Thailand and Indonesia fell in thin trade on Monday, retreating from one-week highs scored in the previous session, and trade was subdued, with many markets in the region closed for the Lunar New Year holiday. However, the Philippines rose to its highest in nearly four weeks. Singapore, Malaysia and Vietnam were all closed.
Thailand's benchmark SET index ended down 1.3 percent, led by energy and utility shares, with a 5 percent fall in the country's top energy firm, PTT, and a 2.5 percent drop in PTT Exploration and Production. Shares in Airports of Thailand PCL (AOT), which posted a lower-than-expected net profit of 798 million baht ($24.05 million) for the October-December quarter, closed 0.8 percent down.
"Shares fell almost across the board on political concerns," said Pichai Lertsupongkij head of sales at Thanachart Securities.
A bomb blast at a university and suspected explosives found at the Supreme Court in Bangkok over the weekend raised jitters ahead of a court ruling later this month on the assets of former Thai Prime Minister Thaksin Shinawatra.
Late on Friday, China raised the level of reserves banks must hold for the second time this year, showing it was intent on curbing lending and inflation but adding to fears about global growth. That also depressed sentiment in the markets that were open, although the MSCI index of Asia Pacific stocks traded outside Japan was up 0.06 percent at 0936 GMT.
Indonesia fell 0.7 percent, led by financial shares, with the country's second largest lender, Bank Central Asia, losing 1.6 percent. The Philippines rose for a fourth session to end 0.5 percent higher at its highest since January 26, with Energy Development up 3.1 percent and Philex Mining rising 3.6 percent. Among the larger listed firms, SM Investments stood out, the mall-to-banking group closing up 2.1 percent.