Retail News CRM

Author: Mei Ling Tan

  • Japan’s ‘LB’ targets Korean market

    Japan’s ‘LB’ targets Korean market

    Japanese makeup brand ‘LB’, known as Japan’s No. 1 eyeliner brand, entered Korean Market.

    LB was launched in the health and beauty store ‘LOHB’s’ in March 2018 and became immediately popular among Koreans.

    LB is sold in 14 countries including Japan, Taiwan, Hong Kong, Thailand, Vietnam, Singapore, Philippines, Australia, USA and China.

    LB is an abbreviation of LadyBird. It comes from an ancient European story about a LadyBird considered lucky. The brand name was chosen to suggest that luck will come when all women in the world use LB products.

    LB has already been recognized as a well-received brand from many beauty creators, including domestic and foreign influencers.

    It features a variety of trendy colors and a wide range of products that are easy to use for beginners. It mainlyprovides eyeliner, eyeshadow, blush, and lipsticks; all supplied at reasonable prices to target urban millennials.

    LB plans its full expansion in Korea by March 2019. The brand is also planning to open duty-free shops in Korea. In addition, through the make-up school run by Sosan Pacific, it will propose “LB style” and raise awareness.

    Representative of Soosan Pacific said: “we will actively promote the brand awareness of LB to consumers through diverse on-line and off line distribution.”

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  • Biggest Zoo Coffee opens in Philippines

    Biggest Zoo Coffee opens in Philippines

    Korean chain Zoo Coffee has launched its third and largest outlet in the Philippines, at Ayala Vertis North.

    Zoo Coffee stands out for its jungle-themed interiors and staff wearing safari costumes.

    The menu includes the popular Korean iced dessert bingsu, waffles, sandwiches, hotdogs, and cakes.

    Katrina Balolan told ABS-CBN News that the coffee chain plans to open two more branches within the year – at Robinsons Malls and another Ayala mall.

    The company is also opening a barista academy to train people, as well as upgrading its logistics and supply chain to support future store openings.

    Zoo Coffee opened its first branch in Philippines at Alphaland Makati Place in June 2016, followed by the second one at SM Megamall.

    Established in 2009, Zoo Coffee has 100 stores in its home country South Korea.

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  • New flagship “K11 MUSEA” opens in HK in Q3 2019

    New flagship “K11 MUSEA” opens in HK in Q3 2019

    New World Development announced the naming of the most ambitious project to date from its ground-breaking K11 Group: K11 MUSEA, a new museum-retail complex situated in the heart of Hong Kong’s US$2.6 billion Victoria Dockside development.

    The new landmark K11 MUSEA – a name inspired by A Muse by the Sea for its retail concepts – will anchor the 3 million-square-foot, art and design district Victoria Dockside in Tsim Sha Tsui, described by US media as “Hong Kong’s Hudson Yards” and “Hong Kong’s most anticipated opening”, while also doubling as a new ultra high-end experiential retail, art, cultural and dining destination. It is set to reinvigorate the Tsim Sha Tsui harbourfront, one of the most notable pieces of real estate in Greater China, when it debuts in 2019.

    K11 MUSEA (pronounced: meu-see-ah) is Adrian Cheng‘s creature, Executive Vice Chairman of New World Development and Founder of K11 Group, who has developed a number of innovative museum-retail malls across Greater China and invests in tech, retail, fashion, property, entertainment, media and design globally.

    Helming the architecture of K11 MUSEA is James Corner (James Corner Field Operations) and Forth Bagley (Kohn Pederson Fox). The 10-storey K11 MUSEA will house an extensive selection of international brands – many of which will be flagships – and is the crown jewel of K11’s museum-retail concept, curated to offer visitors the best-in-class immersive retail experience.

    In fact, the journey will begin from its exterior. Designed with content-driven global millennials in mind, K11 MUSEA will greet visitors with its rotating world-class art collection. Its façade will feature one of the world’s largest living walls of over 50,000 square feet, while a one-of-a-kind outdoor amphitheatre space and a large LED screen will also be in place for a slew of cultural happenings.

    “K11 MUSEA, anchoring the newly designed Victoria Dockside, marks a significant milestone in retail development. And as K11 approaches its 10th anniversary this year, I’m delighted to announce the naming of K11 MUSEA, K11’s proudest project since the brand’s inception in 2008,” said Cheng, who is reinventing New World Development as a “cultural enterprise”.

