October 2, 2019 / 4:21 AM / 15 days ago

SE Asia Stocks-Fall as dismal U.S. manufacturing data sparks slowdown fears

    * Trading volumes low due to China holiday
    * Singapore, Philippines fall about 1% each

    By Shreya Mariam Job
    Oct 2 (Reuters) - Southeast Asian stock markets fell on
Wednesday, as a slump in U.S. manufacturing activity renewed
fears of a global growth slowdown and underscored the damaging
effects of the prolonged trade war with China.
    U.S. manufacturing activity tumbled to a more than 10-year
low in September as lingering trade tensions weighed on exports.
 
    "The slowdown in the U.S. is probably having a larger impact
on those countries that are major trade players," said Joel Ng,
an analyst at KGI securities. "The moves are a bit more
exaggerated because of lower liquidity."
    Trading volumes were low across Southeast Asian markets due
to the week-long holiday in China for the National Day.
    Singapore stocks shed 1%, with financials accounting
for most of the losses. 
    The trade-reliant city state has been hit hard by the
prolonged Sino-U.S. trade war, with a flood of weak data
including the dismal August manufacturing figures sparking fears
of a recession.
    Shares of top lender DBS Group Holdings dropped
1.3%, while those of United Overseas Bank Ltd shed
1.2%. 
    Philippine stocks dropped 0.9% and were headed for a 
fourth consecutive session of losses. 
    Property and financial stocks were hit the most, with SM
Prime Holdings and BDO Unibank Inc shedding
1.6% and 1.5%, respectively. 
    This came after the central bank governor said on Tuesday
banning online gambling would have little impact on the economy.

    The country has initiated a study into the economic impact
of halting online gambling after China urged Manila to outlaw
the cross-border activities it says pose money-laundering risks.
    These firms have lifted property demand and retail spending
by drawing visitors from China who work for these online
gambling operators. 
    Malaysian stocks dipped 0.5% on the back of
financials and telecoms, with Public Bank Bhd and
Axiata Group Bhd shedding 0.5% each. 
    Thai stocks fell 0.6%, with top listed oil explorer
PTT PCL losing 0.6%.
    The company along with Gulf Energy Development Pcl
is set to build a 40.9 billion baht ($1.34 billion) gas terminal
and port on the country's east coast.
            
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS as at 0344 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3116.23   3146.03         -0.95
 Bangkok                1614.33   1624.09         -0.60
 Manila                 7669.59   7739.86         -0.91
 Jakarta                6116.669  6138.25         -0.35
 Kuala Lumpur           1580.8    1589.44         -0.54
 Ho Chi Minh            997.47    999.59          -0.21
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3116.23   3068.76         1.55
 Bangkok                1614.33   1563.88         3.23
 Manila                 7669.59   7,466.02        2.73
 Jakarta                6116.669  6,194.50        -1.26
 Kuala Lumpur           1580.8    1690.58         -6.49
 Ho Chi Minh            997.47    892.54          11.76
 

($1 = 30.6200 baht)

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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