November 7, 2018 / 4:57 AM / 11 days ago

SE Asia Stocks-Subdued as U.S. mid-term results trickle in

    * Subdued as Democrats inch towards majority in the U.S.
House    
    * Philippines slips as Sept trade deficit widens

    By Nikhil Subba
    Nov 7 (Reuters) - Most Southeast Asian shares were subdued
on Wednesday after results from the U.S. mid-term elections
showed Republicans close to losing grip on Congress, while
Philippines stocks fell as data reflected record-high imports
had widened trade deficit.  
    With a House majority, Democrats will have the power to
investigate U.S. President Donald Trump's tax returns and
possible conflicts of interest, and challenge his overtures to
Saudi Arabia, Russia and North Korea.
    A closely followed polling website FiveThirtyEight had
earlier said the likelihood of the Democratic party winning the
House of Representatives had fallen to just over 50 percent,
from the prior poll of 90 percent.
    "The U.S. mid-term elections is a risk factor. However, any
downside is unlikely to last as the U.S. economy is still
growing strongly. A divided Congress will mainly affect future
policies," said Liu Jinshu, director of research, NRA Capital.
    Philippine shares fell nearly two percent after data
showed that the nation's trade deficit in September had more
than doubled, compared with the previous year. 
    The archipelago nation's trade deficit widened to almost $4
billion in September, the sixth straight month that the gap
stayed well above $3 billion, as imports hit an all-time high,
while exports contracted, government data showed.
 
    Singapore's Straits Times index climbed 1.1 percent,
underpinned by gains in the industrial counter.
    Yangzijiang Shipbuilding Holdings Ltd, one of the
top gainers on the bourse, rose as much as 5.7 percent.
    Boosted by industrials, Indonesian shares were
poised to mark a seven-day winning streak with construction firm
Jasa Marga rising up to 1.5 percent, while Totalindo
Eka Persada climbed nearly 4 percent.
    Thai shares traded marginally higher, with energy
stocks leading the gains.
    Thai Agro Energy PCL posted a third-quarter profit
of 72.2 million baht ($2.20 million), up from 57.8 million baht
a year ago, sending shares to their highest since Oct. 3.
    Malaysian shares traded 0.14 percent firmer, while
the Vietnam index slipped as much as 0.23 percent.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0444 GMT
    
  Market           Current       Previous close  Pct Move
  Singapore        3076.78       3060.62         0.53
  Bangkok          1668.64       1669.33         -0.04
  Manila           7049.42       7180.11         -1.82
  Jakarta          5909.65       5923.93         -0.24
  Kuala Lumpur     1711.94       1708.8          0.18
  Ho Chi Minh      923.65        922.05          0.17
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        3076.78       3402.92         -9.58
  Bangkok          1668.64       1753.71         -4.85
  Manila           7049.42       8558.42         -17.63
  Jakarta          5909.65       6355.654        -7.02
  Kuala Lumpur     1711.94       1796.81         -4.72
  Ho Chi Minh      923.65        984.24          -6.16
 

    ($1 = 32.8600 baht)
    

 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)
  
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