The Stock Exchange of Thailand index ended lower but other Southeast Asian stock markets closed higher on Monday, with Indonesia leading the pack boosted by gains in financial and telecom sector counters, as progress in US-China trade talks raised optimism among investors.
The world's largest economies are to resume trade talks in Washington this week with US President Donald Trump hinting at an extension to the March 1 deadline for a deal to prevent further tariffs on Chinese goods.
The SET index dropped 1.23 points or 0.08% to 1,635.71, in turnover of 34 billion baht.
The Indonesian index led the gains in the region and ended up 1.7%, driven by financials and telecom stocks.
Bank Central Asia and Telekomunikasi Indonesia firmed 2.2% and 3.6%, respectively.
Singapore's benchmark rose 0.8% to an over four-month closing high, bolstered by gains in the country's second biggest listed company DBS Group Holdings. Shares of the biggest lender in Southeast Asia rose 1.7% after the it reported a record annual profit and an 8% rise in quarterly profit.
Other financial stocks also gained, with Oversea-Chinese Banking Corp and United Overseas Bank rising 1.7% and 0.7%, respectively.
Investors also awaited supportive measures for the economy from the budget speech.
"The government's budget...will likely need to incorporate some offsetting measures to stimulate the domestic economy in the face of mounting external weakness," a note from ING said.
Finance Minister Heng Swee Keat in an annual budget speech announced an introduction of S$1.1 billion (US$811.15 million) bicentennial bonus for Singaporeans.
The benchmark, however, seemed largely unaffected by the larger-than-expected decline in January non-oil domestic exports.
Real estate and utility stocks pushed the Vietnam benchmark index more than 1% higher, with Petrovietnam Gas JSC rising 3.4% and Vingroup JSC advancing 1.5%.
Philippine stocks rose 0.8% boosted by industrial stocks with JG Summit Holdings Inc strengthening 7.8%, while San Miguel Corp gained 7.1%.