October 11, 2018 / 10:01 AM / 9 days ago

SE Asia Stocks-Plunge; Singapore hits over 20-mth closing low, Vietnam slumps 5 pct

    * Malaysia extends losses to 7th session
    * Philippine index falls to 21-month closing low
    * U.S. inflation data awaited

    By Niyati Shetty
    Oct 11 (Reuters) - Southeast Asian stock markets plummeted
on Thursday amid a global equities rout, a day after the Wall
Street recorded its worst day in eight months on mounting
concerns over a rapid rise in bond yields and the likelihood of
faster interest rate hikes.
    U.S. inflation figures, due later on Thursday, will be
closely watched by investors as a high outcome would only stoke
speculation of more aggressive rate hikes from the Federal
Reserve.
    Singapore shares declined to a more than twenty-month
closing low and the Vietnamese index plunged nearly 5
percent as investors trimmed exposure to riskier assets amid a
confluence of factors including a heated Sino-U.S. trade battle
and the International Monetary Fund's (IMF) warnings about
global financial stability and growth risks. 
    IMF Managing Director Christine Lagarde on Thursday urged
countries to "use all the tools" to resist the consequences of
inevitable capital outflows.
    Lagarde added that some emerging markets, including South
East Asian countries, have been reluctant to ramp up such
controls in the belief that they should only be used in
exceptional circumstances. 
    MSCI's broadest index of Asia Pacific shares outside Japan
 hit a nineteen-month low during the day.
    Singapore shares, down 2.7 percent, extended losses into a
sixth session, with heavyweights Jardine Strategic Holdings
 and Jardine Matheson Holdings falling 4.4
percent and 3.7 percent, respectively.
    The Vietnamese index dropped 4.8 percent to a more
than two-month closing low and was the worst performer in the
region. Petrovietnam Gas fell 6.9 percent while
Vingroup JSC lost 3.7 percent.
    "Domestically, Vietnam is facing an upward pressure on
inflation, mostly due to a rise in energy prices. We don't know
yet where the (market) bottom is," said Tran Anh Tuan, chief
analyst at Vietcombank Securities.
    Thai shares slumped 2.5 percent to a four-week
closing low, weighed down by energy stocks. PTT PCL,
down 3.7 percent, was the biggest drag on the index. Thailand's
energy regulator is set to block the company's bid to acquire
Glow Energy PCL.
    The Manila index declined 1.7 percent to a 21-month
closing low, weighed down by industrials and financials sectors.
SM Investments slid 3.2 percent while Ayala Corp
fell 2 percent. 
    Malaysian shares hit a three-month closing low,
extending losses into a seventh session, while the Indonesian
index fell 2 percent to a five-week closing low. 
    
  
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3047.39   3131.48         -2.69
 Bangkok            1682.89   1721.82         -2.26
 Manila             6884.38   7001.14         -1.67
 Jakarta            5702.822  5820.668        -2.02
 Kuala Lumpur       1708.49   1735.18         -1.54
 Ho Chi Minh        945.89    993.96          -4.84
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3047.39   3402.92         -10.45
 Bangkok            1682.89   1753.71         -4.04
 Manila             6884.38   8558.42         -19.56
 Jakarta            5702.822  6355.654        -10.27
 Kuala Lumpur       1708.49   1796.81         -4.92
 Ho Chi Minh        945.89    984.24          -3.90
 
 (Reporting by Niyati Shetty in Bengaluru, Additional Reporting
by Khanh Vu; Editing by Vyas Mohan)
  
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