Southeast Asian stocks: Vietnam hits fresh 10-year high; others muted

Most Southeast Asian stock markets were subdued on Wednesday, in line with regional Asian shares, while Vietnam extended gains for a third session to hit a new 10-year closing high. Asian shares ex-Japan slipped 0.5 percent after six straight days of gains, that had taken them within a stone's throw from the record high touched in November 2007.
Vietnam shares settled 0.4 percent higher, after gaining as much as 1.2 percent, marking their twelfth session of gains in thirteen. The index got a boost from financial and energy stocks, with Vincom Retail JSC ending 6 percent up and Petrovietnam Gas Joint Stock Corp adding 1 percent. Foreign and domestic inflow into the market rose, with the macroeconomic environment being stable, said Bui Nguyen Khoa, senior analyst at BIDV Securities Company.
"The Vietnam Index may see new peaks in the first quarter of 2018." In Singapore, index heavyweight Jardine Matheson Holdings Ltd fell 2.4 percent, dragging the FTSE Straits Times index down. The index snapped two straight sessions of gains and ended 0.2 percent lower. Malaysia ended down for a second straight session, dragged down by consumer cyclicals and telecom stocks. Entertainment firm Astro Malaysia Holdings Bhd closed 3.6 percent down while telecom company Maxis Bhd fell 0.5 percent.
Indonesia trimmed early gains to close 0.2 percent down as material and telecom stocks weighed on the index. Chandra Asri Petrochemical Tbk PT fell 3 percent, while Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT ended 0.5 percent down. An index of the country's 45 most liquid stocks fell 0.2 percent. Philippine stocks retreated from a record high hit in the previous session and ended flat. Conglomerate JG Summit Holdings Inc, the worst performer on the index, closed 2.4 percent down. Meanwhile, Thai shares ended flat as gains in consumer staples and materials were offset by losses in industrials.