Most Southeast Asian stock markets retreated, in line with Asia on Wednesday, with Singapore snapping a three-day rising streak after downbeat exports data in January, but foreign inflows helped bring Indonesian benchmark to a near one-week high. Losses in the region were led by Singapore, with the key Straits Times Index dropping 1.2 percent after a more than 4 percent rally in three sessions to Tuesday.
Sentiment turned weak in part reflecting a larger-than-expected fall of 9.9 percent in non oil domestic exports in January while unfavourable earnings results weighed on shares such as United Overseas Bank. Indonesia's Jakarta composite index posted a modest 0.4 percent gain to 4,765.50, the highest close since February 11. The overall stock market saw a net foreign buying worth 570 billion rupiah ($42.2 million), including a net purchase in shares of Astra International and Bank Rakyat Indonesia.
Foreigners also bought Thai shares a net 2.9 billion baht ($81.41 million) and Malaysian stocks a net 33 million ringgit ($7.8 million), while selling stocks in the Philippines a net 629 million peso ($13.21 million). Vietnam's benchmark VN Index ended 0.18 percent lower after a robust session on Wednesday, with most bluechips heading south led by banking shares.
Five of the country's six listed lenders declined, including Vietcombank, Vietnam's second-biggest firm by market value, which dropped 1.24 percent, and BIDV which shed 1.84 percent. Top dairy products maker Vinamilk bucked the trend, advancing 1.56 percent as investors expect the firm to raise its foreign ownership limit. As many as 131.16 million shares changed hands, the highest level since January 26, Reuters data showed.