September 10, 2018 / 4:27 AM / 3 months ago

SE Asia Stocks-Singapore drops to 17-month low, Philippine index slides again

    * Philippines, Singapore fall for fourth straight session
    * Asia shares ex-Japan extend seventh-day losing streak

    By Karthika Suresh Namboothiri
    Sept 10 (Reuters) - Singaporean shares skidded to a 17-month
low on Monday while the Philippines index fell for the fourth
straight session, as sentiment in Asia remained dull amid an
escalating trade feud between the United States and China.
    U.S. President Donald Trump warned on Friday he was ready to
slap tariffs on virtually all Chinese imports into the United
States, threatening duties on another $267 billion of goods on
top of $200 billion in imports primed for levies in coming days.

    Also weighing on stocks was the prospect of faster interest
rate hikes by the Federal Reserve after data on Friday showed
U.S. jobs growth accelerated in August and wages notched their
largest annual increase in more than nine years.
    "Global emerging markets are being hit by fears of trade
tariffs, and the FOMC meeting later this month would put further
pressure on emerging markets," said Joel Ng, an analyst at KGI
Securities, referring to the U.S. Federal Open Market
Committee's Sept. 25-26 meeting.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 were down as much as 0.7 percent, its seventh
straight daily decline.
    Singapore shares slipped as much as 0.7 percent to
their lowest since March 2017.
    Financial group DBS fell to an eight-month low,
while United Overseas Bank shed 1 percent.
    Philippine shares lost as much as 1.7 percent,
bruised mainly by a decline in industrials and financials.
    JG Summit, Ayala Corp and BDO Unibank
 each slipped about 3 percent.
    Besides regional sentiment, a weaker peso and higher-than
expected annual inflation are also keeping investors wary on
Philippine stocks, said Charles William Ang, an associate
analyst at COL Financial Group.
    The peso weakened 0.3 percent on Monday, while data
on Wednesday showed that Philippine annual inflation in August
quickened at its fastest pace in more than nine years.
    Indonesian stocks also saw declines, of as much as
1.3 percent, led by financial shares.
    Bank Central Asia and Bank Mandiri each
dropped about 3 percent. An index of the country's 45 most
liquid stocks slipped nearly 2 percent in early trade.
    The Malaysian market was closed for a holiday.

For Asian companies, click

SOUTHEAST ASIAN STOCK MARKETS AS AT 0414 GMT
 Market          Current   Previous close  Pct Move
 Singapore       3119.05   3134.39         -0.49
 Bangkok         1684.57   1689.49         -0.29
 Manila          7519.78   7598.64         -1.04
 Jakarta         5828.675  5851.465        -0.39
 Ho Chi Minh     972.68    968.9           0.39
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3119.05   3402.92         -8.34
 Bangkok         1684.57   1753.71         -3.94
 Manila          7519.78   8558.42         -12.14
 Jakarta         5828.675  6355.654        -8.29
 Ho Chi Minh     972.68    984.24          -1.17
 
 (Reporting by Karthika Suresh Namboothiri; editing by Sai
Sachin Ravikumar)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below