Southeast Asian markets: Indonesia snaps six days of falls

Indonesian shares climbed more than 1 percent on Thursday, snapping six straight sessions of declines, ahead of a central bank policy meeting, while Philippine stocks gave up early gains to close lower. Bank Indonesia is widely expected to keep its key interest rate unchanged, despite sluggish economic growth, as it prioritises stability before an anticipated hike in US rates.
Consumer goods and infrastructure stocks led the rise with Gudang Garam climbing 5.3 percent to its highest close since early July, while Telekomunikasi Indonesia gained 1.7 percent. The index of the 45 most liquid stocks in Indonesia surged 1.6 percent. Philippine shares fell 0.8 percent to their lowest close in more than six weeks after rising as much as 0.7 percent earlier in the day.
SM Investments Corp and Ayala Corp were the biggest drags, shedding 2.3 percent and 2.7 percent respectively. Fio Dejesus of Manila-based RCBC Securities said profit-taking in the two stocks sent the index lower. Singapore shares dropped for a fifth consecutive session, weighed down by banks. DBS Group Holdings shed 1.1 percent, while United Overseas Bank Ltd dropped 0.7 percent.
Vietnam extended gains into a 10th session to close at its highest since January 2008, supported by consumer staples and financials. Joint Stock Commercial Bank for Foreign Trade of Vietnam rose 2.5 percent, while brewer Saigon Beverage Corp climbed 3.4 percent. Malaysian shares fell 0.3 percent to close at their lowest in eight months.
CIMB Group Holdings dropped 1.3 percent to its lowest close in seven months, while telecommunication services provider Axiata Group Berhad fell 2.6 percent.