July 11, 2018 / 10:05 AM / 8 months ago

SE Asia Stocks-Singapore snaps 2 days of gains, Vietnam slumps

    * Thailand down after three sessions of gains
    * Philippines jumps to one-week closing high

    By Karthika Suresh Namboothiri
    July 11 (Reuters) - Singapore shares snapped two straight
sessions of gains on Wednesday with financials leading the
decline, while Vietnam stocks slumped 2 percent to an
eight-month closing trough.
    Broader investor sentiment was low as U.S. threats of
tariffs on an additional $200 billion worth of Chinese goods
pushed the world's two biggest economies ever closer to a
full-scale trade war.
    Singapore's FTSE Straits Times Index closed 0.8 
percent lower, with Oversea-Chinese Banking Corp and
DBS Group Holdings shedding 2 percent and 1.1 percent,
    "If overall regional and China-centric trade flows decline,
the Singapore economy will likely take a hit due to its
dependence on trade and manufacturing activities," OCBC Bank
said in a note. 
    Vietnam shares extended losses into a third session
with financial services provider Vietcombank closing
3.6 percent lower.    
    Thai shares snapped three consecutive sessions of
gains and closed 0.4 percent lower. PTT Public Co fell
0.5 percent and Airports of Thailand dropped 1.2
    Philippine shares rose 1.4 percent to a one-week
closing high with industrials at the helm.
    "Despite Philippine's trade exposure to China and U.S. being
relatively high, given that a majority of the country's growth
is fuelled by domestic consumption, it is less susceptible to
trade fluctuations as compared to other ASEAN countries," OCBC
Bank added.
    SM Investments climbed 4.2 percent, while Ayala Land
 gained 2.1 percent.
    Malaysian shares erased early losses to close
marginally higher. 
    Earlier in the day, the central bank kept its key interest
rate at 3.25 percent at its first policy meeting under the newly
appointed central bank governor.
    Indonesian shares closed 0.2 percent higher with
Astra International being the biggest boost.     

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 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3249.08   3274.83         -0.79
 Bangkok            1636.63   1643.6          -0.42
 Manila             7333.73   7233.29         1.39
 Jakarta            5893.359  5881.76         0.20
 Kuala Lumpur       1688.77   1687.13         0.10
 Ho Chi Minh        893.16    911.12          -1.97
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3249.08   3402.92         -4.52
 Bangkok            1636.63   1753.71         -6.68
 Manila             7333.73   8558.42         -14.31
 Jakarta            5893.359  6355.654        -7.27
 Kuala Lumpur       1688.77   1796.81         -6.01
 Ho Chi Minh        893.16    984.24          -9.25
 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
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