SINGAPORE, Sept 8 — Most South-east Asian stocks were trading largely lower today, in line with Asian peers, as investors waited for clarity on further easing steps and where key policy rates are headed when the European Central Bank meets later in the day.

The ECB is expected to keep policy rates unchanged, but is likely to take further stimulus measures by extending its asset purchase programme by the end of this year, according to a Reuters poll.

Broader Asian shares dropped after four days of gains which took them to their highest since late July last year. MSCI’s broadest index of Asia-Pacific shares outside Japan  was down 0.3 per cent at 0500 GMT (12pm Malaysian time).

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 22 months.

Thai shares fell as much as 1.4 per cent, their lowest in nearly two months. Consumer staples and industrial stocks lost ground, with Big C Super center Pcl falling 0.5 per cent and CP All Pcl down 1.2 per cent.

Apart from the global factors (ECB meeting and Chinese trade data), investors are worried about foreign inflows into the Thai market, said Rakpong Chaisuparakul, an analyst with KGI Thailand.

Philippines rose marginally after falling to its lowest in over two months in early trade.

Financials and telecom stocks climbed, with SM Prime Holdings Inc rising 1.5 per cent and PLDT Inc gaining 1.4 per cent.

Singapore fell 0.4 per cent, dragged down by financials and consumer staples, while Vietnam rose marginally.

Indonesia and Malaysia were flat. — Reuters