South-east Asian markets subdued as investors remain cautious
South-east Asian markets were subdued yesterday as investors remained cautious ahead of the New Year, offsetting optimism about the Phase 1 Sino-US trade deal, while Indonesia snapped a four-day rally dragged down by tech and utility stocks.
Trading remained largely subdued as "the overall picture looked one of book squaring and profit-taking in Asia with investors preferring to wait until next week before loading up on the first trades of a new decade," said Mr Jeffrey Halley, Oanda's Asia- Pacific senior market analyst.
1.7 PER CENT RISE
The Indonesian benchmark ended lower as it snapped four straight sessions of gains, with technology and utilities weighing down on the index.
The benchmark had added 1.3 per cent in the past four sessions and is up 1.7 per cent for the year.
The Thai benchmark index was little changed after data showed that its export slump widened in November.
Singapore stocks reversed early gains to end flat, as a rise in industrials was capped by losses in financials.
Index heavyweight Singapore Telecommunications climbed as much as 0.9 per cent after it said it is partnering with ride-hailing firm Grab Holdings to apply for a digital full banking licence in Singapore.
The move comes amid the country's biggest push for liberalisation of its banking sector in two decades.- REUTERS
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