Tuesday October 24, 2017
06:42 PM GMT+8

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Malaysia fell 0.3 per cent, with CIMB Group Holdings Bhd down 1.1 per cent to close at a five-month low, while Genting Malaysia Bhd hit an eight-month low. — Reuters picMalaysia fell 0.3 per cent, with CIMB Group Holdings Bhd down 1.1 per cent to close at a five-month low, while Genting Malaysia Bhd hit an eight-month low. — Reuters picJAKARTA, Oct 24 — Indonesian shares hit a record closing high today, as coal miners gained after the International Energy Agency forecast strong prospects for energy demand in South-east Asia, while most other markets in the region fell on profit-taking.

The IEA said overall energy demand is expected to climb nearly 60 per cent by 2040 from now, led by power generation, and that South-east Asia is expected to install more than 565 gigawatts (GW) of power-generation capacity in that period.

Coal and renewables would account for almost 70 per cent of new output, it said.

Indonesian shares edged up at the close after also hitting a record intraday high, with Bayan Resources Tbk PT jumping 20 per cent, Bumi Resources up about 2.5 per cent and Adaro Energy Tbk PT climbing about 2.2 per cent.

Thai shares ended 0.6 per cent higher, helped by gains in energy stocks, with PTT PCL closing up 0.5 per cent and Thai Oil Pcl rising 3.8 per cent.

In other markets, Malaysia closed at its lowest in more than six months, while the Philippine index was the biggest loser in the region. Singapore edged down 0.5 per cent.

“Most of the markets are trading at their historical highs and we should be seeing bouts of profit-taking due to the sharp rallies over the past few months,” said Manny Cruz, an analyst at the Manila-based Asiasec Equities Inc.

Philippine stocks were dragged down by financial and industrial shares, with BDO Unibank Inc down 3.5 per cent and SM Investments Corp shedding 1.1 per cent.

Singapore ended with broad-based losses, with United Overseas Bank Ltd and Oversea-Chinese Banking Corporation Ltd ending 0.5 per cent and 0.4 per cent lower, respectively.

Malaysia fell 0.3 per cent, with CIMB Group Holdings Bhd down 1.1 per cent to close at a five-month low, while Genting Malaysia Bhd hit an eight-month low.

The index has slipped for five out of the last six sessions. — Reuters

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