index of the 45 most liquid stocks was down 0.4 per cent.
Malaysian shares rose as much as 0.6 per cent to their highest in about 22 months.
Financials and telecoms led the gains with Malayan Banking Bhd adding 0.9 per cent and Axiata Group Bhd gaining 1.6 per cent.
Singapore was down after two sessions of gains with energy and financial stocks being the biggest drag. Keppel Corp Ltd fell 0.9 per cent.
Oil prices fell as rising US drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.
Philippine shares slipped, pulled down by financials and utilities, with property developer SM Prime Holdings Inc losing 0.9 per cent, according to Reuters.