May 15, 2020 / 10:24 AM / in 15 days

SE Asia Stocks-Philippines falls 2%, most others subdued as U.S.-China tensions flare

    * Philippine shares post second straight weekly fall
    * Oil prices helped lift Malaysia stocks
    * Vietnam shares dragged lower by financials

    By Pranav A K
    May 15 (Reuters) - Philippine stocks dropped 2% on Friday,
leading losses in the Southeast Asian region, with most other
markets ending subdued due to fears of worsening Sino-U.S. ties
after U.S. President Donald Trump again blamed China for the
coronavirus outbreak.
     Trump on Thursday signalled a further deterioration of his
relationship with China over the novel coronavirus, saying he
has no interest in speaking to President Xi Jinping right now
and suggesting he could even cut ties with Beijing.
    Philippine stocks slipped nearly 2% to their lowest
closing level since May 4 and recorded a second straight weekly
fall.
    "Sino-U.S. Trade tension drove down the Philippine market
today, and even continued improving oil prices did not help to
neutralise the market movement," said Luis Limlingan, managing
director at Regina Capital Development Corp.
    A spike in coronavirus cases also dampened the sentiment.
The country's health ministry reported 16 more coronavirus
deaths, bringing the total to 806 and recorded 215 additional
infections, increasing the total tally to 12,091.
    Index heavyweights Aboitiz Equity skid 5.5%, while
SM Prime Holdings dropped 5.2% after first-quarter
profit fell.
    Shares in Indonesia, the region's largest economy,
closed 0.1% lower and were down 3% for the week, the second
straight weekly loss. 
    Earlier in the day, data showed that the country slipped
into trade deficit in April as exports and imports plunged.
Meanwhile, a Reuters Poll showed that Indonesia's central bank
is expected to deliver this year's third rate cut on Tuesday.

    An index of Jakarta's 45 most liquid stocks was
0.7% lower.
    Meanwhile, better-than-expected industrial output data from
China, the region's biggest trade partner, helped offset some of
the losses in the region.
    Thai shares were little changed as gains in energy
stocks on higher oil prices were offset by renewed U.S-China
trade tensions.
    Thailand will begin allowing department stores, shopping
malls and other businesses to reopen from Sunday, the government
said.
    The Mayalsian bourse gained 0.4% supported by a jump
in oil prices. For the week, the index gained 1.5%.
    Vietnam's index reversed course to end 0.7% lower,
pressured mostly by financials. The benchmark extended its
weekly gain into a second session.

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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2523.55   2522.31         0.05
 Bangkok                1280.76   1280.4          0.03
 Manila                 5541.95   5654.7          -1.99
 Jakarta                4507.607  4513.834        -0.14
 Kuala Lumpur           1403.44   1397.25         0.44
 Ho Chi Minh            827.03    832.4           -0.65
                                                  
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2523.55   3222.83         -21.70
 Bangkok                1280.76   1579.84         -18.93
 Manila                 5541.95   7,815.26        -29.09
 Jakarta                4507.607  6,299.54        -28.45
 Kuala Lumpur           1403.44   1588.76         -11.66
 Ho Chi Minh            827.03    960.99          -13.94
 



 (Reporting by A K Pranav in Bengaluru; Editing by Rashmi Aich)
  
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