Most Southeast Asian stock markets were flat to lower on Friday, tracking broader Asian and Wall Street peers, while Thailand posted its fifth straight session of losses. Asian stocks slipped, tracking overnight losses on Wall Street triggered by a selloff in shares of department stores. Thai shares fell 0.4 percent to their lowest level in nearly a month, dragged down by financials and energy stocks. The index is down 1.6 percent on week.
Energy Earth Public Company Ltd and Thantawan Industry Public Company were the biggest losers on the benchmark. "Regional markets are following the movements in the US markets last night," said Lester Azurin, AVP - senior analyst at AB Capital Securities. Singapore shares dropped 0.5 percent with financials such as United Overseas Bank and Oversea-Chinese Banking Corp dominating losses. The index ended higher for a third straight week.
Noble Group shares slumped more than 30 percent, after shedding 33 percent in the previous session. The Singapore-listed commodity trader lost half its value this week after reporting a quarterly loss, stoking worries about the company's financial strength. Founder Richard Elman stepped down from the role of executive chairman. Bucking the trend, Indonesia snapped two straight sessions of losses and closed 0.4 percent. Miner PT Bumi Resources Minerals Tbk and offshore support vehicle leaser PT Logindo Samudramakmur Tbk led the gains on Friday.
Indonesia's retail sales in March grew 4.2 percent from a year earlier, a faster pace than in February, a survey by Bank Indonesia showed on Wednesday. A survey of 700 retailers in 10 major cities predicted that April's annual retail sales growth would be 5.4 percent. Philippines, Vietnam and Malaysia were flat.
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