Singapore drops on growth fears; Thailand extends falls
BENGALURU: Singapore shares posted their lowest close in two weeks on Tuesday after local media reported the economy might see some quarters of contraction, quoting a government minister.
The government still expects the economy to grow 1 to 2 percent for the full year, but on the lower side of the forecast range, said Trade and Industry Minister Lim Hng Kiang.
Financials shed 0.3 percent after the city-state asked Swiss wealth manager Falcon Private Bank Ltd to cease operations and fined lenders DBS Bank and UBS AG over lapses in its biggest crackdown on entities dealing with Malaysian sovereign fund 1MDB.
MSCI’s broadest index of Asia-Pacific shares outside Japan retreated 1.1 percent after creeping higher in the previous session as investors saw less likelihood of Republican nominee Donald Trump winning next month’s U.S. presidential election.
Thai shares extended falls, declining 1 percent to their lowest close in a month, with consumer and industrial stocks pulling down the index. Siam Cement Pcl shed 2 percent.
Foreign investors cut Thai bond holdings by 9.2 billion baht ($263.8 million) in the first 10 days of October, showed Reuters calculations based on data from the Thai Bond Market Association.
Indonesian shares gained 0.4 percent after a survey by the central bank showed annual retail sales in August grew at a much faster pace of 14.4 percent.
Gains were led by energy and consumer staples stocks with cigarette maker Hanjaya Mandala Sampoerna Tbk PT closing 1.5 percent higher.
Philippine stocks fell for the fifth straight session and posted their lowest close since mid-June, with Manila Electric and JG Summit Holdings declining about 2 percent and 3 percent, respectively.
The country’s exports continued to decline in August, although at a slower pace, while imports rose 12.2 percent, trade data released on Tuesday showed. – Reuters