SET closes lower, Singapore stocks hit 16-month low

SET closes lower, Singapore stocks hit 16-month low

The Stock Exchange of Thailand index ended lower, while Singapore shares dropped to its lowest close in more than 16 months on Friday.

Indonesian shares bounced back further in the session, but still ended the week down 2.8%, while the Philippines' 3.3% drop on the week was the steepest in the region.

Southeast Asian stock markets ended the week with steep losses as emerging market currency woes and global trade tensions sent investors fleeing from risky assets.

Rising US interest rates, worsening global trade environment and sell-off in emerging market currencies have pressurised global markets this year with no sight of immediate relief.

The SET index eased 4.45 points or 0.26% to end the week at 1,689.49, in turnover of 36 billion baht. Thai shares were weighed down by energy stocks, bringing the weekly drop to nearly 2%.

The Philippine central bank will take all actions necessary to deal with speculative activity to prevent sharp swings in the foreign exchange market, its governor said on Friday, as the peso hit a more than 12-year low against the dollar.

Philippine shares dropped to a two-week low in the session, as blue chips SM Investments Corp and Ayala Corp fell 2.2% and 2.9%, respectively.

Singapore shares fell to their lowest close in over 16 months, led by a decline in financial stocks as DBS Group Holdings and Oversea-Chinese Banking Corp declined 1% and 0.5%, respectively.

Thai shares closed lower, weighed down by energy stocks, bringing the weekly drop to nearly 2%.

Meanwhile, Indonesian shares extended gains to a second straight session.

Consumer products maker Unilever Indonesia jumped 5.7%, while diversified conglomerate Astra International rose 5.5%.

The index of the country's 45 most liquid stocks was up 1.9%.

Malaysian shares ended largely unchanged. The country's industrial output rose 2.6% in July from a year earlier, beating economists' forecast by a large margin, government data showed on Friday.


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