August 6, 2019 / 10:00 AM / 12 days ago

SE Asia Stocks-Most fall on fears of Sino-U.S. currency war

    * Philippines closes at over 2-month low
    * Thailand rises on telecom stocks

    By Soumyajit Saha
    Aug 6 (Reuters) - Most Southeast Asian stock markets closed
lower on Tuesday, with the Philippines losing 1.6%, as fears of
a possible currency war between the United States and China
spooked investors.
    The U.S. Treasury Department said on Monday it had
determined that China was manipulating its currency and that it
would now take the issue up with the International Monetary
Fund, after Beijing let the yuan fall below the 7-per-dollar
mark for the first time in more than a decade.
    China is manoeuvring for "greater room" by "taking away the
USD/CNY 7.0 hurdle", ING Group said in a note to clients.
    The option could be used if Beijing "does decide that the
currency has to be part of the response to the latest round of
the trade war," it added. 
    Philippine shares closed at their lowest in over two
months, hurt by heavyweights like real estate company Ayala Land
, which fell 2.2%, and lender BDO Unibank,
which lost 1.4%.
    Singapore shares declined 0.6%, dragged by industrial
and financial stocks.
    Conglomerate Jardine Matheson Holdings shed 0.9%,
while real estate company Hongkong Land Holdings fell
3%.
    Losses in banking stocks dragged down Indonesian shares
 to their lowest close in over two months.
    Bank Central Asia lost 2%, while Bank Rakyat
Indonesia (Persero) fell about 4%.
    Thai shares were the top gainers in Southeast Asia,
recovering from a two-month low hit earlier in the day to close
slightly higher on the back of telecom stocks.
    Mobile services providers Advanced Info Service
and Intouch Holdings rose about 4.4% and 4.9%,
respectively.
    "Advance's results last night were better than expected" and
that had "set a positive sentiment for other telecom companies",
said Rakpong Chaisuparakul, a strategist with KGI Securities
(Thailand).
    
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SOUTHEAST ASIAN STOCK MARKETS
 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3170.47   3194.51         -0.75
 Bangkok                1671.48   1665.99         0.33
 Manila                 7766.75   7890.02         -1.56
 Jakarta                6119.471  6175.703        -0.91
 Kuala Lumpur           1611.79   1610.41         0.09
 Ho Chi Minh            964.61    973.15          -0.88
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3170.47   3068.76         3.31
 Bangkok                1671.48   1563.88         6.88
 Manila                 7766.75   7,466.02        4.03
 Jakarta                6119.471  6,194.50        -1.21
 Kuala Lumpur           1611.79   1690.58         -4.66
 Ho Chi Minh            964.61    892.54          8.07
 
 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
  
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