SE Asian stocks extend losses; Philippines slumps

Published: May 09, 2019 11:05:47 | Updated: May 11, 2019 10:41:04

Southeast Asian stocks extend losses on Thursday as investors remained edgy ahead of the crucial US-China trade talks, while the Philippine stock index fell nearly 2.0 per cent.

The Philippine index was the biggest loser in Southeast Asia, falling as much as 2.1 per cent after a disappointing first-quarter growth data.

The financial and industrial shares were the top losers, after data on Thursday showed that the country's economy grew at its weakest pace in four years in the first quarter, reports Reuters.

Malaysian shares fell about 0.7 per cent to their lowest since April 23, dragged by food and beverage products maker Nestle (Malaysia) and synthetic rubber gloves maker Hartalega Holdings, with both shedding more than 2.0 per cent.

Singapore fell 0.5 per cent to its lowest since April 2 led by consumer goods and industrials.

The city-state is most affected by the US-China trade turmoil in the region, as the two biggest economies in the world are its biggest export destinations.

Bucking the trend, Thai stocks edged higher, driven by Thai Optical Group's 20 per cent climb as it hit its highest in more than a year.

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