SET snaps three-session gaining streak
Singapore, Indonesia stocks drop amid China growth fears
published : 30 Aug 2018 at 17:31
writer: Bangkok Post and Reuters
The Stock Exchange of Thailand index ended marginally lower, snapping a three-session gaining streak, while Singapore and Indonesia tracked broader Asian shares lower on Thursday as fears of cooling economic growth in China amid its trade spat with the United States dampened investor sentiment.
Activity in China's vast factory sector likely slowed for the third straight month in August as domestic demand remained weak and exporters faced rising uncertainties from the escalating trade war with Washington, a Reuters poll showed.
The deadline for public comment on US President Donald Trump's tariffs on another US$200 billion of Chinese goods is on Sept 5, with the new measures possibly taking effect next month.
The SET index dropped 1.83 points or 0.11% to 1,720,43, in trade worth 42 billion baht. The index snapped a three-session gaining streak, weighed down by consumer staples and energy stocks.
Indonesian shares closed 0.8% lower, paring early gains, on broad-based losses as the rupiah continues to lose ground.
Indonesia's central bank has intervened in the foreign exchange market to keep the rupiah from depreciating too fast and too sharply, an official said on Thursday. The currency has lost about 7% this year.
The index of the country's 45 most liquid stocks was down more than 1%. Telekomunikasi Indonesia fell 2%, while Bank Negara Indonesia declined nearly 3%.
Singapore shares ended lower for a second consecutive session, weighed down by industrials and financials.
United Overseas Bank and Jardine Matheson Holdings fell 1.4% and 2%, respectively.
Philippines index climbed to an over three-month closing high, on gains in financial stocks.
Metro Pacific Investments Corp was the biggest boost to the benchmark, rising 5.4%, while GT Capital Holdings added 4.5%.
Malaysian shares were largely flat as losses in telecom stocks offset gains in financials and energy.
Telekom Malaysia was the biggest drag on the index, sliding more than 7%.