Thai stocks end higher, lead Southeast Asian peers

The Stock Exchange of Thailand index ended higher and outperformed other stocks in Southeast Asia on Wednesday.

The SET index closed 0.39% higher to 1,828.88 on gains in real estate and energy stocks. Oil and gas firm PTT Plc ended 0.4% firmer while Land and Houses Plc gained 7.2%. The trade value was 75.21 billion baht.

The Vietnam index ended 2.7% lower, its biggest fall since November 2016, as investors locked in gains following weak oil prices.

Oil and gas shares have been leading the market recently, but after Brent fell overnight, investors decided to take profits before any other risks arose, said Nyugen The Minh, a research manager at Viet Capital Securities.

A high level of margin trading in blue-chips also triggered strong selling, Minh added.

Energy and utilities led the fall, with PetroVietnam Gas down 3.5% while Vietnam National Petroleum slumped 5.3%.

Vietnam's biggest corruption trial for years drew to a close as former PetroVietnam executives on trial used their final statement in court to apologise to the ruling Communist Party, media said.

Singapore closed 0.2% lower, dragged by top lenders United Overseas Bank and DBS Group, down 0.5% and 1.1%, respectively.

The Philippine index snapped a three-session gaining streak as financials and real estate fell. Metropolitan Bank and Trust was the biggest loser, falling nearly 8%.

Among the gainers, Indonesia rose 0.2% to 6,444.51, buoyed by utility and material stocks.

Perusahaan Gas Negara soared 25.5% to notch a six-month high while cement maker Semen Indonesia added 7.3% to close at levels not seen since August 2016.

Earlier in the day, Asian equities retreated from record highs as the region's resource shares were pummelled by falling oil and commodity prices.

"The minor decline in Wall Street has spurred some selling pressure in regional markets," said Manny Cruz, an analyst at Asiasec Equities Inc.