Malaysian shares fell for the third straight session to touch their five-week lows on Tuesday, and most other Southeast Asian stock markets pulled into negative territory in sluggish market turnover ahead of the outcome of the US presidential election.
Telecoms were underperformers on Malaysia's benchmark index after several brokers downgraded the sector due to its rich valuations, said a Kuala Lumpur-based trader.
Maxis, Axiata Group and Digi.Com, which comprise a combined 16 percent of the index, fell 2.5 percent, 2 percent and 1.2 percent, respectively.
Singapore's Straits Times index fell to the lowest close since September 11. Thai index was down 0.5 percent with energy stocks such as PTT remaining weak as uncertainty ahead of the US elections weighed on global oil market.
Among bright spots, the Philippine index edged up 0.3 percent, led higher by a 1.2 percent gain by the biggest firm by value, Philippine Long Distance Telephone (PLDT). PLDT posted flat quarterly profit growth on Tuesday.
Comments
Comments are closed.