Southeast Asian stock markets traded mixed on Monday with Malaysia posting losses on weak corporate earnings and Philippine stocks extending gains from the previous session. The Malaysian stock index was down 0.24 percent, its lowest closing level since Jan. 14. Telecommunication company Telekom Malaysia Bhd was the biggest loser, down 4 percent and its worst single-day fall since March 2014 after the company posted a 39 percent decline in net profit for the first quarter.
Meanwhile, stocks in Indonesia narrowed losses despite rising inflation in May. The Jakarta index fell as much as 0.6 percent before closing 0.05 percent lower ahead of a public holiday on Tuesday. Indonesia reported 7.15 percent inflation in May from a year earlier, up from 6.79 percent in April and slightly higher than the 7 percent expected by economists surveyed by Reuters. The Philippine index rose 1.2 percent on Monday, extending its 1 percent gain in the previous session after touching the lowest level in more than four months last week.
Stocks of lender Rizal Commercial Banking Corp rose 3.1 percent. Rizal Commercial, along with two other Philippine banks, said they were considering bids for the government's majority stake in unlisted, medium-sized lender United Coconut Planters Bank for an estimated minimum of 16.1 billion pesos ($360 million). Markets in Singapore and Thailand were closed for a holiday on Monday and will reopen for trading on Tuesday.
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