Thai shares eked out small gains on Monday, helped by bargain-hunting in select large-caps, while other Southeast Asian stock markets were range-bound as investors stayed on the defensive ahead of the Lunar New Year holidays.

The key Thai SET index was a tad higher at midday, led by a 3.2 per cent jump in the shares of Siam Cement amid hopes about its petrochemical business.

Shares of Energy firm PTT, an index heavyweight, fell 0.8 per cent as global oil prices turned lower while the newly-listed Jasmine Broadband Internet Infrastructure Fund’s units traded at 9.75 baht, below its initial public offering price of 10 baht.

Sentiment was broadly weak and players turned cautious over the outlook for interest rates after data showed Thailand’s economy grew a less-than-expected 1.7 per cent in October-December from the prior three months.

“Any disappointment in the fourth quarter figure could raise the probability of Thailand’s monetary policy committee (MPC) cutting the policy interest rate from the current 2 per cent,’’ strategists at broker KGI Securities wrote in a report.

Singapore’s key index edged down 0.1 per cent, with the shares of Oversea-Chinese Banking Corp set to extend losses for a third day after the company’s quarterly earnings missed analysts’ forecasts.

Jakarta’s composite index was down 0.4 per cent, amid selling in recently-rallying large-caps such as Kalbe Farma and Telkom Indonesia.

Indonesia posted a trade surplus of $709.4 million in January, following a $186.8 million surplus in December, with imports contracting more than expected, the statistics bureau said on Monday.

Stocks in Malaysia were headed for a second straight day of gains, while shares in the Philippines added 0.2 per cent to 7,786.24 above their February 9 record close of 7,782.57.

Vietnam’s stock market will be closed from Monday through February 23 for the Lunar New Year holidays. Malaysia and Singapore will be closed on Thursday and Friday, and Indonesia and the Philippines on Thursday.