Southeast Asian stock markets ended mostly higher on Thursday, with Indonesia being led higher by banking shares and Thailand extending gains for a fourth session amid renewed appetite for refinery shares on hopes of an earnings recovery in the second half. Jakarta's Composite Index rose 0.99 percent, led by a 3.8 percent rise in top lender Bank Mandiri Tbk. Thai SET index gained 0.3 percent as refiners, including Thai Oil and Esso, jumped on strong volumes.
Singapore markets were closed for a public holiday. The Philippine index slid 0.98 percent, erasing a modest gain of 0.5 percent on Wednesday as investors cashed in gains in the rallying market. It has risen 20.2 percent so far this year, and is Southeast Asia's second-best performer.
Ayala Land Inc, the Philippines' biggest property developer, dropped 5 percent, wiping out a three-day gain of 8.5 percent following the company's release of strong six-month net profit. "There will be a shortage in terms of market-moving news, going forward, after the earnings reporting season. I guess it was a perfect time to take some profits off the table," said analyst Jose Vistan of AB Capital Securities Inc in Manila.
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