April 4, 2018 / 4:14 AM / 6 months ago

SE Asia Stocks-Most markets subdued in line with broader Asia, Vietnam hits new high

    * Philippine shares hit near 2-week high
    * Vietnam up for third session in four

    By Nicole Pinto
    April 4 (Reuters) - Most Southeast Asian stock markets were
subdued on Wednesday as fears of a trade war escalated after the
United States announced additional tariffs on imports from
China, while Vietnam shares scaled a new high.
    After market hours on Tuesday, U.S. President Donald Trump
announced 25 percent tariffs on $50 billion of annual imports
from China, covering around 1,300 industrial technology,
transport and medical products.
    China's commerce ministry said on Wednesday it "strongly
condemns and firmly opposes" the proposed U.S. tariffs and will
take counter measures, according to the official Xinhua news
agency.
    Broader Asian shares excluding Japan were
marginally lower, falling 0.07 percent. 
    Singapore shares fell as much as 0.5 percent, dragged
by financials. 
    Oversea-Chinese Banking Corp Ltd dropped 1.2
percent to a more than 1-1/2-month low, while DBS Group Holdings
Ltd and United Overseas Bank Ltd both
declined about 0.9 percent. 
    Thai shares were little changed as gains in the
telecom sector was offset by losses in financial stocks. 
    True Corporation PCL rose as much as 0.7 percent
to its highest since Nov. 11, 2016 while Kasikornbank PCL
 dropped 2.4 percent. 
    Philippine shares rose as much as 0.5 percent before
paring the gains. 
    "The index has come down by nearly 1,000 points from its
peak this year, so there could be some opportunistic bargain
hunting," said Fio Dejesus, an equity research analyst at RCBC
Securities.
    Consumer food and beverage company Universal Robina Corp
 climbed as much as 2.2 percent, while SM Prime Holdings
Inc rose 0.9 percent. 
    Vietnam shares climbed over 1 percent to a record
high of 1,200.580. Real estate investment firm Vingroup JSC
 rose 2.6 percent to a record high after having gained
58.2 percent this year as of Tuesday's close.
    
    
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SOUTHEAST ASIAN STOCK MARKETS : Change as at 0346 GMT
 Market             Current    Previous close  Pct Move
 Singapore          3393.63    3412.15         -0.54
 Bangkok            1767.67    1765.24         0.14
 Manila             8057.86    8048.72         0.11
 Jakarta            6235.68    6229.013        0.11
 Kuala Lumpur       1847.55    1850.78         -0.17
 Ho Chi Minh        1197.16    1188.29         0.75
                                               
 Change on year                                
 Market             Current    End 2017        Pct Move
 Singapore          3393.63    3402.92         -0.27
 Bangkok            1767.67    1753.71         0.80
 Manila             8057.86    8558.42         -5.85
 Jakarta            6235.68    6355.654        -1.89
 Kuala Lumpur       1847.55    1796.81         2.82
 Ho Chi Minh        1197.16    984.24          21.63
 
 (Reporting by Nicole Pinto; Editing by Subhranshu Sahu)
  
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