Southeast Asian stock markets fell on Thursday as a stronger dollar curbed risk appetite, with the Singapore index hitting a one-week low after the country adopted an expansionary stance in the national budget to counter lacklustre growth. Singapore's key Straits Times Index slipped 1.2 percent to its lowest close since March 16, taking losses on the week to about 2 percent. The city-state's bourse will be closed on Friday for the Easter weekend holiday.
The Jakarta composite index was down 0.6 percent on the day and 1.2 percent lower on the week, ahead of a holiday on Friday. Investors were mostly cautious ahead of public holidays in the region. Shares in Malaysia fell, its second loss in seven days; Thai stocks ended a five-day rising streak and Vietnam reversed gains of the day before.
The Philippine stock market will reopen on Monday, after a holiday-shortened trading week that ended Wednesday. A fall in oil prices prompted selling in energy-related stocks across exchanges, led by a 4.4-percent drop in Indonesia's coal firm Adaro Energy and a 4-percent decline in Thailand's PTT Exploration and Production. Vietnam's benchmark VN Index closed down 0.71 percent on Thursday, backtracking from a 0.67 percent rise in the previous session, as banking and energy stocks dragged down the market.
Vietcombank, the country's top lender by market value, dropped 1.86 percent while PetroVietnam Gas fell 2.8 percent on downbeat oil prices. Food producer Masan Group rallied 2.08 percent after a unit of the company's subsidiary bought a 14 percent stake in top Vietnamese food firm Vissan for $63.9 million.