BANGKOK, Aug 4 — Indonesian shares hit a 13-month high today, pushed up by gains in coal mining and banking shares, but profit-taking wiped out early gains in Singapore and Thailand and both ended lower.
The Indonesian index ended up 0.9 per cent, rising earlier to its highest level since July 2, 2008, with coal producer Adaro Energy up 3.9 per cent and Bank Rakyat 2.7 per cent higher.
Singapore’s index ended down 1.2 percent, led by a 2.1 per cent fall in developer CapitaLand. DBS Group and Singapore Telecommunications each lost about 1.7 per cent.
The index earlier hits its highest level since Sept. 3, 2008.
Thailand’s SET index inched down 0.03 per cent, after touching its highest level since September 15, 2008 at one stage, weighed down by a 2.5 per cent fall in PTT Aromatics and a 0.5 per cent loss in Siam Cement, which had climbed 3.3 per cent the day before.
“It was a volatile session for the Thai stock market. Profit taking was heavy after the market rally and investors were not comfortable about holding stock because of selling in some Asian bourses,” said Kosin Sripaiboon, head of research of UOB Kay Hian Securities.
Malaysia's index climbed 0.7 per cent as investors bought palm plantation firms, pushing Sime Darby and IOI Corp almost 2 per cent higher.
AirAsia fell 5.8 per cent because of future earnings dilution when it issues new shares. Southeast Asia’s largest budget carrier said it had seen strong demand for the share issue, worth US$172 million (RM602 million), which it will use to reduce its debt. – Reuters
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