November 22, 2019 / 5:20 AM / 19 days ago

SE Asia Stocks-Singapore recovers; others subdued amid China-U.S. trade spat

    * Philippines hits 6-week low, Ayala Land drops
    * Singapore snaps 3 straight sessions of losses
    * U.S. bills on Hong Kong 'wild card' in trade talks -OCBC

    By Arundhati Dutta
    Nov 22 (Reuters) - Singapore shares recovered on Friday
after a steep drop in the previous session, but other Southeast
Asian markets remained subdued amid mounting worries that U.S.
backing of Hong Kong protesters may worsen its ties with China. 
    Though the Chinese commerce ministry said it was willing to
work with the United States to reach an interim trade deal,
investors continued to fret, with U.S. President Donald Trump
set to sign into law the bills backing Hong Kong protesters.

    Terming the bills "a wild card" for the market, OCBC
Treasury Research said in a note that China's reaction may hold
the key to investor sentiment, given there is no detailed
retaliation plan yet. 
    Singapore shares gained 0.5% after shedding 2% in the
last three sessions, as investors snapped up beaten-down stocks.
Despite Friday's gains, the index is set for its biggest weekly
drop in seven weeks. 
    Philippine shares fell over 1.2% to a six-week low,
heading for their worst week in more than three months.
    Developer Ayala Land Inc, the fourth-largest stock
on the index, slipped as much as 3% to its lowest in nearly
eight months.
    Losses in big caps such as Ayala Land Inc came from
weak sentiment in the region, according to Charles William Ang,
an associate analyst at COL Financial Group. 
    Conglomerate DMCI Holdings also weighed on the
index, extending losses after the energy department announced a
ban on operations of a coal miner, in which it is a major
stakeholder.
    Indonesian stocks edged lower, hurt by financials
and communications stocks. Index heavyweight Pt Telekomunikasi
Indonesia shed 0.5%.
    Vietnamese shares slipped 0.5% to their lowest in
over two months and were set for a third straight session of
losses, with real estate stocks weighing on the index. 
    Malaysian and Thai stocks were little
changed.
    
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS at 0456
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3208.68   3192.21         0.52
 Bangkok                1591.99   1591.86         0.01
 Manila                 7726.01   7818.89         -1.19
 Jakarta                6096.722  6117.364        -0.34
 Kuala Lumpur           1593.09   1592.19         0.06
 Ho Chi Minh            983.14    987.89          -0.48
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3208.68   3068.76         4.56
 Bangkok                1591.99   1563.88         1.80
 Manila                 7726.01   7,466.02        3.48
 Jakarta                6096.722  6,194.50        -1.58
 Kuala Lumpur           1593.09   1690.58         -5.77
 Ho Chi Minh            983.14    892.54          10.15
 
 (Reporting by Arundhati Dutta; Editing by Subhranshu Sahu)
  
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