Thai and Indonesian stock markets edged up in heavy volume on Wednesday as technical rebounds helped recoup early losses, but other Southeast Asian bourses finished mostly lower, with investors cautious amid concerns about global recovery. Thailand , the region's best performer this year, ended 0.3 percent higher after a 0.7 percent fall in early trade, while Indonesia closed almost flat with a gain of 0.03 percent having lost 0.8 percent on the day.
Trade volumes for Jakarta and Bangkok were 2.06 and 1.11 times of their respective 30-day average, Thomson Reuters data showed. "Investors are bottom fishing and it was a technical rebound with investors seeing value in shares that have fallen sharply in the last two sessions," said Harry Su, head of research at Jakarta-based brokerage Bahana Securities.
Losses in Jakarta's financials were offset by gains in trade-related shares, but Indonesia's second largest lender, Bank Central Asia, which had lost 4.8 percent in the past three sessions, gained 1.4 percent. Jakarta saw a foreign inflow of $28.9 million. Thailand saw net foreign selling of $90 million.
In Bangkok, shares in banking and information technology led by 1.6 percent gains in the country's third largest lender Kasikornbank and its biggest mobile phone operator Advanced Info Service offset losses in energy shares, which analysts attributed to a technical rebound.
Thai Prime Minister Abhisit Vejjajiva said on Wednesday he aimed to submit for royal approval a decree for house dissolution this week as planned, to pave the way for an election by July. Analysts said his pledge helped ease concerns about Thai political uncertainty. "The Thai market sentiment is largely neutral to the political issue," said Sukit Udomsirikul, head of strategist at SCB Securities.
Philippines fell 0.5 percent with $3.2 million foreign outflows, Thomson Reuters data showed, while Malaysia slipped 0.2 percent with $16.2 million net foreign selling, bourse data showed. Singapore, the region's worst performer this year, closed 1.3 percent weaker, while the region's smallest bourse Vietnam jumped 1.4 percent.