Most Southeast Asia stocks slip, Philippine shares climb

Most Southeast Asia stocks slip, Philippine shares climb

Most Southeast Asian stock markets closed lower on Friday, as weak economic data from China added to concerns over trade tensions, hurting investor sentiment.

China's economic growth in the third quarter slowed to 6.5%, its weakest pace since 2009 and below expectations, as a campaign to tackle debt risks and the trade war with the United States weighed on the economy.

The Stock Exchange of Thailand index dropped 15 points or 0.89% to close at 1,667,91, in trade worth 62 billion baht. Thailand's stocks were dragged down by its bank stocks, with Bangkok Bank Plc falling 0.9%.

Malaysian stocks closed 0.3% lower, weighed down by its telecom stocks.

The Malaysian government said on Thursday the country would see wider fiscal deficits and slower economic growth than earlier forecast through 2020.

Singapore stocks dropped in the session, closing the week 0.2% lower and marking their fourth straight losing week.

Yangzijiang Shipbuilding (Holdings) Ltd sank 13.8% in the session while palm oil producer Golden Agri-Resources Ltd lost more than 2%. 

Philippine shares rose marginally in the session, bringing their weekly gain to 2.1% and posting their first weekly gain in seven. Real-estate shares boosted the index in the session, with sector heavyweight Ayala Land Inc gaining 0.7% and land developer Robinsons Land Corp adding 1.2%.

Indonesian shares posted a weekly loss, after two consecutive weeks of gains. Cigarette maker Gudang Garam Tbk shed 1.2% in the session, while telecom stock Telekomunikasi Indonesia Tbk lost 0.8%.

Do you like the content of this article?
COMMENT