Business

SE Asia Stocks: Fall on Fed, China data jitters; S’pore, Thailand hit 2-wk low

BANGKOK, May 23 – Southeast Asian stocks fell today, with Singapore marking its worst week since November 2012 and Thai stocks at their lowest close in more than two weeks, as worries over the future of US monetary stimulus and weak Chinese data dented global sentiment.

Singapore, Thailand and Malaysia saw weakness in large caps such as Singapore Telecommunications Ltd, Siam Commercial Bank Pcl and CIMB Group Holdings as investors cut holdings in risk assets ahead of a long weekend.

Singapore’s Straits Times Index dropped 1.8 per cent to 3,393.17, the lowest close since May 7. It fell 1.6 per cent on the week. Malaysia’s main index slid 0.6 per cent on the day, trimming its gain on the week to 0.2 per cent.

Thai SET index ended down 1.5 per cent at 1,607.46, sinking 3 per cent below the key 1,600 mark at one point. It saw a weekly loss of 1.3 per cent, partly due to caution ahead of the central bank’s policy rate review next week.

The Thai, Singapore and Malaysian stock markets are shut on Friday, and will reopen on Monday. – Reuters

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