Asean stocks lower tracking Asian shares, Wall Street
SINGAPORE, Aug 18 — South-east Asian stock markets fell today, tracking losses in Asia and Wall Street overnight as worries grew over US President Donald Trump’s ability to push through his economic agenda.
Concerns have increased following the exodus of executives from two prominent business councils in protest over Trump’s remarks on white nationalists and as he abandons plans to create an infrastructure advisory council, putting in doubt his economic goals such as tax cuts and infrastructure spending.
Wall Street’s three major indexes slumped between 1.2 per cent and 1.9 per cent, while Asian shares
dropped 0.7 per cent, with sentiment also taking a hit after a van mowed through crowds of tourists in Barcelona yesterday, killing at least 13 people.
In South-east Asia, Philippine shares fell after four straight sessions of gains, hurt by real estate and financials.
Index heavyweight Ayala Land slipped as much as 1.5 per cent, while conglomerate Ayala Corp lost 2 per cent.
“The markets followed Wall Street…,” said Fio Dejesus, an equity analyst with the Manila-based RCBC Securities. “The catalyst for the Wall Street (fall) is really political and the lack of clarity that stems from Donald Trump’s comments…”
Singapore fell as much as 0.6 per cent, extending losses for a fourth day, as financials and industrials lost ground.
Jardine Matheson Holdings fell 1.9 per cent, while Yangzijiang Shipbuilding Holdings was down 1.6 per cent.
Malaysian stocks edged down, dragged lower by materials and consumer discretionary stocks. Genting Bhd fell 1.2 per cent, while telecom company Axiata Group dropped 0.8 per cent.
Thai stocks fell as much as 0.2 per cent, hurt by industrials, while Indonesia was down marginally. — Reuters