    “Its location, scale and concept are unique, the project involves leading architects as well as over 100 local and international designers and artists. K11 MUSEA will also bring great cultural content back to Hong Kong’s Tsim Sha Tsui waterfront, which has lost its legendary charm since the late 90s. K11 MUSEA will be Hong Kong and Asia’s new cultural destination, where global millennials can come together and discover their muse.”

    Pioneering a new immersive experience for global millennials, K11 MUSEA takes inspiration from research that highlights Asian millennials as “Super Consumers”, a prominent driver of global consumption with spending power set to reach US$6 trillion by 2020 as they grow to account for 45% of Asia Pacific’s millennial population.

    Travel will continue to be a key lifestyle feature of Asian millennials, who are expected to see an 11% annual growth in outbound tourists. Chinese millennials, in particular, see travel and luxury as part of an indulgent lifestyle reflective of social status. K11 MUSEA caters to their sophistication and preference for exclusivity and bespoke products while positioning itself as an aspirational global destination merging art, culture and commerce.

    A new spatial design and curation by Hong Kong’s Iconic Harbourfront represents a world-class public art collection, which will be curated and displayed throughout K11 MUSEA’s premise, establishing it as the next cultural destination, while among K11 MUSEA’s architectural highlights is the 2,100-square-foot Sunken Plaza, modelled on Roman amphitheatres.

    The space features a façade with conical-shaped glass panels, the largest of which stands over 19 feet tall. Programmed water patterns and a misting system will also be installed. Together with an LED screen, measuring at 63 feet by 25 feet, Sunken Plaza will become an immersive venue for a slew of cultural events such as film festivals and live music events.

    Sustainability is at the core of K11 MUSEA’s offerings. The Project’s core and shell has achieved green building pre-certifications including the Hong Kong BEAM Plus (Gold) and the U.S. LEED (Gold).

    Boasting extensive greenery and over 50,000 square feet of living walls, equivalent to the surface area of 18 tennis courts, K11 MUSEA sets a new benchmark for green design in Hong Kong. Its interior features natural materials such as limestone and wood.

    Other highlight features include rainwater harvesting which provides for 100% of irrigation water and a seawater-cooled, oil-free HVAC chiller system, which reduces over 12% of annual energy consumption compared to the baseline of the stringent U.S. ASHRAE 90.1 standard.

  • Southeast Asia’s largest solar project to be built in Vietnam

    Southeast Asia’s largest solar project to be built in Vietnam

    Vietnamese construction firm Xuan Cau and Thailand conglomerate B.Grimm have teamed up to build Southeast Asia’s largest solar power plant in Tay Ninh Province.

    The signing of the joint venture agreement in Bangkok was witnessed by the prime ministers of both countries.

    The $420 million, 420MW project is set to be commissioned in June 2019, said Preeyanart Soontornwata, CEO of the B.Grimm Power Public Company.

    With Vietnam’s electricity demand growing significantly, B.Grimm estimates that the project will eventually account for 30 percent the company’s total income.

    Solar power currently accounts for 0.01 percent of the country’s total power output, but the government plans to increase the ratio to 3.3 percent by 2030 and 20 percent by 2050.

    Vietnam depends largely on hydropower and thermal power plants for its electricity demands, but the projects have often drawn criticism from both local and international communities due to environmental concerns.

    Vietnam is aiming to produce 10.7 percent of its electricity through renewable energy by 2030, mainly through solar and wind energy.

    Earlier this month, Prime Minister Nguyen Xuan Phuc said that Vietnam aimed to increase the number of households using solar energy from the current 4.3 percent to 26 percent by 2030.

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  • Sasa Hong Kong and Macau profits soar

    Sasa Hong Kong and Macau profits soar

    Sasa profits soared 34.7 per cent in the last financial year, as sales at Hong Kong and Macau stores posted solid gains.

    Sasa’s parent Sa Sa International says group sales rose 6.2 per cent to HK$8.018 billion (US$1.022 billion), driven by a 7.9 per cent increase in Hong Kong and Macau, which accounts for 82 per cent of its business. Profit for the year was $440.1 million.

    The increased profit and sales were achieved despite the closure of the Taiwan business, with all 25 stores closed by year end, March 31 resulting in a loss of $25.1 million.

    Hong Kong and Macau

    In its results announcement, Sa Sa International said the reasons for the recovery of Hong Kong sales were various. “The satisfactory economic environment, high employment rate, stable property and stock market, and bullish local consumer sentiment are all driving robust growth.”

