SINGAPORE, Nov 30 — South-east Asian stock markets were downcast today as broader Asian equities fell sharply on a selloff in technology heavyweights, with Singapore falling the most.
MSCI's broadest index of Asia-Pacific shares outside Japan retreated over 1 per cent after US technology stocks posted steep losses overnight as investors shifted to financials and other sectors that could potentially benefit from lower regulation and taxes, as well as higher interest rates.
China economic data showing an unexpected pickup in factory activity in November had little impact on Asian shares.
Singapore shares fell as much as 0.6 per cent to their lowest in a week, weighed down by industrials and financials stocks.
DBS Group Holdings and Jardine Matheson Holdings Ltd were the top drags on the index, inching down 1.1 per cent and 1.7 per cent, respectively.
Malaysian stocks held steady as losses in consumer discretionary stocks offset an about 30 per cent jump in Sime Darby Bhd after the company's plantation and property units debuted on the Jakarta Stock Exchange.
The trading in Sime Darby Bhd was based on the reference price provided by the company of RM1.85 per share.
Sime Darby Plantations Berhad began trade at RM5.60 a share, in line with its listing reference price of RM5.59. Sime Darby Property Berhad opened at RM1.29 a share, versus its RM1.50 reference price.
Indonesian shares slipped 0.3 per cent as consumer staples and telecom stocks weighed, with the index of the country's 45 most liquid stocks down 0.3 per cent.
Unilever Indonesia Tbk PT, a unit of Unilever Plc , and United Tractors Tbk PT fell about 1.2 per cent and 2.1 per cent, respectively.
Financial markets in the Philippines were closed for a public holiday. — Reuters
