Thai shares came off near 24-year highs to close slightly lower on Wednesday, snapping nine straight sessions of gains, with energy and healthcare stocks leading the fall.
Oil and gas refiner PTT Plc closed almost 0.5% lower after rising as much as 0.5%, while Bumrungrad Hospital Plc dropped 2.3% to its lowest close since Aug 28.
Thailand’s medium-term growth outlook continues to be challenged by high household debt and adverse demographic trends even though the economy has picked up in 2017, Fitch Ratings analysts said at the agency’s annual conference in Bangkok.
“Prospects for Thai banks’ operating environment and sector performance remain negative, albeit with modest improvements in growth, asset quality and profitability expected in 2018.”
Earlier on Wednesday, the rose as much as 0.6% to 1,652.51, its highest since January 1994, after gaining about 2% in the previous nine sessions.
Among other Southeast Asian stock markets, Malaysia erased early gains to finish 0.2% lower with lender CIMB Group Holdings Bhd leading the decline.
Indonesian shares fell 0.5%, snapping four sessions of gains and posting their biggest percentage fall in more than a week.
Coal miner Bukit Asam (Persero) Tbk PT was the biggest drag, declining 17.3% to its lowest close in nearly a year.
Singapore shares fell 0.2%, weighed down by declines in top lenders DBS Group Holdings and United Overseas Bank.
Philippine shares gave up early gains to finish marginally higher but posted their highest close since Aug 17.
The market was shut on Tuesday due to floods in the region.
Heavyweights SM Investments and SM Prime Holdings fell, while real estate firms GT Capital Holdings and Ayala Land ticked up.
Vietnam shares rose 0.4%, closing at their highest level since February 2008, with steel manufacturer Hoa Phat Group JSC climbing 4.1% to a record close.
Southeast Asian stock markets