Thai stocks edged higher on Monday, helped by selective buying in a results season, but large-cap energy stocks fell as declining oil prices dented earnings prospects. Most other markets in Southeast Asia ended little-changed to weaker, with the Indonesian index snapping a three-day winning streak and the Philippines also retreating.
The Thai benchmark SET index closed up 0.12 percent at 1,531.21, coming off an intraday high of 1,538.93. TMB Bank rose almost 3 percent on expectations of good quarterly earnings. Thai banks are due to report their quarterly results from this week. PTT, the country's biggest energy firm, fell 1.5 percent to a low of 333 baht, while PTT Global Chemical slipped 1.8 percent.
The Jakarta composite index finished 0.6 percent down at 5,187.93, its lowest close in nearly one week. State-owned Bank Mandiri dropped 2.7 percent, its biggest single-day fall since December 16. The bank will increase its capital by 9 trillion rupiah ($714.6 million), state enterprises minister Rini Soemarno said. The Philippine main index retreated from a record close on Friday as domestic investors cashed out from recent gainers such as Metropolitan Bank & Trust, stock exchange data showed. The Philippine bourse reported net foreign inflows of 13.5 billion pesos ($300.5 million), mainly due to a series of block sales involving Ayala Land Inc, which raised about $357 million from a top-up share placement.