Southeast Asian stock markets began the week on a positive note tracking broader Asia, with Thailand ending higher on strong economic data, while Indonesia came off record highs hit earlier in the session. Thai shares ended the session up 0.3 percent after data showed the economy grew 4.3 percent in the third quarter, its fastest pace in 4-1/2 years.
Consumer staples and material stocks were the best performers, with Siam Cement finishing up 1.3 percent, while retail chain operator CP All closed at a record high, up over 3 percent. Meanwhile, Indonesian shares came off a life-high hit in early session, but managed to close marginally up, buoyed by consumer staples and materials.
The index is up for a third straight day after the central bank kept interest rates unchanged last week.
"Most analyst's were expecting the rates to remain unchanged. However, there were some concerns as President Joko Widodo had voiced out his message that he wants to cut rates one more time before the end of the year," said Taye Shim, analyst at Mirae Asset Sekuritas. Indonesia's index of 45 most liquid stocks rose as much as 1.2 percent to hit a record high, but closed flat.
Tobacco company Gudang Garam rose 3.1 percent, while Bank Mandiri gained as much as 2.1 percent to hit a record high. Philippine stocks edged up helped by financial stocks such as SM Investment and BDO Unibank. Singapore shares reversed losses to close marginally up, while the Vietnam index rose as much as 1.1 percent to a near-decade high.
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