Singapore stocks fall again on Thursday, dragged down by industrials and financials. (Reuters photo)
Singapore shares fell for a fourth straight session on Thursday, dragged down by industrials and financials, while Philippine stocks rose for a second time in three days.
Asian shares hovered above two-month lows as some high-tech bellwethers bounced back after a searing sell-off although softer oil and copper prices and uncertainty over US policy kept many investors cautious.
Investors are looking to final tax reform legislation in the United States, where a potential US government shutdown looms if Congress fails to agree on a spending package.
Singapore’s FTSE Straits Times Index, which had shed 1.5% this week as of Wednesday’s close, closed 0.3% lower.
“Yesterday was quite bad… I guess it was part of the broader selloff… So I think now it’s just waiting for the next catalyst, which is the Senate and House having to reconcile their tax bill,” said Joel Ng, an analyst at KGI Securities in Singapore.
Jardine Matheson Holdings dropped 2.2% and Jardine Strategic Holdings declined 2.9%. However, property stocks rose with City Developments climbing 4.6%.
“They are probably rangebound at this level, so I think you are starting to see investors coming in, in view of the positive outlook over the next few years for property,” Ng added.
Philippine shares closed more than half a percent higher, helped by gains in telecom and energy stocks. PLDT Inc rose 1.7%, while Semirara Mining and Power Corp jumped 7%.
Indonesian shares closed 0.5% lower, snapping three consecutive sessions of gains, with financials leading the decline.
An index of the country’s 45 most liquid stocks dropped 0.6%.
Malaysian stocks closed little changed with a 6% rise in Sime Darby Plantation negating losses in Telekom Malaysia and IJM Corp Bhd.
Vietnam dropped 1%, extending falls into a third session, hurt by losses in Vietnam Dairy Products JSC and Saigon Beer Alcohol Beverage Corp.
Southeast Asian stock markets