October 3, 2019 / 4:18 AM / 12 days ago

SE Asia Stocks-Fall on widening trade war as U.S. imposes tariffs on EU goods

    * Philippine stocks set for fifth straight loss
    * Jardine Strategic drops to over three year low
    * Indonesian president to open up economy - report

    By Shreya Mariam Job
    Oct 3 (Reuters) - Southeast Asian stock markets fell on
Thursday, with Philippines losing the most after the United
States opened a new front in its global trade tussle by slapping
tariffs on European imports. 
    The United States said on Wednesday it would slap 10%
tariffs on European-made Airbus planes and 25% duties
on French wine, Scotch and Irish whiskies, and cheese from
across the continent as punishment for illegal EU aircraft
subsidies. 
    The move threatens to spark a tit-for-tat transatlantic
trade war amid the Sino-U.S. trade dispute that has slowed
global growth, with overnight data showing that hiring by U.S.
private employers had slowed in September. 
    Philippine stocks slumped to a 4-1/2-month trough,
joining a global sell-off as real estate stocks languished. 
    Shares of SM Prime Holdings and Ayala Land Inc
 dipped 2.1% and 3.7%, putting the country's benchmark
index on track for its fifth consecutive session of losses.
    Trade-reliant Singapore stocks dropped 0.8%, with
industrials and financials weighing on the index. 
    Shares of Jardine Strategic Holdings fell as much
as 2.9% to their lowest in over three years.
    Investors await Monetary Authority of Singapore's (MAS) rate
decision due at its semi-annual meeting this month. 
    "MAS will ease policy at its upcoming semi-annual meeting in
October; the only question is how large the easing move will be
and what form it will take," Societe Generale analysts said in a
note.
    Malaysian stocks fell, pulled lower by financials,
with Public Bank Bhd shedding 1.6%. 
    Indonesian stocks pared some losses after hitting
their lowest since May 23 earlier in the session.  
    Indonesian President Joko Widodo said he’ll introduce
sweeping changes to labor rules by the end of the year and open
up more sectors of the economy to foreign investment, delivering
on some of the major reforms investors have been demanding,
Bloomberg reported. 
    However, weak broader market sentiment kept stocks in the
red, with Astra International Tbk Pt and Bank Mandiri
 slipping 1.2% and 1.9%, respectively. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS at 0352 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3077.7    3103.45         -0.83
 Bangkok                1609.37   1613.64         -0.26
 Manila                 7519.79   7610.68         -1.19
 Jakarta                6021.938  6055.425        -0.55
 Kuala Lumpur           1566.63   1574.9          -0.53
 Ho Chi Minh            984.71    991.19          -0.65
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3077.7    3068.76         0.29
 Bangkok                1609.37   1563.88         2.91
 Manila                 7519.79   7,466.02        0.72
 Jakarta                6021.938  6,194.50        -2.79
 Kuala Lumpur           1566.63   1690.58         -7.33
 Ho Chi Minh            984.71    892.54          10.33
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Aditya
Soni)
  
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