Philippine stock market fell sharply on Wednesday from a record finish as shares slipped across the board, while Singapore climbed to its highest close in a decade. Philippine shares closed down 0.9 percent, after three straight sessions of gains that lifted the market to a record closing high on Tuesday.
The Philippine finance ministry plans to submit a tax package, which aims to adjust taxes on alcohol, tobacco, mining and coal, and that may be weighing on the market, said Benjamin Ngan, a research analyst with RCBC Securities in Manila. President Rodrigo Duterte last week proposed to cut the corporate tax rate and rationalise fiscal incentives to investors in the second of five tax-reform packages submitted to Congress.
Conglomerate JG Summit Holdings shed 3 percent, making it the biggest drag on the index. Meanwhile, Malaysian shares were marginally lower ahead of its central bank's meeting on Thursday, in which it is expected to raise interest rates.
Data out earlier in the session showed that the nation's 2017 inflation of 3.7 percent stood within the central bank's target range of 3-4 percent, with consumer price index rising 3.5 percent in December, meeting expectations. Singapore shares firmed 0.5 percent in their fourth straight winning session, with lender DBS Group Holdings and consumer stock Genting Singapore leading the gains, up 1.2 percent and 4.5 percent, respectively.
Indonesian shares ended 0.3 percent lower, with Telekomunikasi Indonesia Tbk and Bank Rakyat Indonesia driving the losses, down 2.7 percent and 2.3 percent, respectively. Vietnam's stock exchange remained shut for a second day due to technical issues.
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