Most Southeast Asian stock markets edged up in thin trade on Monday, mirroring mild gains in Asian shares, with investors cautious in the absence of firm triggers ahead of a busy week for US Federal Reserve events. On the interest rates front, no less than five heads of regional Federal Reserve banks are due to speak this week while Fed Board Governor Jerome Powell appears on Wednesday, when minutes of the last policy meeting are also due.
Philippine shares rose 0.5 percent as investors hunted for bargains, with total volumes at about 73 percent of their 30-day average. State-owned PTT Exploration and Production PCL ended 2.2 percent higher, while Thai Oil PCL was up 1.3 percent. Foreign investors net sold 393.8 million pesos ($7.82 million) worth of shares.
In Thailand, the key SET index crept higher, helped by energy and basic materials stocks, which benefited as the dollar slipped. The index, which opened about 0.2 percent higher, quickly lost all gains to trade lower for most of the session after the country's planning agency reported poor economic data for the fourth quarter. Indonesian shares finished 0.2 percent higher, led by energy and consumer cyclical stocks.
Singapore shares however fell 0.4 percent, with industrials such as Jardine Matheson Holdings dropping 1.7 percent. Financial firms DBS Group and United Overseas Bank shed 0.5 percent and 0.3 percent, respectively. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent as of 1031 GMT.