September 30, 2019 / 10:22 AM / 3 months ago

SE Asia Stocks-Fall as fears of escalation in Sino-U.S. trade war loom

    * Most markets fall for quarter
    * Thai Aug exports drop on year

    By Soumyajit Saha
    Sept 30 (Reuters) - Southeast Asian stock markets fell on
Monday as fears of an escalation in the Sino-U.S. trade war
loomed after news that  Washington was considering de-listing
Chinese companies from U.S. stock exchanges.
    The U.S. administration is considering de-listing Chinese
companies to limit U.S. investment in Chinese companies, Reuters
reported on Friday quoting sources briefed on the matter. 
    But on Saturday Bloomberg quoted Treasury spokeswoman Monica
Crowley as saying the White House was not contemplating such a
move at this time.
    "It appears that China's resumption of US farm purchases is
still short of eliciting quid pro quo of comprehensive
de-escalation in US' commercial aggression," Mizuho Bank said in
a note to clients.
    "Against this backdrop, Asian equities are on the back foot,
taking a leaf out of losses in US equities on Friday."
    Data showing China's factory activity shrank for a fifth
straight month also kept buying in check, as Southeast Asia's
biggest trading partner continued to face persistent pressure
from the trade tiff.
    Indonesia, Thailand, Singapore and Philippine markets
concluded their worst third quarter since 2015, when a major
Chinese stocks sell-off had set off a worldwide downturn.
    Philippine stocks fell the most in Southeast Asia on
Monday, weighed down by consumer and industrial sectors. The
index fell nearly 3% for the quarter.
    Lender SM Investment Corp lost 2.9%, while
conglomerate JG Summit Holdings dropped 1.4%.    
    Thai shares were dragged down by financial and
communication stocks. The index fell over 5% for the quarter.
    Thailand's central bank governor said on Monday the economic
growth forecast of 2.8% for the year was below potential and
that the bank was ready to review monetary policy if conditions
worsen.
    Thailand's August exports dropped 2.1% from a year earlier,
after rising 3.8% in July, while current account surplus widened
to $3.99 billion from $1.77 billion in the previous month.

    Financials sent Indonesian stocks lower. Investment
holding company Sinar Mas Multiartha lost over 19%
after Fitch Ratings Indonesia revised its outlook on company
unit Sinar Mas Multifinance to "negative" from "stable".
    

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SOUTHEAST ASIAN STOCK MARKETS
  STOCK MARKETS                                             
  Change on the day                                         
  Market             Current        Previous      Pct Move
                                    close         
  Singapore          3119.99        3125.63       -0.18
  Bangkok            1637.22        1643.76       -0.40
  Manila             7779.07        7819.22       -0.51
  Jakarta            6169.102       6196.889      -0.45
  Kuala Lumpur       1583.91        1584.14       -0.01
 Ho Chi Minh         996.56         997.84        -0.13
                                                  
  Change so far in                                
 2019                                             
  Market             Current        End 2018      Pct Move
  Singapore          3119.99        3068.76       1.67
  Bangkok            1637.22        1563.88       4.69
  Manila             7779.07        7,466.02      4.19
  Jakarta            6169.102       6,194.50      -0.41
  Kuala Lumpur       1583.91        1690.58       -6.31
  Ho Chi Minh        996.56         892.54        11.65
 

 (Reporting by Soumyajit Saha in Bengaluru; Editing by
Subhranshu Sahu)
  
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