SET drops, Philippines slides to over 11-month low

The Stock Exchang of Thailand and Philippine indexes slumped, while other markets in Southeast Asia were cautious on Tuesday as investors weighed up a mixed bag of economic data out of China.

The SET main index was 11.64 points or 0.66% off to close at 1,755.53, in trade worth 54.73 billion baht. The biggest losers included CPL Plc, which fall 4.31% to 83.25 baht, and Siam Cement Group Plc, which dropped 1.23% to 482 baht.

Philippine shares closed 1.9% lower, marking a third consecutive session of losses.

There has been strong selling in the Philippines since late February, said Fio Dejesus, an analyst at Manila-based RCBC Securities.

Although consolidation began last month, investors still seem bearish, he said, adding the index might pick up from the 7,500 level.

The index has fallen 9.8% so far this year. Financials were among the biggest losers, with BDO Unibank Inc, SM Investments Corp and Bank of the Philippine Islands falling between 1.7% and 3.6%.

China's economy grew 6.8% in the first quarter of 2018 from a year earlier, official data showed, unchanged from the previous quarter. But separate data showed March industrial output missed expectations and first-quarter fixed-asset investment growth slowed, tempering equity market sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5%.

In other Southeast Asian markets, Indonesian shares were little changed as losses in financials outweighed gains in energy stocks.

Bank Mandiri (Persero) Tbk PT fell 2.2%, but losses on the index were capped by a 4.4% gain in United Tractors Tbk PT.

Singapore shares closed marginally higher. Top lender Oversea-Chinese Banking Corp Ltd climbed 1% to a near-four-week high, while DBS Group Holdings Ltd closed up 0.6%, hitting its highest in nearly five weeks.

Malaysian shares clocked their eighth winning session in nine, ending up 0.1% after hitting their highest in three and a half years earlier.

Gains from lender CIMB Group Holdings Bhd and telecom company DiGi.Com Bhd kept the index afloat.

Vietnam shares closed up 0.4%.