Thai stocks closed at their highest in almost two weeks on Monday, marking gains for a second straight month, as month-end buying lifted large-caps and banking shares while the Singapore index climbed to near four-month highs led by property stocks. Bangkok's SET index closed up 0.5 percent at 1,376.26, the highest since March 13, advancing 3.7 percent on the month, making it Southeast Asia's best performer.
Shares of Kasikornbank, Siam Commercial Bank and Shin Corporation were among those actively traded amid buying via a number of block trades. The Thai bourse has brought in a net $323 million worth of foreign inflows so far in the month to Friday, the first net inflow in five months. Concerns over the political impact on the economy could keep risk appetite in check, brokers said, as the Bank of Thailand expected the domestic economy to contract in the first quarter after consumption and investment fell.
Prime Minister Yingluck Shinawatra on Monday showed up to defend herself against charges linked to a ruinous government rice pledging scheme that could lead to her removal from office. Singapore's key Straits Times Index finished up 0.5 percent, climbing 2.5 percent in March, a second consecutive month of gains. Investors bought recently battered property shares such as CapitaLand and CapitaMalls Asia.