China jitters take a heavy toll on Singapore’s corporate ego

Local firms are the most pessimistic, a survey shows.

Companies in Singapore were the most pessimistic with the country's index falling to 14 from 59, as its financial sector and its port - the world's busiest container hub after Shanghai - feel the chill from China's slowdown.

Only five companies from China replied to the survey, none of which was downbeat. Only one was concerned about the domestic economy, while two were more worried about emerging currencies.

The survey's biggest gainer was the Philippines which jumped to 100 from 78 in the previous quarter, as the country's economy defies a regional slowdown due to robust government spending.

Thomson Reuters and global business school INSEAD conducted the poll from Sept. 7-19. Of 79 respondents, 20 percent had a negative outlook - the most in six years. The survey showed 30 percent of companies were neutral, while 41 percent were optimistic about business conditions for the next six months.