[ad_1]
SINGAPORE: Most Southeast Asian stock markets fell on Thursday as tensions from the chairman of the US Federal Reserve. USA They aggravated fears of a delay in economic recovery due to the increase in coronavirus cases in countries that alleviate blockades.
The top three US stock indices USA They ended lower overnight after Fed Chairman Jerome Powell warned of an “extended period” of weak economic growth, signaling uncertainty about how well future outbreaks of the virus can be controlled.
“Warnings of prolonged economic weakness on the part of Fed Chairman Jerome Powell further dampened sentiment this week, weighing on Wall Street and also dragging Asian markets lower at the weekend,” said Jingyi Bread, IG market strategist.
Shares in Singapore, a benchmark for world trade, fell 1.4% to their lowest level since April 27. Consumer stocks dominated losses, with agricultural business group Wilmar International falling 2.3%, while resort operator Genting Singapore fell 2% after quarterly earnings fell.
In addition to concerns about the pandemic, the World Health Organization said the coronavirus will never go away.
The Philippine index fell 0.8%, set for a third straight session of losses. The country’s government said on Wednesday that the gross domestic product is expected to decrease 2% to 3.4% this year, the first contraction in more than two decades.
Shares of the conglomerate GT Capital fell 3.1%, while those of Ayala Corp were down 2.8% after posting a 17% drop in first-quarter earnings.
In Malaysia, the benchmark index fell 0.3% after data showed on Wednesday that the economy will contract in the second quarter as the coronavirus catches up with exports and domestic demand.
Among the top losers are palm oil planter Sime Darby Plantation Bhd, which fell 3.1%, and Malaysian airports fell 2.8%. – Reuters
[ad_2]
