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Southeast Asian stocks edge lower ahead of G20 meeting

Published: June 25, 2019 12:08:26 | Updated: July 01, 2019 11:14:35


File Photo (Collected)

Southeast Asian stock markets slipped on Tuesday, ahead of key trade talks between presidents of the United States and China on the sidelines of a G20 summit this week.

Thai stocks declined 0.4 per cent on disappointing factory output data and ahead of a central bank policy decision on Wednesday, reports Reuters.

Factory output of the country dropped 3.99 per cent in May from a year earlier, dragged by lower production of cars and rubber products.

That compared with a forecast of 0.1 per cent fall in a Reuters poll, and against April's 2.03 per cent gain.

Meanwhile, the central bank is expected to keep benchmark policy rate steady for a fourth straight meeting, according to a Reuters poll, despite slowing growth and the way many Asian central banks have shifted toward easing policy.

PTT PCL and Advanced Info Service PCL dropped 1.0 per cent and 1.5 per cent, respectively.

Vietnam stocks dropped 0.2 per cent with financials accounting for most of the decline.

Indonesian shares gained 0.5 per cent after three consecutive sessions of losses, boosted by consumer and financial stocks.

A surprise trade surplus in May spurred hopes for improvements in the country's trade outlook despite the damaging Sino-US trade war.

Telekomunikasi Indonesia and Unilever Indonesia Tbk Pt gained 0.8 per cent and 1.3 per cent, respectively.

Philippine stocks edged up, heading for sixth straight sessions of gains.

Industrials and financials were among the top performers with SM Investments Corp and BDO Unibank Inc rising 0.4 per cent and 0.7 per cent, respectively.

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