October 3, 2019 / 10:14 AM / 2 months ago

SE Asia Stocks-Fall as U.S. tariffs on EU goods fan slowdown fears

    * Philippines closes at over 4-1/2-month low
    * India, Malaysian stocks most expensive in Asia - Refinitiv
    * Indonesia falls for fifth consecutive session

    By Shreya Mariam Job
    Oct 3 (Reuters) - Southeast Asian stock markets fell on
Thursday, as the United States widened its trade war with
tariffs on European Union goods, adding to fears over a global
economic slowdown.
    The World Trade Organization gave Washington a green light
to impose tariffs on $7.5 billion worth of EU goods annually,
which threatens to ignite a tit-for-tat transatlantic trade war.

    The global economy is already reeling from the Sino-U.S.
trade war and with the new front to tariff dispute, demand and
slowdown woes are expected to deepen.
    Philippine shares declined 0.9% to their lowest close
in more than 4-1/2 months, weighed down by real estate and
financial stocks. 
    Ayala Land shed 4.3% to a near six-month closing
low, while Metropolitan Bank and Trust Co dipped 1.7%. 
    Shares in trade-reliant Singapore dipped 0.5% on the
back of losses in industrials and financials. 
    Jardine Strategic Holdings Ltd slumped 1.7% to an
over three-year closing low, while DBS Group Holdings Ltd
, the city-state's biggest listed lender, slipped 0.8%.
    Meanwhile, financials dragged Malaysian shares
0.7%lower, with Public Bank Bhd extending losses into
a third session to close at its lowest in more than three years.
    India and Malaysian equities were the most expensive in Asia
on Oct. 2, based on their price-to-earnings valuation metrics,
according to Refinitiv. Malaysia's price-to-earnings ratio was
15.66, the second highest in Asia.
    Indonesian shares closed lower for the fifth
consecutive session, dragged down by financials. Bank Mandiri
 and Bank Rakyat Indonesia shed 1.9% and
3.1%, respectively. 
    Indonesian President Joko Widodo said he would introduce
sweeping changes to labour rules by the end of the year and open
up more sectors of the economy to foreign investment, Bloomberg
reported.
    However, shares ended the day in the red, pressured by
sentiment in the broader market. 
    "We see foreign net sell in Indonesian equities has not
slowed down. In fact, today, there is more than IDR 650 billion
of foreign net outflow," said Anugerah Zamzami Nasr, an equity
research analyst at Phillip Sekuritas Indonesia. 
        
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SOUTHEAST ASIAN STOCK MARKETS    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3087.97   3103.45         -0.50
 Bangkok                1610.69   1613.64         -0.18
 Manila                 7545.55   7610.68         -0.86
 Jakarta                6038.529  6055.425        -0.28
 Kuala Lumpur           1564.12   1574.9          -0.68
 Ho Chi Minh            989.67    991.19          -0.15
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3087.97   3068.76         0.63
 Bangkok                1610.69   1563.88         2.99
 Manila                 7545.55   7,466.02        1.07
 Jakarta                6038.529  6,194.50        -2.52
 Kuala Lumpur           1564.12   1690.58         -7.48
 Ho Chi Minh            989.67    892.54          10.88
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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