Indonesian shares hit a 2-week closing low on Tuesday as investors cut holdings on concerns of a possible fuel price hike while the Philippine index ended at its highest in nearly 15 months after a rally in shares of Philippine Long Distance Telephone. Indonesia's key index fell 0.7 percent to 5,146.55, its lowest close since August 12. Shares of Bank Rakyat Indonesia and Astra International retreated in strong volume amid foreign selling, Thomson Reuters data showed.
President-elect Joko "Jokowi" Widodo is likely to meet with current president Susilo Bambang Yudhoyono on Wednesday to discuss a fuel subsidy plan, brokers said. The Philippine index gained 0.2 percent to 7,146.35, its highest close since May 29, 2013. PLDT shares jumped 2.7 percent to a record close of 3,390 peso, with foreign investors buying stock worth a net 703 million peso ($16 million), stock exchange data showed.
Stocks in Thailand, Singapore and Malaysia were little changed while Asian shares held firm as investors increasingly expect the European Central Bank to expand liquidity as soon as next week to boost the sagging euro zone economy. Vietnam's benchmark VN Index gained for a fifth day, closing 0.51 percent up at its highest in more than six years and boosted by buying in bluechips.