|Published : 17 Apr 2017, 13:05:07 | Updated : 17 Apr 2017, 13:12:43|
SE Asian stocks fall as investors take focus off risky assets
Most Southeast Asian stock markets fell on Monday as investors sought refuge in safe-haven assets in the wake of mounting geopolitical tensions.
Singapore shares fell 0.9 per cent and were the worst performers in the region. The Singapore market was closed on Friday for a holiday.
Losses were broad-based with industrials, financials and telcos being the worst performing sectors.
Telecommunications firm StarHub Ltd and real estate operator City Developments Ltd fell about 2.0 per cent each and were the biggest losers on the index.
Philippine shares, which gained 0.6 per cent last week in their third straight weekly gain on the back of strong net foreign inflows fell 0.5 per cent.
Analysts say they believe the spate of gains resulted in profit booking.
Megaworld Corp, which was one of the biggest gainers last week, was the worst performer on the index.
Telco PLDT Inc, a heavyweight in the telecommunications sector and on the index, was 2.0 per cent lower.
Thai shares fell 0.6 per cent, dragged down by energy and consumer stocks, while Malaysia and Vietnam eked out small gains.