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​SE Asia Stocks-Most tumble on Wall St. drop; Vietnam edges higher

​SE Asia Stocks-Most tumble on Wall St. drop; Vietnam edges higher

Thursday, March 29, 2018, 11:01 GMT+7

Most Southeast Asian stock markets ended lower on Wednesday, after a tech selloff on Wall Street over tighter regulation dimmed hopes of a recovery in global equities that have been bruised of late by fears of a U.S.-China trade war.

U.S. tech stocks have been stressed lately over tighter regulatory concerns, stemming from data privacy-related issues surrounding Facebook, with 3 major U.S. indexes posting their fourth decline in five sessions

Privacy concerns over the social media giant aggravated on Tuesday when a whistleblower said Canadian company AggregateIQ had developed software to target Republican voters in the 2016 U.S. election.

MSCI's broadest index of Asia-Pacific shares outside Japan snapped its two-day gaining streak to fall 1.7 percent.

Singapore's benchmark index was the poorest performer amongst its peers, ending over 1.6 percent lower and posting its fifth loss in six sessions.

While all sectors fell, financials weighed on the benchmark the most, with bellwethers Oversea-Chinese Banking Corp and DBS Group Holdings, falling over 2 percent each.

Indonesian shares followed suit to end over 1 percent lower, falling for a fourth session in six. Financial stocks were the biggest losers, with Bank Negara Indonesia (Persero) posting its steepest drop in over a year.

Thai shares gained momentarily after Thailand's central bank raised its GDP forecasts for the year, but eventually finished 0.98 pct lower.

The Thai central bank upgraded its 2018 economic growth forecast, taking it to 4.1 percent from 3.9 percent seen in December, but left its benchmark interest rate unchanged as expected. However, the vote was split for the first time in nearly three years.

Philippine shares finished 0.8 percent lower, dragged by industrials, with SM Investments Corp slumping 3.3 percent.

The Vietnam index was the sole gainer, edging up a slight 0.04 percent, aided by real estate stocks.

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Reuters

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