Southeast Asian stock markets were subdued on Wednesday ahead of US inflation numbers, with Thailand recording its lowest close in three sessions weighed down by financials and energy stocks. All eyes are on US consumer price readings due later in the day that will be key to where stocks move in the short term, given it was the risk of accelerating inflation that sparked the recent global equity rout.
Thailand dropped 0.4 percent with PTT PCL falling 1.6 percent and Bank of Ayudhya PCL losing 2.2 percent. The country's central bank left its benchmark interest rate unchanged on Wednesday, near record lows, saying it expects inflation to stay largely subdued.
"For the most part we were dominated by a hefty dose of dollar weakness ahead of a very important US CPI data report. Traders are positioning for weaker inflation data amidst broader position adjustments," said Stephen Innes, head of trading for Asia Pacific at Oanda. Singapore shares slid 0.4 percent, dragged down by financials.
Philippine shares recovered to end 0.3 percent higher led by real estate stocks. Ayala Land Inc was the top gainer on the index after posting a 21 percent jump in full-year net income.
Malaysia closed slightly up, gaining some support from data that showed its economy expanded 5.9 percent in the fourth quarter, growing more strongly than expected.
Financials and materials outperformed other sectors on the index, with CIMB Group Holdings Bhd adding 0.9 percent and Petronas Chemicals Group Bhd rising 1.3 percent. Indonesia shares rose 0.3 percent to their highest close in almost two weeks. Vietnam was closed for a holiday.
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