    The company said demand for middle- and high-end cosmetic products in Mainland China is soaring on the back of strong retail growth driven by the improved purchasing power of Mainland residents living in the third and fourth-tier cities.

    “This, in combination with a weak US Dollar and the strengthening of the Renminbi, is encouraging outbound travel and greater consumption by mainland tourists.”

    When those tourists visit Hong Kong, they typically shop at Sasa and its rivals. The growth rate of total transactions to Mainland Chinese visitors shopping at Sasa during the full year was 4.6 per cent, well ahead of the 3.3 per cent to local shoppers. But tourist transactions rose 8.5 per cent in the second-half year alone.

    With same-store growth up 3.9 per cent, a review of locations clearly paid off. Sa Sa’s sales rose in every quarter, by 21 and 23 per cent in the first two and by 28 per cent in each of the last two.

    Mainland China

    Sa Sa International’s Mainland China sales, measured in local currency, increased by 5 per cent to $298.7 million.

    Thanks to better cost control and increased store contributions, the group’s loss for this market reduced to $10.2 million. Group sales in the mainland rose by 6 per cent in the second half, compared to 3.9 per cent in the first half.

    Singapore

    Sa Sa Singapore sales rose 1.9 per cent for the year to HK$211.5 million, measured in local currency terms, but rose by 8.7 per cent on a same-stores basis.

    Sales declined in the first quarter because of three store closures near the end of the previous financial year, however, same-store sales turned into positive territory in the second quarter, improving further in the second half.

    Malaysia

    Sa Sa Malaysia sales rose 6.1 per cent to HK$362.5 million, but same-store revenue declined 1.2 per cent.

    The company said the more traditional brick-and-mortar retail market in Malaysia has been affected by the rapid development of digital media and e-commerce. “In addition, many new shopping malls have opened, diluting the traffic to the group’s existing stores, especially in the capital Kuala Lumpur, and indirectly affecting stores’ turnover.”

    The group’s turnover growth declined from 9.2 per cent in the first half to 3.4 per cent in the second half.

    Store network

    At the end of March, Sasa had 265 retail outlets, including 118 in Hong Kong and Macau, 55 in Mainland China, 20 in Singapore and 72 in Malaysia. But within Hong Kong and the mainland, 22 stores were closed and 23 opened as the company moved to improve locations and reduce rents.

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  • Hennessy XO and Marc Newson reunite at Changi

    Hennessy XO and Marc Newson reunite at Changi

    Moët Hennessy has joined forces with DFS Group and Singapore Changi Airport for a second time to launch a new Hennessy X.O 2018 limited edition decanter by designer Marc Newson.

    The decanter, which features a transparent gift box, is exclusive to the travel retailer at Changi,  ahead of its worldwide premier in July.

    Departing travellers can delve into the world of Hennessy X.O and Marc Newson in DFS outlets across the terminals and secure one of the decanters.

    In addition they can scan a QR code on the product to view an immersive video and interact virtually with Marc Newson himself.

    RE-INTERPRETED BOTTLING

    In crafting the bottle for the limited edition, Newson blends subtle gold with hues of rose to create a ‘dynamic, steamlined variation on the decanter’s iconic shape that breaks with conventions and gives it a wholly unexpected twist’.

    The LVMH wines and spirits house first collaborated with DFS and Changi for the iconic Hennessy X.O Decanter in 2017.

    Moët Hennessy Managing Director Travel Retail Asia Pacific Vanessa Widmann, commented: “We are very excited to partner with DFS Group and Changi Airport for a second time in a row to build on the successful Limited Edition launch of 2017 and introduce this year’s Hennessy X.O Limited Edition by Marc Newson. With its impactful design, I strongly believe that the limited edition makes for the perfect gift for travellers.”

    Brooke Supernaw, DFS Group Senior Vice President Spirits, Wine,  Tobacco, Food and Gifts added: “DFS is proud to partner with Moët Hennessy on this very special release that perfectly combines modern design with exquisite taste. We look forward to offering our travelling customers at DFS, Singapore Changi Airport exclusive access to this fine product until the end of June.”

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  • Benoy Releases Images of New Waterfront Development in Wenzhou, China

    Benoy Releases Images of New Waterfront Development in Wenzhou, China

    Benoy has released images of their competition-winning design for a waterfront development in Wenzhou, China. INCITY MEGA will form part of the Central Green Axis masterplan, a dramatic landscaped district cutting through the urban fabric of Wenzhou.

