Bangkok : SE Asia stocks cautious as North Korea worries mount

South Korea’s naval ships take part in a military drill for possible attack from North Korea on Tuesday. Southeast Asian stock markets were subdued as tensions on the Korean peninsula. (Reuters photo)

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6 Sep 2017 | Writer : Reuters

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Southeast Asian markets were subdued on Wednesday as tensions surrounding North Korea continued to escalate while global powers remained uncertain in their response to Pyongyang’s latest nuclear test.

South Korean President Moon Jae-in told Russian leader Vladimir Putin on Wednesday that the situation on the Korean peninsula could become unpredictable if Pyongyang did not halt its “provocative actions” after its sixth and largest nuclear bomb test.

“Reports suggest that there may be further missile tests by North Korea over the weekend. So the investors are adopting a wait-and-see attitude,” said Liu Jinshu, Director of Research at NRA Capital.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%.

Philippine shares snapped four consecutive sessions of gains to close down 0.8%.

Industrials and financials were the biggest drags on the index with SM Investments falling 1.9% and Bank of the Philippine Islands closing 1.5% lower.

Singapore shares fell 0.6%, hurt by losses in financials.

Oversea-Chinese Banking Corp fell 1.1%, dragging down the index, while DBS Group Holdings fell 1.2%.

Malaysian shares gained after data earlier in the day showed the country exports in July rose 30.9%, far exceeding expectations.

Indonesian shares fell 0.1%.

Bangkok Post

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