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Most Southeast Asian stock markets were down on Thursday, with Thailand hovering near its three-month low hit on Tuesday, as escalating tensions in West Asia and losses on Wall Street dented investor sentiment.
Risk appetite was hit from news Saudi Arabia and its Gulf Arab allies had launched air strikes in Yemen against Houthi fighters who have tightened their grip in the southern city of Aden.
Thailand’s SET index had lost 0.1 per cent by midday, led by financials. Indonesia’s Jakarta Composite Index was down 0.1 per cent, Malaysian stock index traded marginally lower, and Vietnam’s benchmark VN Index eased 0.4 per cent, led by blue-chips, including energy stocks.
Weakness in regional currencies with Malaysia’s ringgit and Indonesia’s rupiah down on corporate dollar demand, also weighed on stocks.
The Philippine peso eased ahead of the central bank’s policy meeting later in the day when the authority is expected to keep interest rates unchanged.
The Philippine stock index recovered from early losses and had gained 0.3 per cent by midday. Singapore’s key stock index outperformed other markets in the region with a 0.5 per cent gain.
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