    The 2.6 million square foot (250,000 square meter) INCITY MEGA scheme will occupy two of the eight plots on the Central Green Axis, with a mixed-use program including retail, movie theaters, plazas, and gyms. The scheme is in response to a rapidly-growing consumer population in Wenzhou and will join the ranks of previous schemes in the region by Hammer Schmidt Lassen, UNStudio, and HENN.

    The INCITY MEGA scheme is comprised of two plots, one containing the “INCITY MEGA Mall” with the other featuring a long, narrow waterfront boutique district. Together, the plots combine to create a “three-dimensional urban space” which integrates commercial and public realms.

    The Mall component features an inner courtyard created by pushing the structure outwards towards the plot boundaries. This courtyard forms the heart of the complex, flanked by open-air platforms on the levels above, while on the waterfront edge, a large promenade offers multiple landscaped viewing decks.

    Seamlessly connected to the Mall district is the waterfront boutique plot, with a commercial-led mixed-use program. The lower levels will contain a network of retail, dining, and leisure attractions while three glass structures will house commercial office space above.

    Large block structures interwoven throughout the development offer anchor space for tenants, while large-scale venues such as movie theaters, outdoor plazas, an ice rink, gym, and swimming pool offer attractions throughout the year, irrespective of climate.

    View the complete gallery below (8 images) :

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  • How JD could help fight a proxy war for its strategic investors

    How JD could help fight a proxy war for its strategic investors

    A proxy war is a strategy that refers to a conflict instigated by opposing powers who do not fight against each other directly.

    By using third parties to do the fighting, it is still possible to bring strategic benefits while minimizing the risks.

    Google has announced that it will invest US$550 million in JD.com for 1 percent stake, joining Tencent and Walmart to become the Chinese online retailer’s third strategic investor.

    In fact, the three may all be seeing JD as a proxy to help them compete with their respective rivals.

    Listed on Nasdaq in 2014, JD has a market capitalization of around US$60 billion.

    It’s China’s second-largest e-commerce company, but its market value is only a fraction of Alibaba’s US$500 billion plus.

    Alibaba’s Taobao and Tmall have snapped up about 70 percent of China’s online shopping market, while JD’s market share is around 22 to 25 percent.

    To Google, JD could serve as a proxy in competing with Amazon.

    Google and JD plan to “collaborate on a range of strategic initiatives, including joint development of retail solutions in a range of regions around the world”, they said.

    In the short term, JD would select a range of high-quality products and offer them worldwide through Google Shopping.

    The two companies would also explore new retail opportunities in Southeast Asia, the United States and Europe. The alliance would combine JD’s strengths in supply chain and logistics with Google’s tech capability to develop a new retail infrastructure.

    We could say that Google and Amazon have a sort of love-hate relationship. Amazon is now Google’s largest advertising client, spending billions of dollars each year. But Amazon is actively exploring direct distribution channels and even starting its own advertising business.

    Google, meanwhile, has launched its Google Shopping unit and JD would add more Chinese offerings to this platform.

    JD will also serve as Walmart’s proxy in its war against Amazon.

    In 2016, Walmart, the world’s largest brick-and-mortar retailer, sold its China e-commerce platform to JD as it pulled out of the market.

    In return, Walmart obtained a 5 percent stake in JD, and became its strategic shareholder. The US retailer has since then steadily increased its stake to 12 percent.

    Walmart is also looking to transform its business into an offline-to-online retail model. But it has achieved limited progress so far. JD serves as a good partner in this pursuit.

    To Tencent, JD would be a proxy in competing with Alibaba.

    Chinese internet giant Tencent spent US$215 million for a stake in JD in 2014. Following a number of additional purchases, Tencent now holds a 21 percent stake and is JD’s largest shareholder.

    If JD is able to put some pressure on Alibaba, the latter would have less time and energy to try encroaching on Tencent’s turf – social networking and online games.

  • Hyundai presents Kelly Park and Démoo together

    Hyundai presents Kelly Park and Démoo together

    Hyundai Department Store in Seoul has opened a shop-in-shop that brings together Kelly Park and Démoo in the first use of its new Artspace installation dedicated to brand and artist collaborations.

    Artspace, by multi-disciplinary design studio NBDC, is inspired by the temporary lifespans of pop-up shop formats and has been conceived to enhance the department store’s regular environment with conservatively-balanced experimental displays. Hyundai says the space attempts a convergence of artistic exhibition with the sale of product.

