SET closes lower, Vietnam stocks hit 10-year closing high

The Stock Exchange of Thailand ended lower, while other Southeast Asian stock markets mostly ended higher on Monday tracking broader Asia and on expectations of strong first-quarter earnings.

Vietnam recorded its highest close in more than a decade.

The SET main index gave up gains to close 2.64 points or 0.15% lower at 1,792.81 as consumer staples and energy stocks fell. CP ALL Plc and PTT Exploration and Production Plc lost 1.6% and 1.4%, respectively.

MSCI's broadest index of Asia-Pacific shares outside Japan crept towards an all-time peak, with brisk economic growth and benign inflation adding to the risk appetite, while US  stocks notched their best weekly gains in more than a year on Friday.

In Southeast Asia, ahead of the results season, there is positive expectation about first-quarter earnings, said Joel Ng, an analyst at KGI Securities in Singapore.

Vietnam stocks erased early losses and ended 1% firmer at 1,022.90, their highest since November 2007, helped by gains in energy and basic materials.

Vietnam National Petroleum Group ended 6.3% higher while steel maker Hoa Phat Group JSC climbed 3.1% to a record close.

The Malaysian index added 0.8% to 1,832.15, its highest since April 2015, as energy stocks such as Petronas Gas Bhd climbed on firmer global oil prices.

Singapore shares gained 0.7% to their highest in nearly 32 months, driven by financial and industrial stocks.

Real estate firm CapitaLand Ltd ended 1.9% up, while Jardine Strategic Holdings Ltd gained 1.7%.

Indonesian shares rose for a third straight session, closing 0.5% higher, with energy and industrial stocks accounting for most of the gains. Adaro Energy Tbk PT ended up 8.5%.

An index of the country's 45 most liquid stocks rose 0.6%.

Philippine shares erased early gains to close 0.3% lower with financials and real estate stocks accounting for more than half of the losses.

"I think it is a correction after last week's run-up. I think we can go down a little further," said Joseph Roxas, president at Manila-based Eagle Equities.