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Southeast Asian stock markets traded mixed on Tuesday with the Thai index extending gains to close at its highest since November 4, while stocks in the Philippines were down amid uncertainty ahead of a presidential election in May. Thailand's SET index gained 1.2 percent, with shares of Siam Cement PCL rising 4.7 percent to their highest since October 2015. Siam Cement gained 3.6 percent on Monday when Nomura raised its target price for the stock.
The Thai benchmark rose for a fifth session on Tuesday. "Much of the investors' attention may now be shifting to earnings as the first-quarter earnings season is just around the corner," broker Phillip Capital in Bangkok said in a note. "In our view, Thai stocks are no longer cheap after the SET index's FY16 forward P/E has climbed back to 15x, but we believe earnings plays may support the market's downside," it said.
Some financial companies in Thailand have started reporting earnings this week. Taking cues from an Asian stocks rally, Singapore's Straits Times Index rose 1.2 percent, closing at its highest since November 12. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1 percent. Meanwhile, the Philippine stock index fell 0.4 percent, extending losses to a third day, amid political uncertainty.
"Locally, volumes are expected to remain subdued as investors continue to take a wait and see attitude with elections nearing in less than three weeks," SB Equities said in a note to clients. A presidential election in the Philippines could go down to the wire after an offensive gaffe by front-runner Rodrigo Duterte about a rape victim caused outrage and could mean a loss of crucial swing votes with just three weeks to go.
Stocks in Malaysia fell 0.4 percent, while those in Indonesia rose 0.3 percent. Vietnam's benchmark VN Index fell 2 percent at the close on Tuesday, posting the strongest drop since January 18, with most shares heading south in profit-taking amid downbeat global oil prices. Gainers outnumbered decliners by more than three to one, led by shares of food and real estate firms. Dairy products maker Vinamilk, the country's biggest company by market value, dropped 2.8 percent, followed by top property firm Vingroup, which tumbled 4.42 percent.

Copyright Reuters, 2016

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