Singapore, Thailand stocks lead SE Asia markets

Most Southeast Asian stock markets rose on Thursday, led by gains in Singapore and Thailand, but a slide in oil prices to multi-month lows kept investors on edge.

Singapore shares rose 0.4%, with financials contributing most of the gains, while the Stock Exchange of Thailand advanced 0.2% after data showed customs-cleared exports in May rose at its fastest pace in 52 months, handily beating expectations.

An official at the Thai Commerce Ministry expressed confidence in achieving its 2017 export growth target of 5%, after exports climbed 13.2% in May from a year earlier after April's 8.5% increase.

However, caution prevailed in Southeast Asia amid weak oil prices as traders assessed a glut of physical supply that has persisted despite Opec-led efforts to balance the market.

Philippine shares closed 0.4% lower after falling as much as 0.7% earlier in the day.

The Philippine central bank said after market close that it would leave its key overnight borrowing rate steady at 3.0%, as expected.

However, the central bank cut its inflation forecast for this year to an average of 3.1% in 2017 from 3.4%.

The real estate and industrial sectors accounted for most of the losses, with Ayala Land and SM Investment losing 1.2% and 0.8%, respectively.

Malaysian shares closed 0.1% higher after falling for three straight sessions.

Genting Bhd gained 1.9% and IHH Healthcare Bhd gained 1.5%.

Indonesian shares gained 0.2%. The country's financial markets will be shut on Friday and throughout next week on account of public holidays.