PSEi nears record high on lower inflation hopes

Reuters

Posted at Mar 04 2015 01:09 PM | Updated as of Mar 04 2015 09:42 PM

JAKARTA - Southeast Asian stock markets traded mixed on Wednesday with stocks in Manila rising on hopes of easing inflation while Jakarta was down after touching a new intraday record high on Tuesday.

The Philippines stock index rose 0.87 percent on Wednesday, the biggest gain in a month. The index is nearing its record high set last week. Property company Ayala Land Inc rose 3.54 percent.

The property sector led the gains in the Philippines on expectation of lower inflation, said Astro del Castillo, managing director of Manila-based investment house First Grade Finance Inc. Philippines' February inflation data will be announced on Thursday.

"Interest rates will be flat for the rest of the year, which is good for the property sector," he said.

Meanwhile, Indonesian stocks fell 0.42 percent after touching a new intraday record high on Tuesday at 5,499.77.

"Indonesian stocks are overbought. Investors are cashing in profits, taking advantage of the correction in Asian markets ahead of U.S payroll data," said Andri Zakarias, an analyst with BNI Securities in Jakarta.

Shares of Indonesia's state-controlled coal miner PT Bukit Asam Tbk lost 1.4 percent on Wednesday, erasing some of its 4.3 percent gain in the past three days after posting a 10 percent decline in 2014 profit on Wednesday.

Singapore's stock index rose 0.1 percent, while Malaysia and Vietnam .VNI were little changed. The Thailand market is closed for a public holiday on Wednesday.