Southeast Asian stocks were mostly lacklustre on Wednesday as markets awaited US President-elect Donald Trump's news conference later in the day for clues on his policies. Philippine shares shed 0.6 percent on profit-booking after six sessions of gains.
"Since foreign investors entered the market in the past three or four sessions, it sort of gave a signal to local investors to enter and I think that's what caused the rally," said Victor Felix, an analyst with AB Capital Securities. The market has "rallied a lot and too fast, so investors are taking profits right now, letting it cool off," he added.
Telecommunications service providers were the biggest drag on the index, with Globe Telecom Inc and PLDT Inc ending 2.4 percent and 1.6 percent lower respectively. Investors are now awaiting Trump's speech for further cues, analysts said. While Trump's plan for tax cuts and infrastructure spending has boosted US shares and the dollar, investors are still on edge due to his protectionist statements during the months-long election campaign.
Singapore shares ended 0.17 percent lower, dragged down by financials and industrials, after having gained for six straight sessions. Hongkong Land Holdings Ltd ended 3.8 percent lower, while Hutchison Port Holdings Trust was down 1.1 percent. Vietnam shares ended nearly 1 percent higher, led by consumer staples and financials. Indonesia ended down 0.2 percent, extending losses to a third straight session, with consumer cyclicals dragging down the index. Automotive company Astra International Tbk PT ended 2.1 percent lower.
Motorcycle sales in Indonesia fell 15.9 percent in December from a year earlier, data from an industry association showed on Wednesday. The Malaysian index closed 0.2 percent higher, boosted by upbeat industrial production data. Malaysia's industrial production in November rose 6.2 percent from a year earlier, helped by strength in the manufacturing, electricity and mining sectors, government data showed on Wednesday. Electricity utility company Tenaga Nasional Berha closed 1.5 percent higher, while infrastructure conglomerate YTL Corporation Bhd ended 1.3 percent higher.
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