Most Southeast Asian stock markets posted lacklustre performances on Thursday as weak economic data in the United States heightened concerns of a global economic slowdown, while Vietnam shares closed at a five-week high on real estate boost.
Data showed that the US trade deficit jumped in May and Sino-US trade tensions helped drive activity in the services sector to a two-year low in June, while private employers added fewer-than-expected jobs to their payrolls. Thai shares, the biggest laggards in the region, shed early gains to drop 0.8% towards close.
"It should be profit-taking in the power sector," said Saharat Chudsuwan, Head of Marketing &? Wealth Advisory for Mutual &? Private Funds at Tisco Asset Management Co, Ltd.
Shares in utility companies Energy Absolute PCL slumped 2.7%, while Banpu Power PCL shed 4.8%. Investors locked in profits after the index saw solid gains last month - its best monthly gain since September 2013. The bourse rose about 11% so far this year, leading the gains in the region. Malaysian stocks ended lower after data showed the country's exports grew 2.5% in May from a year earlier, but below the 3.6% expansion forecast by economists in a Reuters poll.
However, the export growth was better than a consensus median of 2.2%, with a strong performance from electronics, chemicals and machinery exports, said Prakash Sakpal, economist for Asia at ING, in a note. Bucking the trend, Vietnamese stocks ended up 1.3% at their highest close since May 27. Joint Stock Commercial Bank for Foreign Trade of Vietnam closed 4.2% firmer, while Vinhomes JSC ended up 3.7%. Indonesian stocks ended firmer, with top boost Adaro Energy Tbk closing 4.4% higher. Singapore's index rebounded to end a tick higher after two tepid sessions.