    The current Kelly Park x Démoo, themed “Expanding the Image”, showcases a range of offerings by both brands and is marked by the calligraphic visual styling of the Kelly Park Studio artworks on display, as well as the avant-garde Démoo fashions by designer Demi Choonmoo Park.

    The installation is built to resemble a gallery setting, allowing visitors to view artworks, fashions and patterned furniture pieces as they move through the exhibition.

    Gallery of the event can be viewed below (5 images) :

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  • Vietnamese steel, wood firms might gain from US-China trade war

    Vietnamese steel, wood firms might gain from US-China trade war

    The recent escalation of trade tensions between the U.S. and China could have a positive effect for some industries in Vietnam, but experts warn these gains could prove short-lived.

    U.S. President Donald Trump announced last week that he would push ahead with tariffs on $50 billion of Chinese imports starting July 6, and China retaliated by slapping the same amount of duties on commodities from the U.S.

    The U.S. would impose a 25 percent tariff on more than 800 strategically important imports from China including cars and oil, while China announced that it would slap a 25 percent tariff on 659 U.S. products, from soybeans to seafood.

    Vietnamese wood businesses will be benefit from this trade war should the U.S. impose a heavy tax on Chinese wood starting this July, a representative of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) said.

    In the first two months this year, exports to the U.S. accounted for 39.7 percent of total wood export turnover, an increase of 14.6 percent from the same time last year, the source said.

    One of the reasons for this increase is the anti-dumping duties U.S. slapped on China at the end of last year, the source said.

    Vietnam is currently the fifth largest exporter of wood to the U.S., while China tops the list, according to HAWA statistics. If Vietnamese businesses can take this opportunity, growth can be much faster than now, the source said.

    Apart from wood, Vietnamese steel businesses would also enjoy a surge in steel exports to the U.S. if the latter ups its anti-dumping tariffs on China by 25-35 percent, Nguyen Huy Do, marketing director of Vietnam Italy Steel Jsc, said.

    However, industry insiders are warning that China might invest in manufacturing steel in Vietnam to have a ‘Vietnam label’ on products that will eventually be exported to the U.S.

    Last month, the U.S. Commerce Department slapped steep import duties on steel products from Vietnam that originated in China, finding that they evaded U.S. anti-dumping and anti-subsidy orders.

    After this, the Vietnam Steel Association has requested authorities to impose tighter controls on foreign investment in steel.

    Another risk is that China dumps its residual inventories on other countries in the region, including Vietnam, which will result in an unstable trade market, Dinh Tuan Minh, research director of market research firm Viet Analytics, said recently.

    Vietnam therefore needs to be careful amidst this trade war between the world’s largest economies and should not let itself be the target of steep tariffs, Minh said.

    “What the U.S. is doing to China can be done to Vietnam at some point,” he said.

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  • Memebox eyes to return the US after a year pending

    Memebox eyes to return the US after a year pending

    Memebox, a Korean beauty startup founded in 2012 as a subscription-box service, is relaunching its e-commerce business in the US after a year on hold.

    The company has remained active in Asian markets while awaiting its window to return to the US. Founder and CEO Dino Ha identified a rise in Asian beauty-brand awareness among American consumers as being the key factor in the relaunch.

    Memebox recently contracted with beauty retailer Sephora to launch a new line of cosmetics to come out this autumn. Its in-house brands are already available in the US on its new online platform, which has been reconfigured to include review and community features designed to bolster consumer education. The company’s community-building efforts to encourage sharing of product information have resulted in an increase in user engagement from three to 25 minutes spent on its platform.

    The firm maintains a database that lists the skin types, preferences and consumer trends of its 5 million active users. According to product manager Danielle Zhu, this is central to Memebox’s short product development cycle and trend-forecasting efforts.

    Memebox maintains a close relationship with social media influencers as a core strategy since first trading, and is now developing an affiliate program to encourage users to register as ambassadors of the brand. The program serves in part to address recent criticism accusing the firm of only targeting very light-skinned women, excluding many potential users with darker skin tones.

  • Malaysia falls three spots in world digital competitiveness

    Malaysia falls three spots in world digital competitiveness

    Malaysia has fallen three spots to 27th position in the IMD World Digital Competitiveness Ranking 2018, its lowest overall score in five years.

    According to the IMD World Digital Competitiveness Center’s report, this year the majority (29) of countries in the study showed an improvement in their level of digital competitiveness, but Southeast Asian nations such as Malaysia, the Philippines and Indonesia recorded a decline.

