The Stock Exchange of Thailand dropped, while other Southeast Asian stock markets mostly declined on Wednesday.
Investor sentiment was subdued as surging 10-year US Treasury yields sparked fears of faster fund outflows from regional equities.
"If bonds are embarked on a journey to higher yields, then the recent outflows from troubled EM (emerging markets) countries could become even greater," ING said in a note.
Asian shares ex-Japan slipped 0.03%.
The SET main index went down 16.24 points or 0.92% to close at 1,750.62, in trade worth 67 billion baht. Srisawad Corporation Plc led the losers, plunging 9.50 baht or 21.71% to 34.25 baht.
Philippine stocks ended 0.2% lower as investors booked some profits following three straight sessions of gains.
A fall in March remittances also hurt sentiment, said Charles William Ang, an associate analyst at Manila-based COL Financial Group Inc.
Remittances in March fell 9.8% from a year earlier, the steepest in 15 years, according to data released by the central bank on Tuesday.
Industrial stocks took the biggest beating with SM Investment closing 1.5% lower.
Vietnam shares closed 1.8% lower after shedding nearly 2 % in intraday trading.
Meanwhile, Indonesian shares erased early falls to close slightly higher. Losses in consumer stocks were outweighed by gains in the telecom sector.
Unilever Indonesia closed more than 3.5% lower, while Telekomunikasi Indonesia rose 3.3%.
Bank Indonesia will raise its key interest rate on Thursday to support the rupiah and stabilise domestic markets, a majority of economists in a Reuters poll said.
Rating agencies have warned of repercussions from prolonged pressures to the Indonesian markets. Moody's said if the weakness in currency and bonds persists, it would be credit negative for sovereign ratings.
Malaysia climbed 0.5% to close at its highest level in more than two weeks.
A strategy for the removal of goods and services tax will be announced within 100 days, a senior adviser to the Malaysian government said on Tuesday.
|
Southeast Asian stock markets |
|
||
|
|
Current |
Previous |
% change |
|
Thailand |
1,750.62 |
1,766.86 |
-0.92 |
|
Indonesia |
5,841.46 |
5,838.11 |
+0.06 |
|
Malaysia |
1,858.26 |
1,848.20 |
+0.54 |
|
Philippines |
7,869.56 |
7,885.97 |
-0.21 |
|
Singapore |
3,533.05 |
3,540.23 |
-0.20 |
|
Vietnam |
1,054.62 |
1,073.50 |
-1.76 |
