Southeast Asian stocks subdued; Singapore shares falls

Published: July 02, 2019 12:51:59 | Updated: July 04, 2019 15:03:26

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Southeast Asian stocks were subdued on Tuesday, as worries over weakening manufacturing activity and slowing economic growth hit risk appetite and dimmed enthusiasm around the Sino-US trade truce.

However, Singapore shares fell 6.0 per cent, after a massive 1.5 per cent gain in the previous session, its highest in nearly two months. The index rose 8.1 per cent in the last one month.

Most large-cap stocks saw some profit taking, with Venture Corp down 1.9 per cent and lender DBS Group Holdings giving up 0.5 per cent, reports Reuters.

Meanwhile, Malaysia's index was the sole region which managed to post modest gains, rising 0.6 per cent.

Oil and gas refiner Petronas Dagangan added 1.2 per cent while electric utilities provider Tenaga Nasional rose 1.3 per cent.

The Indonesian benchmark inched higher with cigarette maker Gudang Garam Tbk and telecom company Indosat Tbk rising 1.7 per cent and 1.0 per cent, respectively.

Philippine stocks also rose, helped by gains in conglomerates such as SM Investments Corp and telco Globe Telecom Inc.

Thailand's index slipped, as falling energy prices put pressure on its heavyweight energy stocks. Vietnam's index also traded lower.

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