    Meanwhile, Singapore, which was ranked number one in the last five years, was overtaken by the United States in the study of 63 economies. Other countries in the top five were Sweden, Denmark and Switzerland.

    “Results show that several countries are experiencing an “adaptive imbalance” or a mismatch between high levels of training and education, and the attitudes towards embracing digitalisation; among these economies, we note Austria, Malaysia and Russia,” said the report.

    The overall ranking was based on three factors: knowledge, technology and future readiness.

    Malaysia maintained its knowledge ranking at 17th place while dropping four rungs to 22 for technology and two spots to 29 for readiness towards digital transformation.

    IMD is an independent business school with Swiss roots and global reach.

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  • Australia’s IAG to sell Thai, Indonesia units to Tokio Marine for $390 million

    Australia’s IAG to sell Thai, Indonesia units to Tokio Marine for $390 million

    Insurance Australia Group (IAG) said on Tuesday it will sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings or A$525 million ($390 million).

    The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance and 80 percent of PT Asuransi Parolamas in Indonesia.

    “We believe Tokio Marine is an ideal owner given its experience in the region, and that this is a good outcome for the associated employees, customers and other stakeholders,” IAG Chief Executive Peter Harmer said in a statement.

    IAG said in February it was reviewing its Asian operations as it faced a lack of buying opportunities to boost growth in a competitive region attractive for its low penetration rates.

    Separate to the Tokio Marine deal, IAG said it has also agreed to sell its 73.07 percent stake in Vietnam-based AAA Assurance Corp. It did not give more details on the deal.

    IAG said it would record an after-tax profit of at least A$200 million in its fiscal 2019 results from the combined transactions, after certain deductions.

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  • World Cup boosts South Korean convenience stores revenue

    World Cup boosts South Korean convenience stores revenue

    South Korean convenience stores saw their sales more than double in some categories as tens of thousands of South Koreans took to the streets to cheer on their national football team in the first game of its World Cup campaign.

    BGF Retail Co, which operates the country’s largest convenience store chain, CU, said sales of major products at its stores from 6pm Monday to midnight soared as South Korea faced Sweden in their 2018 FIFA World Cup Group F opener.

    Sales of beer surged 124.8 per cent, with revenue from ice cream and water jumping 121.9 per cent and 120.2 per cent, respectively, from the previous week.

    GS Retail Co, which operates GS25, said sales of beer skyrocketed 274.6 per cent on Monday compared with the same day the previous week.

    Police estimated some 17,000 fans joined the mass street cheering in Seoul’s Gwanghwamun Square. Another 6000 fans are estimated to have gathered at Seoul Plaza in front of City Hall.

    South Korea fell to Sweden 1-0. Its next game, against Mexico, will take place in Rostov-on-Don on Saturday.

  • Indonesian Stocks Slump 2.5% as Trade Resumes After Idul Fitri

    Indonesian Stocks Slump 2.5% as Trade Resumes After Idul Fitri

    Indonesian shares slumped 2.5 percent on Wednesday (20/06), their sharpest intraday fall in nearly two months, after trade resumed following a long holiday for Idul Fitri celebrations.

    Global equity markets saw a selloff during the Idul Fitri holiday and Indonesia is expected to play catch-up, driven by stocks with high foreign ownership such as Bank Central Asia and Bank Mandiri, according to a Trimegah Securities note. Indonesian financial markets were closed from June 11 to 19.

    Financials were the biggest losers with Bank Central Asia declining 3.8 percent and Bank Mandiri shedding 6.5 percent.

    An index of the country’s 45 most liquid stocks slid 3.6 percent to its lowest in nearly one month.

    Among other Southeast Asian stock markets, the Philippines was down for a fifth straight session while Thailand rose after five consecutive sessions of declines ahead of central bank policy meetings.

    The Bank of Thailand is expected is expected to leave its policy interest rate near a record low, while a slim majority of economist expect the Bangko Sentral ng Pilipinas to raise rates.

    Energy and financial stocks were among the biggest boost in Thailand with PTT climbing 0.5 percent and Bangkok Dusit Medical Services rising 3.3 percent.

    Malaysian shares were higher after seven straight sessions of falls with Axiata Group gaining 1 percent and Genting adding 1.8 percent. The consumer price index rose 1.8 percent last month from a year earlier, meeting market expectations, on stronger fuel and transport prices and rising demand for food, government data showed.

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