Public Islamic Asean Growth Fund will invest up to 98% of its net asset value (NAV) in a portfolio of Shariah-compliant investments primarily in the Asean markets.
SINGAPORE: Southeast Asian stock markets inched lower on Friday, tracking weakness in broader Asia on concerns about China's growth, trade disputes, rising U.S. interest rates and Italy's free-spending budget.
China's third-quarter economic growth slowed to its weakest pace since the global financial crisis, and missed expectations, as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 percent weaker, while the Shanghai Composite index fell as much as 1.5 percent to its lowest since Nov. 21, 2014.
Malaysian shares declined 1.1 percent to a one-week low, before erasing some of the losses. Telecom stocks were the top losers with Telekom Malaysia Berhad
shedding 3.2 percent and Maxis Berhad declining 2 percent.
"We attribute the early losses to a knee-jerk reaction over the 1.3 percent drop in the Dow Jones Industrial Average overnight," said Kifni Kamaruddin, chief strategist at MIDF Research.
Investors remained cautious, especially in view of the heightened market volatility seen on Wall Street, and for the rest of the day, cues may likely emerge from foreign economies, he added.
Singapore shares edged lower, dragged by Yangzijiang Shipbuilding (Holdings) Ltd, which fell 11 percent, and palm oil processor Golden Agri-Resources Ltd, which declined 4.1 percent. The key benchmark stock index was down 0.2 percent for the week.
Philippine shares were down after three straight sessions of gains, hurt by industrial and real estate stocks.
Property and retail conglomerate SM Investments Corp fell 0.9 percent, while index heavyweight Ayala Land Inc declined 0.5 percent.
Indonesian shares slipped for a second session in a row, with sector heavyweight Telekomunikasi Indonesia Tbk shedding 1.3 percent and Bank Central Asia Tbk PT declining 0.5 percent.
Vietnam shares were the biggest losers in the region with a drop of up to 1.8 percent. Oil and gas company Petrovietnam Gas Joint Stock Corporation dropped 3.1 percent, while Vingroup Joint Stock Company fell 1.1 percent. - Reuters
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