Southeast Asian shares weaker in cautious trade

Published: May 04, 2018 12:53:10 | Updated: May 08, 2018 12:27:44

File Photo (Collected)

Southeast Asian stocks were mostly lower on Friday, as investors turned cautious ahead of the release of US payrolls data later in the day.

The US jobs report for April will likely underscore labour market strength. Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists.

Indonesia's GDP growth rate likely was a touch weaker in 2018's first three months than in the previous quarter as lacklustre consumption continued to constrain the pace, a Reuters poll showed.

The country is due to release its annual GDP data on May 7, reports Reuters.

Indonesian stocks fell to their lowest since August 2017 as financials weighed, with Bank Central Asia falling 1.0 per cent and Bank Negara Indonesia declining 2.3 per cent.

An index of the country's 45 most liquid stocks fell nearly 1.0 per cent.

Foreign investors net sold $55.3 million worth of Indonesian stocks on Thursday, stock exchange data showed.

Singapore hit its lowest in over two weeks, with lenders DBS Group Holdings falling 1.7 per cent and United Overseas Bank sliding 1.3 per cent.

Malaysian shares shed 0.3 per cent on financials.

Index heavyweights CIMB Group Holdings fell 1.6 per cent, while Public Bank was off 0.6 per cent.

Markets are expected to closely watch the outcome of general elections scheduled next week.

Philippine shares were flat, while Thailand edged lower.

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