Most Southeast Asian stock markets were mixed on Wednesday as US President Donald Trump did not offer further details on his plans for infrastructure spending and tax reforms, while the dollar strengthened on growing expectations of a Fed rate hike this month.
A handful of Fed policymakers on Tuesday jolted markets into higher expectations for a March rate hike, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington. "It seems that the possibility of a rate hike is going to affect emerging economies," said Lexter Azurin, head of research at Unicapital Securities Inc in Manila.
Singapore shares closed 0.8 percent higher, snapping three consecutive sessions of losses, boosted by industrials and financials.
Among the top gainers, Keppel Corp climbed 4.1 percent to its highest close since November 6, 2015, while Oversea-Chinese Banking Corp gained 0.7 percent. Philippine shares fell for a fourth straight session, posting their lowest close since January 18, dragged down by industrial and telecom stocks. JG Summit Holdings Inc dropped 3.1 percent and telecoms services provider PLDT Inc declined 4.1 percent, making them the worst performers on the index.
Indonesian shares declined 0.4 percent with losses spread across sectors, as data showed annual inflation rate increased in February, mainly due to higher prices for processed and raw foods as well as healthcare. Thai shares ended 0.5 percent higher with financials, telecoms and materials leading the gains. Bangkok Bank PCL rose nearly 2 percent, while True Corporation PCL increased 3.2 percent.
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