SET snaps five straight weekly gains

Thai sharies closed almost 1% lower, snapping three straight sessions of gains, while most other Southeast Asian stock markets were subdued in the absence of supportive news.

The SET index loses 16.52 points or 0.96% to close at 1,705.96 on Friday. (set.or.th)

The Stock Exchange of Thailand index lost 16.52 points or 0.96% to close at 1,705.96, in turnover worth 55 billion baht, with consumer staples and energy stocks leading the decline. 

Convenience store operator CP All Plc fell 3.7% and PTT Exploration and Production shed 2.1%.

For the week, the SET fell 0.4% after five straight weeks of gains.

Singapore’s FTSE Straits Times Index closed 1.3% lower, but posted a rise of 0.6% for the week in their fourth weekly gain in five.

Financials were the top losers on Friday with DBS Group Holdings Ltd shedding 1.6%, while Oversea-Chinese Banking Corp Ltd declined 1.7%.

Among other losers, Keppel Corp Ltd fell 2.9%.

“Investors are generally cautious after more muted guidance from companies following the release of second-quarter results.

Most companies generally met expectations. However, the tariffs being implemented by China and the United States are starting to impact the real economy,” said Liu Jinshu, director of research at NRA Capital. 

Global trade tensions deepened following Washington’s threat that it would impose fresh sanctions on Russia after it found that Moscow had used a nerve agent against a former Russian double agent and his daughter in Britain.

Oil prices declined on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel.

“Oil prices are dipping towards recent lows, and this could increase headwinds to the offshore marine sector and Singapore banks’ loan portfolio,” said Wei Liang Chang, an FX strategist with Mizuho Bank.

Philippines stocks erased early gains to close marginally lower, dragged by financials.

Ayala Corp was the biggest drag on the index with a drop of 2.5%, while International Container terminal Services declined 2.8%.

For the week, Philippine shares closed marginally lower, snapping four consecutive weekly gains.

Indonesian shares closed higher for a second session in three and posted their third consecutive weekly gain.

Consumer products maker Unilever Indonesia was the biggest contributor with a gain of 1.3%, while Bank Rakyat Indonesia rose 1.8%. 

An index of the country’s 45 most liquid stocks climbed 0.3%.

Article source: https://www.bangkokpost.com/business/finance/1519374/set-snaps-five-straight-weekly-gains

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