Most Southeast Asian stock markets were sluggish on Thursday, with Thailand falling more than 2 percent, as investors waited for a crucial European Central Bank meeting later in the day for clues regarding its monetary policy. Nearly all analysts polled by Reuters expect ECB rates to remain unchanged, though there is speculation that President Mario Draghi will announce an extension of its 80 billion euro of monthly asset buys.
Investors also shrugged off data showing China's August exports fell less than markets had expected, while imports unexpectedly expanded for the first time in nearly two years. Thai shares ended down 2.1 percent, their lowest close in two months. Siam Commercial Bank Pcl lost 1.3 percent, while Siam Cement Pcl was down 1.5 percent. Boost from ECB (meet) and Chinese data may not be that beneficial for the Thai market in the near term as local factors might trigger a correction, said Rakpong Chaisuparakul, an analyst with KGI Securities Thailand.
"Thailand may continue to underperform in the near term," he said. Vietnam shares closed 0.7 percent higher, snapping four sessions of losses. Utilities and healthcare stocks led the index with Petrovietnam Gas Joint Stock Corp rising 2.4 percent and Dhg Pharmaceutical Joint-Stock Co gaining 3 percent. The Vietnamese market has not been following the regional trend over the last few days with some buying opportunities emerging during the day, said Fiachra MacCana, head of research at Ho Chi Minh Securities.
Philippine shares closed 0.6 percent higher, after falling to its lowest in more than 2 months in early trade. Financials and telecom stocks led the gainers with Ayala Land Inc rising 0.7 percent, while PLDT Inc was up 3.2 percent. Singapore was flat, while Indonesian shares fell marginally. As of 0940 GMT, broader Asian shares were up marginally, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.2 percent.