Most Southeast Asian stocks closed lower on Monday, as risk appetite took a hit on concerns over Britain's likely exit from the European Union and on disappointing Chinese data, prompting investors to flock to safe havens such as gold and the yen.
The safe-haven yen strengthened across the board, hitting a three-year high against both the euro and sterling, while gold hit 4-week highs on Monday.
Investors were also wary ahead of meetings by the US Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan later this week.
All are expected to hold monetary policy steady against a backdrop of caution heightened by the global impact of a possible Brexit.
Fears Britain is on the verge of voting to leave the European Union next week spread through global financial markets, sending Asian and European shares sharply lower and the pound to an eight-week low.
"The cross-Atlantic equity bear markets have somehow translated into wider Asia as well, and have dampened the overall global risk appetite," said Vishnu Varathan, a senior economist with Singapore-based Mizuho Bank Ltd, adding markets will now focus on the number of Fed rate increases this year.
"Currently, it is about two more rate hikes for this year. Whether or not it comes through will determine the risk appetite going forward. For now, I think markets would be rather safe than sorry."
Nirgunan Tiruchelvam, an analyst with Religare Capital Markets, however said weak Chinese data led Southeast Asian shares lower.
"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."
Growth in China's fixed-asset investment slipped below 10% for the first time since 2000 in January-May as a boost from record credit growth seems to be quickly fading, putting expectations of further stimulus back on the table.
Singapore shares closed more than 1% lower, dragged down by energy stocks, as global oil prices fell on Monday.
Vietnam closed down nearly 1%. Malaysia ended 0.7% lower and Indonesia was down 0.8%
The Philippine index snapped two days of losses to close up 0.6%.