SET ends higher, Philippine stocks fall

The Stock Exchange of Thailand continued its rally on Wednesday, while the Philippine stock market fell sharply from a record finish as shares slipped across the board.

The SET main index gained 7.18 points, or 0.39%, to close at 1,838.96, in trade worth 60.45 billion baht. True Corporation Plc, Kasikornbank Plc and PTT Global Chemical Plc were among most active stocks.

Philippine shares closed down 0.9%, after three straight sessions of gains that lifted the market to a record closing high on Tuesday.

The Philippine Finance Ministry plans to submit a tax package, which aims to adjust taxes on alcohol, tobacco, mining and coal, and that may be weighing on the market, said Benjamin Ngan, a research analyst with RCBC Securities in Manila.

President Rodrigo Duterte last week proposed to cut the corporate tax rate and rationalise fiscal incentives to investors in the second of five tax-reform packages submitted to Congress.

Conglomerate JG Summit Holdings shed 3%, making it the biggest drag on the index.

Meanwhile, Malaysian shares were marginally lower ahead of its central bank's meeting on Thursday, in which it is expected to raise interest rates.

Data out earlier in the session showed that the nation's 2017 inflation of 3.7% stood within the central bank's target range of 3-4%, with consumer price index rising 3.5% in December, meeting expectations.

Singapore shares firmed 0.5% in their fourth straight winning session, with lender DBS Group Holdings and consumer stock Genting Singapore leading the gains, up 1.2% and 4.5%, respectively.

Indonesian shares ended 0.3% lower, with Telekomunikasi Indonesia Tbk and Bank Rakyat Indonesia driving the losses, down 2.7% and 2.3%, respectively. 

Vietnam's stock exchange remained shut for a second day due to technical issues.