September 24, 2019 / 4:15 AM / a month ago

SE Asia Stocks-Most tepid as dismal euro zone data stokes slowdown fears

    * Indonesian shares at 7-week low
    * Malaysian stocks on track to fall for second session
    * Thai stocks little changed after Aug manufacturing data

    By Anushka Trivedi
    Sept 24 (Reuters) - Most Southeast Asian stock markets were
subdued on Tuesday as poor business activity readings from the
euro zone and concerns about slowing global growth kept risk
appetite in check.
    The manufacturing sector was in doldrums in Germany,
Europe's biggest economy, while the French business activity
also shrank in September, a survey on Monday showed, as global
trade issues caught up to the euro bloc and stoked fears of a
recession. 
     "The world's economic growth momentum has stuttered amid
heightened global trade tensions ... Any sudden spike in
geopolitical or trade tensions, along with a rapid deterioration
in the global economy's projected path forward, is expected to
return safe-haven assets to 2019 highs," Han Tan, market analyst
at FXTM said in a note.
    The concerns over developments in the U.S.-China trade
dispute also lingered in the background, with investors staying
on the sidelines after a Chinese agriculture delegation
cancelled their visit to Montana.    
    Leading declines, Indonesian shares were poised for
a fourth session of losses as they shed 1.3% to hit a seven-week
low.
    Financials and consumer stocks dominated the losses with
Bank Central Asia Tbk PT falling 0.8% and cigarette
maker Hanjaya Mandala Sampoerna Tbk PT slumping 2.6%.
    An index of Jakarta's forty-five most liquid stocks
 was 1.6% lower.
    The Malaysian bourse was set to extend declines to a
second session, with resource and consumer sectors leading
losses, while Philippine shares flitted between positive
and negative territory.
    Bucking the sombre mood, Singapore stocks ticked up
on the back of financial stocks amid hopes of monetary easing.
The city-state's core inflation gauge in August remained at a
three-year low, data showed on Monday, prompting analysts at
OCBC to reaffirm rate-cut expectations by the country's central
bank at its October meeting.
    Heavyweight DBS Group Holdings Ltd was among the
top gainers in the index as it tacked on 0.6%.
    Thai shares were trading mostly flat after
government data implied that the country's manufacturing output
had slumped more than expected in August. 
    Thailand's manufacturing sector, one of its main drivers of
growth, reported a 4.4% decline in activity for August, as it
continues to be strained by the Sino-U.S. trade dispute. 

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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3158.82   3143.24          0.50
 Bangkok                1625.66   1622.79          0.18
 Manila                 7876.98   7867.51          0.12
 Jakarta                6126.103  6206.199        -1.29
 Kuala Lumpur           1589.1    1592.93         -0.24
 Ho Chi Minh            988.8     985.75           0.31
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3158.82   3068.76         2.93
 Bangkok                1625.66   1563.88         3.95
 Manila                 7876.98   7,466.02        5.50
 Jakarta                6126.103  6,194.50        -1.10
 Kuala Lumpur           1589.1    1690.58         -6.00
 Ho Chi Minh            988.8     892.54          10.78
 


 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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