Most Southeast Asian stock markets traded sideways on Tuesday, as investors remained wary ahead of a crucial meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit.
Trump views the meeting as a chance to see where Beijing stands on the trade war, and is "comfortable with any outcome" from the talks, a senior US official said on Monday.
Investors across the board exercised caution amid the uncertainty shrouding the results of the meeting with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.4%.
Philippine's index snapped five consecutive sessions of gains and ended 0.3% lower, with losses among heavyweight real estate stocks weighing on the index.
Ayala Land Inc and SM Prime Holdings Inc shed 2.4% and 1.2%, respectively.
The country had a budget balance of 2.6 billion pesos ($50.62 million) in May.
Financial stocks pulled Singapore's benchmark index marginally lower, with DBS Group Holdings Ltd and United overseas Bank Ltd down 0.7% and 0.6%, respectively.
Thai stocks reversed course to end the session 0.3% higher, as investors awaited key policy decisions by the Bank of Thailand on Wednesday.
The country's central bank is expected to keep its benchmark policy rate steady for a fourth straight meeting, according to a
Reuters poll.
ING, an outlier calling a cut in the upcoming policy meeting, forecast a 25 basis point policy rate cut to 1.50%.
"...both equities and government bonds stand to benefit from lower interest rates, without causing too much impact for the currency, which is benefiting from a strong external payments position," ING said in a note to clients.
Meanwhile, the country's May manufacturing production index dropped 3.99% from a year earlier compared to a forecast fall of 0.1% in a Reuters poll.
Shares of Charoen Pokphand Foods PCL and Indorama Ventures PCL
gained 1.8% and 1.6%, respectively.
Indonesian stocks snapped three sessions of losses and gained 0.5%, boosted by material and energy stocks with a 7% rise in Bayan Resources Tbk Pt and 0.8% rise in Telekomunikasi Indonesia supporting the index.