SE Asian stocks subdued; Philippines, Singapore extend falls

Published: October 09, 2018 14:38:06 | Updated: October 11, 2018 16:01:03


Southeast Asian stock markets were subdued on Tuesday, tracking weakness in broader Asia as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets.

The IMF added to concerns about trade war risks by cutting forecasts of global growth for both this year and next, including downgrades to the outlook for the United States, China and Europe.

MSCI's broadest index of Asia-Pacific shares outside Japan declined to a near 17-month low.

Philippine shares extended falls into a fourth session and hit their lowest in more than three months, dragged by industrials and financials, reports Reuters.

Conglomerate Ayala Corp declined 2.2 per cent, while Aboitiz Equity Ventures fell 3.8 per cent.

Singapore shares extended losses into a fourth session, with Thai Beverage PCL shedding 2.9 per cent and Hongkong Land Holdings declining 0.6 per cent.

Among gainers, Thai shares edged higher after five straight sessions of falls, helped by energy stocks.

PTT Exploration and Production advanced 2.1 per cent.

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