By Sindhu Chandrasekaran
March 27 Most Southeast Asian stock markets
ended lower on Monday as U.S. President Donald Trump's defeat on
a crucial healthcare bill fanned concerns about his ability to
push through tax cuts and fiscal spending to boost economic
Trump suffered a stunning political setback on Friday in a
Congress controlled by his own party when Republican leaders
pulled legislation to overhaul the healthcare system, a major
2016 election campaign promise of the president and his allies.
His failure to get enough support to "repeal and replace"
the Obamacare health insurance reforms has raised questions
about the Republican Party's capacity to govern effectively.
"The failure of the Trump government - the push for their
own healthcare - has resulted in mixed results in the regional
markets today," said Manny Cruz, an analyst with Manila-based
Asiasec Equities Inc.
"So, we are waiting for some developments before moving back
to these markets."
The political setback in the United States spurred a rush to
safe-haven assets such as gold. Gold rose more than 1
percent to a one-month high after the dollar
In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan fell as much as 0.3 percent.
Singapore shares ended 0.5 percent lower, snapping
two sessions of gains, with real estate and industrial stocks
leading the losses.
Real estate company CapitaLand Ltd and Jardine
Cycle & Carriage Ltd shed 1.4 percent and 0.6 percent,
Philippine shares closed 0.3 percent lower, weighed
down by industrial and financial stocks. SM Investments Corp
declined 1.1 percent, while Metropolitan Bank & Trust
Company fell 3.1 percent.
Indonesia finished the session 0.5 percent lower,
with financials accounting for more than half the losses.
Vietnam rose as much as 0.5 percent to its highest
since February 2008 before trimming gains to close marginally
higher. FLC Faros Construction Joint Stock Company was
the biggest percentage gainer with a rise of 1.3 percent.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
Market Current previous Pct Move
Singapore 3126.88 3142.9 -0.51
Bangkok 1570.5 1573.51 -0.19
Manila 7245.97 7269.62 -0.33
Jakarta 5541.202 5567.134 -0.47
Kuala Lumpur 1744.95 1745.75 -0.05
Ho Chi Minh 723.52 722.14 0.19
Change on year
Market Current End 2016 Pct Move
Singapore 3126.88 2880.76 8.54
Bangkok 1570.5 1542.94 1.79
Manila 7245.97 6840.64 5.9
Jakarta 5541.202 5296.711 4.62
Kuala Lumpur 1744.95 1641.73 6.29
Ho Chi Minh 723.52 664.87 8.8
(Reporting by Sindhu Chandrasekaran; additional reporting by
Urvashi Goenka; Editing by Subhranshu Sahu)