June 22, 2018 / 4:26 AM / 2 months ago

SE Asia Stocks-Most lower on trade woes, Philippines falls over 2 pct

    * Philippine shares shed as much as 2.4 pct, lowest since
Jan 2017
    * Malaysia on track to end lower for 10th straight session
    * OPEC meeting awaited

    By Nicole Pinto
    June 22 (Reuters) - Most South East Asian shares traded on a
weak note on Friday as investors assess the likely fallout of a
global trade spat on corporate earnings, with the Philippines
continuing its dismal run with an over 2 percent fall in early
trade. 
    German automotive maker Daimler late on Wednesday
cut its 2018 profit forecast, as import tariffs on cars exported
from the United States to China would hurt sales of its
Mercedes-Benz cars, sparking fears of a wave of earnings
downgrades in the auto industry.
    "Mercedes-Benz's announcement was a little bit of a surprise
to investors and I think the market might have been
underestimating the potential impact of global trade tensions
between the United States and China," said Taye Shim, head of
research at Jakarta-based Mirae Asset Sekuritas.
    Oil prices rose by more than 1 percent in early Asian
trading on Friday, pushed up by uncertainty over whether OPEC
would manage to agree a production increase at a meeting in
Vienna later in the day.
    Thai shares rose as much as 0.9 percent led by
energy stocks with PTT Pcl climbing about 1 percent. 
    Shares in the Philippines fell for a seventh session
to their lowest in over 17 months. 
    Industrials and financials weighed on the index as SM
Investments Corp, Bank of the Philippine Islands
 and Ayala Corp fell 4 percent, 6 percent and
3.7 percent, respectively. 
    Malaysian shares are on track to end lower for a
10th straight session, with Tenaga Nasional Bhd down
2.9 percent and Axiata Group Bhd 3.2 percent lower. 
    Singapore shares are set to decline for a second
straight week. Financials weighed on the index with
Oversea-Chinese Banking Corp Ltd down 1.2 percent to a
7-month low while United Overseas Bank Ltd fell 1.6
percent. 
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change as at 0424 GMT
 Change on the day                            
 Market             Current   Previous Close  Pct Move
 Singapore          3285.52   3300            -0.44
 Bangkok            1644.28   1634.44         0.60
 Manila             7068.36   7098.15         -0.42
 Jakarta            5803.777  5822.333        -0.32
 Kuala Lumpur       1690.07   1692.32         -0.13
 Ho Chi Minh        975.18    969.4           0.60
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3285.52   3402.92         -3.45
 Bangkok            1644.28   1753.71         -6.24
 Manila             7068.36   8558.42         -17.41
 Jakarta            5803.777  6355.654        -8.68
 Kuala Lumpur       1690.07   1796.81         -5.94
 Ho Chi Minh        975.18    984.24          -0.92
 
 (Reporting by Nicole Pinto; Editing by xxxx)
  
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