SET drops almost 1%, Indonesia stocks plunge 2%

Southeast Asian stocks dropped on Wednesday as as fears resurfaced that US President Donald Trump will proceed with protectionist tariffs and risk a trade war. (Reuters photo)

The Stock Exchange of Thailand index dropped almost 1%, while most Southeast Asian stock markets fell on Wednesday, with Indonesia shedding 2 % in its sharpest drop in nearly four months.

The SET main index plunged to 1,781.64, a drop of 17.42 points or 0.97%, in trade worth 71.5 billion baht.

The losers included PTT Plc which eased 12 baht, or 2.17%, to close at 540 baht, and Banpu Plc which dipped 1.70 baht, or 7.42%, to close at 21.20 baht.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6% as fears resurfaced that US President Donald Trump will proceed with protectionist tariffs and risk a trade war after Gary Cohn, a strong White House advocate for free trade, resigned.

Indonesian shares declined for a fourth straight session with financial and consumer stocks leading the drop.

Astra International fell 2.8%, while clove cigarette maker Hanjaya Mandala Sampoerna dropped 4.3% as its annual profit declined.

Bank Central Asia finished 0.8% lower ahead of its full-year results on Thursday.

An index of the nation's 45 most liquid stocks dropped 2.3%, its lowest close in over two months.

Singapore shares dropped over 1% with the city-state's top three lenders among the biggest drags.

Malaysian stocks fell for a third session in four with aluminium trader Press Metal Aluminium and financial services provider CIMB Group Holdings being the biggest drags.

Philippine shares snapped a five-session losing streak and closed 0.5% higher on some buying right before the close.