The Stock Exchange of Thailand index dropped almost 1%, while most Southeast Asian stock markets fell on Friday, as US President Donald Trump's plan to press hefty tariffs on steel and aluminium imports sparked fears of a global trade war.
The SET index lost 18.15 points, or 0.99%, to close at 1,811.98, in trade worth 70.32 billion baht.
Data released earlier showed that the country's annual inflation rate eased in February, missing forecasts and keeping below the central bank's goal. This would give policymakers leeway to keep monetary policy loose to aid economic growth.
MSCI's broadest index of Asia-Pacific shares outside Japan sank 1.1% after Wall Street posted steep losses overnight.
"Given uncertainty whether the move presages a path of increased tariff application for the US, we expect risk sentiment to remain fragile for now," Mizuho Bank said in a note.
The diversion of supply from the US market will likely lower global steel prices, which should help the Asean economies as they are among the world's largest importers of steel, said Mizuho.
Philippine shares fell as much as 1.5% before cutting losses to close slightly lower. However, they posted their lowest close in 10 weeks.
Industrials accounted for about half the drop, with JG Summit Holdings Inc sliding 5% and LT Group Inc falling 3.1%.
Singapore shares dropped 1%, dragged mostly by financials. DBS Group Holdings Ltd, the city-state's biggest stock by market capitalisation, dipped 1.4% to a more than two-week closing low, while United Overseas Bank Ltd slipped 1%.
|
Southeast Asian stock markets |
|
||
|
|
Current |
Previous |
% change |
|
Thailand |
1,811.98 |
1,830.13 |
-0.99 |
|
Indonesia |
6,582.31 |
6.606.53 |
-0.36 |
|
Malaysia |
1,856.07 |
1,860.86 |
-0.26 |
|
Philippines |
8,458.57 |
8.465.77 |
-0.09 |
|
Singapore |
3,479.20 |
3,513.85 |
-0.99 |
|
Vietnam |
1,121.21 |
1.115.79 |
+0.49 |
