Southeast Asian stocks subdued ahead of regional trade

Published: June 24, 2019 13:03:12 | Updated: June 26, 2019 12:13:38

File Photo (Reuters)

Most Southeast Asian stock markets were subdued on Monday as investors awaited economic data from Singapore and Indonesia and further developments in the Sino-US trade talks.

Stock markets in the region saw lacklustre trade, also ahead of an expected meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit.

Oil prices held firm near three-week highs hit last week after the US and Iran came to the brink of war following Iran's shooting down of an unmanned US surveillance drone.

Singapore stocks dropped 0.3 per cent ahead of inflation data, with industrials and financials weighing on the index. The index is on track to snap four straight sessions of gains, reports Reuters.

Indonesian stocks traded sideways ahead of the release of trade data. The country’s trade deficit is expected to have narrowed in May, a Reuters poll showed.

Malaysian stocks dropped 0.4 per cent, dragged by telecom stocks.

Shares of Axiata Group Bhd and Maxis Bhd shed 1.8 per cent and 1.4 per cent, respectively.

The Philippine index rose 0.2 per cent and was set for its fifth consecutive session of gain, boosted by real estate stocks.

Ayala Land Inc gained as much as 2.1 per cent rising to a near three week high, while SM Prime Holdings Inc gained 1.2 per cent.