Loading...

SE Asian stocks weak as China data hurts risk appetite

| Updated: November 16, 2017 11:54:54


File Photo (Reuters) File Photo (Reuters)

Most Southeast Asian stock markets were edged lower in cautious trading on Tuesday, as disappointing Chinese economic data and worries over US tax reforms hurt risk appetite.

However, the Vietnam index rose for an eighth session in a row, set for its longest winning streak in more than a year and moving closer to a decade high, reports Reuters.

Singapore shares fell 0.5 per cent, dragged by financials and consumer staples. Wilmar International Ltd and United Overseas Bank Ltd were the top drags on the index, down 4.2 per cent and 0.8 per cent, respectively.

Agribusiness company Wilmar International fell to its lowest in more than six weeks, after posting a 6. Per cent drop in third-quarter net profit.

Vietnam shares firmed 0.4 per cent, hitting a near-decade high, with losses in food processor Vietnam Dairy Products Joint Stock Co outweighed by gains in financials and real estate sectors.

Philippine shares inched 0.5 per cent lower and were on track for their third consecutive session of losses, with financials leading the decline.

BDO Unibank slipped 1.9 per cent, making it the biggest drag on the index.

Meanwhile, the Thai index inched up 0.5 per cent, snapping three consecutive session of losses, helped by gains in telecommunication services and real estate stocks.

Malaysian shares traded largely flat, with conglomerate Genting Berhad, down 2.0 per cent, being the biggest drag on the benchmark index.

Share if you like