Southeast Asia stocks: Thai trims gains, Bank Mandiri leads Indonesia decline
[BANGKOK] Thai stocks edged higher on Monday, helped by selective buying in a results season, but large-cap energy stocks fell as declining oil prices dented earnings prospects.
Most other markets in Southeast Asia ended little-changed to weaker, with the Indonesian index snapping a three-day winning streak and the Philippines also retreating.
The Thai benchmark SET index closed up 0.12 per cent at 1,531.21, coming off an intraday high of 1,538.93. TMB Bank rose almost 3 per cent on expectations of good quarterly earnings.
Thai banks are due to report their quarterly results from this week.
PTT, the country's biggest energy firm, fell 1.5 per cent to a low of 333 baht, while PTT Global Chemical slipped 1.8 per cent.
The Jakarta composite index finished 0.6 per cent down at 5,187.93, its lowest close in nearly one week.
State-owned Bank Mandiri dropped 2.7 per cent, its biggest single-day fall since Dec. 16. The bank will increase its capital by 9 trillion rupiah (US$714.6 million), state enterprises minister Rini Soemarno said.
The Philippine main index retreated from a record close on Friday as domestic investors cashed out from recent gainers such as Metropolitan Bank & Trust, stock exchange data showed.
The Philippine bourse reported net foreign inflows of 13.5 billion pesos (US$300.5 million), mainly due to a series of block sales involving Ayala Land Inc, which raised about $357 million from a top-up share placement.
REUTERS
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