Indonesia hits record high on coal miners

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(Oct 24): Indonesian shares hit a record high on Tuesday, buoyed by gains in coal mining stocks, while most other Southeast Asian markets were subdued following weak cues from Wall Street.

US stocks declined on Monday, weighed down by a drop in technology and industrial shares.

"I think it's a spillover from Wall Street... the market is now in the midst of an earnings season, and is a bit more cautious," said Joel Ng, an analyst with Singapore-based KGI Securities.

"There is a lack of catalyst for markets to head up higher."

Indonesia's Jakarta Composite Index rose as much as 0.3% to a record high of 5,969.021, extending gains into a third session.

It had risen about 12% this year as of Monday's close, and has added 1% so far this month, in could be its ninth straight monthly gain.

Bayan Resources Tbk PT jumped as much as 20% to a five-year high on Tuesday, while Adaro Energy Tbk PT climbed about 2.5%.

The International Energy Agency said on Tuesday that oil, together with coal, will lead growth in Southeast Asia's power and transport sectors as the region's energy demand is expected to climb nearly 60% by 2040 from now.

A sub-index of the 45 most liquid stocks in Indonesia was 0.08% higher.

Among the losers, Singapore shares fell the most, dragged by industrials and financials.

Keppel Corp Ltd shed as much as 1.1%, while Oversea-Chinese Banking Corp Ltd fell 0.4%.

Philippine shares fell for a third consecutive session, with Ayala Corp declining 2.8% and BDO Unibank Inc shedding 2.1%.

Vietnam shares dropped as much as 0.6% before reversing their course.

"We expect Vietnam's CPI inflation to surprise on the downside for October, forecasting an easing to 2.9% year-on-year from 3.4% in September," Mizuho Bank said in a note.

SOUTHEAST ASIAN STOCK MARKETS
Change as at 0453 GMT

Market           Current       Previous close     % move
Singapore        3336.42       3349.8       -0.40
Bangkok          1700.52       1692.58      0.47
Manila           8338.69       8348.32      -0.12
Jakarta          5960.176      5950.026     0.17
Kuala Lumpur     1740.28       1741.47      -0.07
Ho Chi Minh      822.87        820.04       0.35

Change on year

Market           Current       End prev yr  % move
Singapore        3336.42       2880.76      15.82
Bangkok          1700.52       1542.94      10.21
Manila           8338.69       6840.64      21.90
Jakarta          5960.176      5296.711     12.53
Kuala Lumpur     1740.28       1641.73      6.00
Ho Chi Minh      822.87        664.87       23.76