Indonesia hits record high, Philippines falls about 1%

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(Oct 26): Indonesian shares hit an all-time high on Thursday, helped by gains in PT Telekomunikasi Indonesia on robust earnings, while Philippine stocks dropped nearly 1% to a more than three-week low.

The Jakarta Composite Index rose as much as 0.3% to 6,042.45, hitting a record high for a third straight session. It has gained 2.2% so far this month in what could be its ninth straight monthly gain, and about 14% this year.

Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT recovered from early falls and rose as much as 4.2%, after the country's largest telecommunications company posted a 21.6% jump in its nine-month net profit.

Philippine shares fell as much as 0.9% to their lowest since Oct 2, declining for a fourth session in five, with industrial and real estate stocks leading the fall.

SM Investments Corp was the biggest drag, shedding as much as 1.7%, while BDO Unibank Inc fell 1.1%.

Among other Southeast Asian markets, Singapore extended gains into a second session, with financial and consumer stocks leading the rise.

The city-state's industrial production in September rose better than expected due to continued growth in electronics, data showed on Thursday.

Casino operator Genting Singapore PLC climbed 4.2% on Thursday, while lender DBS Group gained 0.5%.

Asian stocks barely changed, as Wall Street shares pulled back from record highs, while the euro stretched gains ahead of a European Central Bank meeting that could take a major step away from its accommodative policy.

The ECB is all but certain to cut back on its bond-buying stimulus, taking its biggest step yet in unwinding years of loose monetary policy.

However, as low inflation remains a primary concern for the bank, any reduction in monthly asset purchases would be expected to come with an extension of the programme.

Thai markets were closed for the cremation of late King Bhumibol Adulyadej.

Change on day

Market            Current       Previous close     % move
Singapore         3350.46       3343.88      0.20
Manila            8230.16       8303.35      -0.88
Jakarta           6028.249      6025.434     0.05
Kuala Lumpur      1736.3        1739.05      -0.16
Ho Chi Minh        829.67        830.69       -0.12

Change on year

Market            Current       End 2016     % move
Singapore         3350.46       2880.76      16.30
Manila            8230.16       6840.64      20.31
Jakarta           6028.249      5296.711     13.81
Kuala Lumpur      1736.3        1641.73      5.76
Ho Chi Minh       829.67        664.87       24.79