The Financial Express

Southeast Asian stocks subdued

| Updated: May 22, 2018 11:15:41

File Photo (Reuters) File Photo (Reuters)

Southeast Asian stock markets were mostly muted on Wednesday in line with broader Asia as Wall Street took a breather after its record-setting run.

Broader Asian stocks came off an all-time high as weaker oil and commodity prices hurt resource shares, after US energy stocks took a hit overnight on a drop in oil prices from three-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent as of 0415 GMT, reports Reuters.

Singapore shed as much as 0.3 per cent as financials fell, putting the index on track for its first losing session in four.

Singapore's top lenders Oversea-Chinese Banking Corp and DBS Group lost 0.6 per cent and 0.4 per cent, respectively.

Malaysian shares lost as much as 0.3 per cent, with power generator Tenaga Nasional shedding 0.6 per cent and telecom Axiata Group retreating 1.4 per cent.

Meanwhile, Thai shares reversed early losses to inch higher, as gains in real estate stocks more than offset losses in energy stocks.

Petroleum explorer PTT Exploration and Production fell as much as 2.7 per cent while Land and Houses PCL gained 4.5 percent to touch its highest in well over four years.

Philippine shares were set for a fourth straight session of gains as Ayala Corp gained 2.2 per cent and International Container Terminal Services firmed 3.4 per cent.

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