SE Asia stocks down as investors brace for key global events

Most Southeast Asian stock markets fell on Thursday as investors shrugged off positive trade data from China to tread carefully ahead of the UK election, a European Central Bank policy meeting and congressional testimony from ex-FBI director James Comey.

Comey will be grilled by Washington politicians later in the day over his claims that President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia's alleged meddling in the 2016 presidential election.

China's exports rose 8.7% in May from a year earlier, while imports expanded 14.8%, both beating expectations, but analysts expect the world's second-largest economy to lose momentum over the course of the year due to policy tightening.

Southeast Asian markets may not react to the Chinese data now as they wait for the results of the key global events, said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.

The data will, however, bolster the yuan as well as other regional currencies in the near term, he added.

Philippine shares closed nearly 0.6% lower after hitting their highest in nearly 10 months in early trade.

Industrial and telecom stocks dragged down the index. SM Investments Corp dropped 1.9%, while PLDT Inc fell 1.4%.

Indonesian shares fell 0.3%, weighed down by Bank Rakyat Indonesia which declined 1.8%. 

Meanwhile, Singapore shares snapped three sessions of falls, with industrial and property stocks leading the rise, while Malaysia was little changed.

Jardine Matheson Holdings gained 1%, while CapitaLand rose 1.1% in Singapore.