Indonesia stocks hit 9-month closing low, SET drops

Indonesia shares hit a nine-month closing low on worries of an economic slowdown, while the Stock Exchange of Thailand index dropped again on Friday

Other Southeast Asian markets fell on caution ahead of US payrolls data.

US job growth likely accelerated in April.

Resilience in the US economy could prompt the Federal Reserve to increase the pace of its rate hikes, potentially drawing capital away from regional markets.

Investors were also keeping a close watch on US-China trade talks.

The Jakarta index hit a near nine-month closing low. Bank Central Asia fell 1.2% and Bank Negara Indonesia dropped 3.2%.

The index fell 2.1% over the week.

An index of the country's 45 most liquid stocks was down 1.5%.

Indonesia's GDP growth rate likely was a touch weaker in 2018's first three months than in the previous quarter, a Reuters poll showed. The country is due to release its annual GDP data on May 7.

Foreign investors net sold $60.4 million worth of Indonesian stocks on Friday, according to stock exchange data.

"We suspect the murky economic outlook amid low inflationary pressures have triggered the selloff. Further, we remain concerned that Bank Indonesia may be too much behind the yield curve," said Taye Shim, head of research at Mirae Asset Sekuritas.

The SET main index eased 10.93 points or 0.61% to close at 1,779.87, in trade worth 55.85 billion baht. Thai shares were down for the day, but ended the week marginally higher.

Malaysian shares closed 0.5% lower as financials weighed. CIMB Group Holdings fell 3.3% and Malayan Banking dropped 0.8%.

The index fell more than 1% this week.

Meanwhile, all eyes are on the outcome of general elections scheduled next week for fresh cues.

"Investors will be looking forward to policy continuity which will be crucial to ensuring economic stability," DBS Bank said in a note.

Singapore shares closed at their lowest in over two weeks as financials declined. The index snapped five straight weekly gains and ended the week lower.

"For Singapore, traders may be adopting a buy-on-dip strategy, while keeping positions light. Ultimately, it's a fight between corporate earnings and interest rates," said Liu Jinshu, director of research at NRA Capital in Singapore.

Philippine shares cut early losses and ended marginally higher buoyed by industrials. The index fell for its fifth straight week.

Philippine consumer prices accelerated in April at their fastest pace in at least five years.