Most Southeast Asian stock markets fell on Thursday after a strong private payroll report from the United States made a rate hike by the Federal Reserve a near certainty. US private sector job growth recorded its biggest increase in more than a year in February amid a surge in construction and factory hiring, suggesting the economy stays on solid ground.
"People are concerned that the Fed may be more hawkish than previously expected," said Liu Jinshu, director of research at NRA Securities. Singapore shares fell nearly 1 percent to their lowest close since February 28, dragged down by financials. DBS Group, the city-state's largest bank by market capitalisation, closed at its lowest in over a week.
Thai shares trimmed early falls to close marginally lower with energy and material stocks weighing on the index. Oil and gas supplier PTT Pcl fell 1 percent, while refiner Thai Oil Pcl closed 2 percent lower. Malaysian shares closed 0.5 percent lower with financials being the main drag. Malayan Banking Bhd posted its biggest percentage loss since January 16 with a drop of 1.13 percent.
Philippine shares settled flat after rising 0.4 percent earlier, as gains in industrials and telecoms were offset by losses in consumer staple and real estate stocks. Indonesia closed nearly unchanged with the index of the 45 most liquid stocks reflecting the subdued sentiment in the market.
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