SET, Singapore shares retreat from multi-year peaks

Most Southeast Asian stock markets closed lower on Thursday, with Thailand and Singapore retreating from multi-year highs, while Indonesia extended gains to post its highest ever close.

The Stock Exchange of Thailand main index climbed as much as 0.5% to a record high before closing 0.52% lower to 1,819.32

Financials and energy were the biggest losers. Siam Commercial Bank Plc slumped 3.1%, while PTT Plc shed 0.8%.

Singapore shares came off a more than 10-year high to close 0.6% lower, dragged by financial and real estate stocks.

Lenders United Overseas Bank and DBS Group Holdings shed 1% and 0.6%, respectively. Agribusiness firm Wilmar International dropped 2.2%.

Philippine shares cut early losses to close slightly lower, with financials accounting for majority of the fall.

Ayala Corp dropped 2.4% after its unit Bank of the Philippine Islands announced plans to raise up to 50 billion pesos (US$986 million) via a rights offering to boost lending and support strategic initiatives.

Metrobank, the second largest Philippine lender in asset terms, fell 0.5% after the company got the board's approval to sell shares to existing stockholders.

Indonesia's Jakarta SE Composite Index closed 0.4% higher after rising as much as 0.6% to a life high.

Financials and consumer staples led the gains. Bank Central Asia added 1.9% and clove cigarette maker Gudang Garam ended 1% higher.

Vietnam shares bounced back from early falls to end 1.5% higher, helped by financials and consumer staples.

China's economy grew faster than expected in the fourth quarter from a year earlier, partly helped by a rebound in the industrial sector.

China is one of the top importers of Vietnam products.

Vietcombank, the country's top lender by market value, led the rise with a gain of 4.1%, while Vinamilk rose 2.2%.