A Investment Management said despite the volatility in the markets and concerns over the trade wars,
SINGAPORE: Most Southeast Asian stock markets fell on Wednesday, as a continued selloff on Wall Street and plummeting oil prices stoked uncertainty over the global economy, sending investors fleeing risky assets.
All three U.S. stock indexes slumped on Tuesday as a 6 percent plunge in oil prices pulled energy stocks lower and retailers sank after weak earnings and forecasts.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.55 percent.
Philippine stocks dropped 1 percent, on track to snap five consecutive sessions of gains, with industrials and financials weighing down the market.
Conglomerate SM Investments Corp shed as much as 2.7 percent, after three sessions of gains, while Bank of the Philippine Islands dipped 2.7 percent.
Indonesian shares dropped 0.6 percent as trading resumed after a holiday on Tuesday.
Financials and consumer goods stocks dropped, with Telekomunikasi Indonesia (Persero) losing as much as 2.5 percent, and conglomerate Unilever Indonesia Tbk PT falling 3.2 percent.
Malaysian shares, which also resumed trading after Tuesday’s holiday, retreated 0.8 percent, with Malaysia Airports Holdings Bhd
and IHH Healthcare Bhd falling as much as 3.3 percent and 3.1 percent, respectively.
Thai shares edged 0.4 percent lower, dragged down by losses in energy stocks such as PTT PCL, which dropped as much as 1 percent.
Thailand is expected to post a trade deficit of $190 million in October, compared with September’s surplus of $490 million.
The data is due later in the day.
Singapore shares edged higher, as lenders such as Oversea-Chinese Banking Corp and United Overseas Bank Ltd climbed marginally. - Reuters
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