BANGKOK, March 9 ― Southeast Asian stock markets were trading mixed today as weak trade data from China dented market sentiment across Asia, with Malaysia drifting lower ahead of a decision by the central bank on interest rates.
Sharp losses in Chinese stocks pulled Asian equities further away from two-month highs as weak trade figures from the world's second biggest economy and a retreat in oil prices revived concerns about global growth.
The Kuala Lumpur composite index traded down 0.5 per cent at 1,680.27, extending losses from yesterday.
Rate-sensitive banking stocks were among losers, led by a 1.3 per cent drop in Malayan Banking.
All 11 economists in a Reuters poll expect Bank Negara Malaysia to keep the overnight policy rate at 3.25 per cent as markets also wait to see who will succeed its respected, long-serving governor.
In Bangkok, the key SET index was 0.2 per cent higher, after earlier slipping to a one-week low of 1,372.46.
Index heavyweight energy stocks led by PTT and PTT Exploration and Production fell, in line with a drop in global oil prices.
“The SET index may continue to take a breather today, as foreign flows look slower and a few large-cap sectors have weaker sentiment,” said broker KGI Securities in a report.
Stocks in Singapore rebounded slightly after two days of weakness and the Philippines eked out gains for a second day. Vietnam hovered in negative territory, extending losses from yesterday.
Indonesia, Southeast Asia's best performer so far this year in dollar terms, was closed for a public holiday and will reopen tomorrow.
Nomura said in a report that Indonesia remained its most favoured market in Asean, expected to show the biggest “turnaround” in earnings in 2016 versus 2015. ― Reuters
