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Southeast Asian stocks slip; Singapore hits record high

Published: April 29, 2019 14:27:57 | Updated: May 01, 2019 17:03:35


File photo (Collected)

Most Southeast Asian markets slipped on Monday as soft US inflation data eclipsed upbeat GDP numbers, while Singapore shares touched a near 11-month peak.

Singapore shares rose 2.9 per cent to their firmest level since June 2018 after the DBS Group Holdings, Southeast Asia's biggest lender, posted a record quarterly profit.

Oversea-Chinese Banking Corp Limited firmed to a near nine-month high, while United Overseas Bank Ltd saw its best session in nearly four weeks.

However, the rest of Southeast Asia seemed to shrug off upbeat GDP data from the world's largest economy, reports Reuters.

Malaysian stocks slipped 0.4 per cent to mark their worst session in nearly two weeks, while Thai shares dipped 0.2 per cent.

Energy stocks dominated the losses in Thailand as crude prices dropped again on Monday after slumping 3 percent in the previous session.

Index heavyweight PTT PCL slipped 0.5 per cent, while PTT Exploration and Production PCL slid 1.1 per cent.

Philippines stocks edged lower, while Indonesian shares were little changed.

Vietnam markets were closed for a regional holiday.

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