Most Southeast Asian markets traded weaker on Thursday as lack of positive market moving news kept cautious investors on the sidelines, with Indonesia and the Philippines falling from record highs.

Markets in the region had mostly gained in the previous three sessions on optimism over the US Federal Reserve delaying the tightening of interest rates further.

On Tuesday, Fed Chair Janet Yellen had signalled that the Fed would not rush into raising interest rates.

Indonesia’s Jakarta Composite Index was down 0.2 per cent at 0605 GMT from a record high hit in the previous session, while Philippine stocks fell 1 per cent, also from an all-time high.

“I just see a small and healthy correction,’’ said John Teja, director of Jakarta-based broker Ciptadana Securities.

“There’s an inflow from foreign into banking and property shares and now I also see each stock movement is triggered by individual full 2014 financial report performance.’’

The Thai SET index fell 0.7 per cent led by financials with Siam Commercial Bank and Bank Ayudhya falling 2.3 per cent and 1.2 per cent, respectively.

Telecommunication shares, which fell in the previous session on concerns over a delay in auction of fourth-generation mobile spectrum, gained after deputy prime minister Pridiyathorn Devakula had on Thursday said the auction will be held in September as scheduled.

Thailand’s largest mobile phone operator, Advanced Info Service PCL, which declined 4.2 per cent on Wednesday, was up 0.9 per cent, while Total Access Communication Pcl, which ended 3.4 per cent weaker in the previous session, traded 0.9 per cent up.

“Overall, we find no fresh catalyst for a clear direction on the Thai market, and maintain the view of sideways trading in the meantime. We recommend traders to stick with mid-caps and high dividend yield plays,’’ KGI Securities said in a note.

In Singapore, the stock index was down 0.5 per cent led by financials. Bucking the trend, Malaysia and Vietnam were up 0.03 per cent and 0.5 percent, respectively.

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