Banking stocks were among the biggest drags on the index with Public Bank Bhd dropping 1.2% and CIMB Group Holdings Bhd falling to its lowest in a year.
Meanwhile, data from the US showed that consumer confidence declined in March with homebuilding falling more than expected in February, pointing towards a slowdown in economic activity. “Soft economic data reminded us that a global cyclical downswing is hitting the US as well, although to a lesser extent,” said Margaret Yang, markets analyst at CMC Markets, Singapore, in a note.
In Indonesia, consumer staples and real estate stocks weighed most on the benchmark index. It fell 0.2%.Yesterday, Vietnam Ministry of Planning and Investment said the country received $4.1 billion in foreign direct investments in the first quarter of this year, up 6.2% from a year earlier. Singapore’s index was up 0.3%, buoyed by financials stocks. United Overseas Bank Ltd rose as much as 1% while DBS Group Holdings Ltd added 0.6%.