SINGAPORE: Southeast Asian stock markets fell on Monday, in line with their Asian peers as disappointing Chinese data and concerns ahead of a referendum that could see Britain exiting the European Union fuelled existing bearish sentiment.
Investors are also awaiting key central bank meetings this week in the United States, the UK, Switzerland and Japan.
All are expected to hold monetary policy steady against a backdrop of caution heightened by the global impact from a possible Brexit.
Asian shares fell to a two-month low after Chinese data released over the weekend offered nothing to reassure investors.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.6 percent, its biggest daily fall since April 5.
“I don't think it is linked to the Brexit, there is a possibility that people are worried about Chinese situation impinging on Southeast Asian growth, that slowdown in China will affect Southeast Asia," said Nirgunan Tiruchelvam, an analyst with
Religare Capital Markets.
“... but what's gonna drive Southeast Asia is the prospect of Southeast Asia emerging as an alternative source of growth to China and India in Asia."
Meanwhile, tension across the already grim U.S. atmosphere stiffened as a terrorist attack in a Florida gay club killed 50 people early on Sunday.
Singapore shares extended losses into a third straight session and hit a more than two-week low. Oil and gas stocks took a hit, with Keppel Corp down 2.86 pct and Sembcorp Industries 2.08 pct lower, as oil prices fell back below $50.
The Philippine stock index hit its lowest since May 31 and was headed for a third session of losses, while Malaysia fell for a fourth straight day, losing as much as 1.1 pct in early trading. - Reuters
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