December 14, 2018 / 4:37 AM / 5 months ago

SE Asia Stocks-Most drop as weak China factory data dents sentiment

    * China industrial output grew at weakest pace since 2003
    * Thai shares set for weekly decline of 2.1 pct 
    * All eyes on Fed meet next week

    By Shanima A
    Dec 14 (Reuters) - Most Southeast Asian markets dropped on
Friday, with Singapore shares falling 1.2 percent, after China
reported weak factory data, underlining rising risks to the
world's second-largest economy as Beijing works to defuse a
trade spat with Washington.
    Data released in early Asian trading hours showed that
November industrial output in China - the largest trade partner
for most of Southeast Asian countries - grew at their weakest
pace since 2003 and industrial output rose the least in nearly
three years as domestic demand softened further.
    Industrial output rose 5.4 percent in November, missing
analysts' estimates and matching the rate of growth seen in
January-February 2016. Factory output had been expected to grow
5.9 percent, unchanged from October's pace.
    "Indeed, investors are right to be worried about global
growth as China economy continues to sputter," Stephen Innes,
OANDA Head of Trading - APAC, said in a note. 
    However, Liu Jinshu, director of research at NRA Capital
said, he wouldn't be surprised to see a late afternoon recovery
as investors ponder the odds of further stimulus from the
Chinese government.
    Investors kept a cautious stance ahead of the U.S. Federal
Reserve's last meeting for 2018, scheduled for next week, where
it is broadly expected to raise borrowing costs. 
    Singapore shares were the worst performers in the
region and were headed for a weekly decline of 1.2 percent.
Financial services provider United Overseas Bank
posted their biggest intraday fall in more than a week. 
    Malaysia's benchmark index slipped 0.7 percent,
weighed down by losses in lenders Malayan Banking Bhd
and Public Bank Bhd. 
    Vietnam shares were mostly dragged down by declines
in the financial sector, with Vietnam Joint Stock Commercial
Bank for Industry and Trade hitting a one-week low
while insurer BaoViet Holdings looked set to extend
gains to a second session.  
    Meanwhile, the Philippine index was poised for a
fourth straight session of gains, buoyed by real estate stocks.
    A cooling of inflation allowed the Philippine central bank
to leave its benchmark interest rate on hold on Thursday after
five straight hikes.
    Benchmark indexes of Indonesia and Thailand
were trading flat, while Thai shares were poised to post a
weekly decline of 2.1 percent. 
    
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AT 0429 GMT
    
  Market           Current       Previous close  Pct Move
  Singapore        3073.14       3111.08         -1.22
  Bangkok          1616.24       1614.99         0.08
  Manila           7554.72       7522.92         0.42
  Jakarta          6175.576      6177.72         -0.03
  Kuala Lumpur     1664.57       1676            -0.68
  Ho Chi Minh      957.67        960.25          -0.27
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        3073.14       3402.92         -9.69
  Bangkok          1616.24       1753.71         -7.84
  Manila           7554.72       8558.42         -11.73
  Jakarta          6175.576      6355.654        -2.83
  Kuala Lumpur     1664.57       1796.81         -7.36
  Ho Chi Minh      957.67        984.24          -2.70
 
 (Reporting by Shanima A in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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