SE Asia Stocks Mixed, Malaysia hits record high; Philippines underperforms

Business & Markets 2013
Written by Reuters
Tuesday, 10 December 2013 17:41
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COLOMBO (Dec 10): The Malaysian stock market hit a record high on
Tuesday, while Philippine shares fell to a three-month low amid uncertainty
about the U.S. Federal Reserve's stimulus tapering timeline.
Malaysia's main index hit a record high for a second day and rose to 1,846.05.
It was up 0.17 percent at 0705, led by a 0.7 percent gain in Malayan Banking
Berhad.
However, investors in the region were cautious about buying ahead of a U.S.
Fed meeting on Dec. 17-18.
The Fed is expected to begin tapering its own asset purchases by March, a
Reuters poll showed on Monday, but some economists say it might start as
early as this month.
Jakarta's Composite Index was up 1.3 percent at a one-week high, helped by financial shares, with Bank Central Asia PT jumping 3.7
percent.
Vietnam's benchmark VN Index was up 0.1 percent by midday, supported by gains in several blue chips as an exchange traded fund
bought stocks during its portfolio restructuring.
Other regional stock markets fell, with the Philippines index dropping 1.7 percent to a near three-month low as economic growth in the
country is expected to slow down sharply in the fourth quarter. The government has forecast that as much as 0.8 percentage point could
be shaved off the annual GDP in the final months of the year due to the typhoon in November.
Singapore stocks fell 0.5 percent, touching a three-month low. The Thai stock market, which suffered an outflow of more than $880 million
in eight straight sessions through Monday, was closed for a holiday.