Southeast Asian stock markets were mixed on Wednesday, with Indonesia extending gains for a second day after fuel price cuts and lower interest rate outlook, while Singapore hit a more than three-month low, led by energy-related stocks. The Jakarta composite index climbed 1.1 percent, building on Tuesday's strength after Indonesian government reduced prices of RON88 fuel and diesel fuel.
The index ended at 4,608.98, the highest close since November 4. The easing inflation data early in the week is giving more room for the central bank to cut interest rates. "The market was pricing in positive domestic news, such as the fuel price cut, inflation report earlier in the week," said Samuel Sekuritas analyst M. Makky Dandytra. Investors are also waiting for the consumer confidence index due later in the day, he said.
Singapore's Straits Times Index closed at 2,804.27, the lowest close since October 2. Losses were led by oil and gas service firm Sembcorp Marine and Keppel Corp as weak oil prices dented earnings outlook. In Bangkok, bargain hunting emerged in oversold telecommunications stocks such as Advanced Info Service, sending the main SET index up 0.5 percent, reversing early losses. Malaysia was little changed with foreign investors buying a net 22 million ringgit ($5 million) following two straight days of net selling, stock exchange data showed. The Philippines was down 0.3 percent as outflows continued for a second day, data showed. Vietnam rebounded 0.8 percent after two days of losses, data showed.