September 18, 2018 / 9:55 AM / a month ago

SE Asia Stocks-Subdued; Philippines marks 2-month closing low

    * Financials drag Malaysian index lower
    * Indonesia falls for second straight session
    * Thailand posts near 4-month closing high

    By Sumeet Gaikwad
    Sept 18 (Reuters) - Southeast Asian stock markets were
largely subdued on Tuesday with investors staying cautious amid
a new round of U.S. tariffs on Chinese goods, while the
Philippines slumped to a two-month closing low. 
    U.S. President Donald Trump stepped-up his trade war with
China on Monday after imposing 10 percent tariffs on $200
billion worth of Chinese imports, but warned that retaliatory
action by China would lead to further tariffs.
    "There could be a diversion of investment from China to
other ASEAN countries, as manufacturers seek to shield
production from U.S. tariffs," Mizuho Bank said in a note.
    Philippine shares marked their lowest close in two
months as financial and industrial stocks faltered with
blue-chip SM Investments Corp down 3.4 percent, while
Bank of the Philippine Islands plunged over 4 percent. 
    Southeast Asian shares opened lower, but no sharp falls were
seen as the new tariffs were well within expectations, and
investors had taken positions accordingly.
    Singapore stocks ended slightly lower, weighed down
by financials and consumer stocks, with lender United Overseas
Bank and Wilmar International Ltd declining
0.2 percent and 1.3 percent, respectively.
    Financials also told on the Malaysian index which
lost over half a percent. Malayan Banking Bhd fell 1.6
percent, while CIMB Group Holdings was down over 3
percent. 
    Malaysian inflation data is due on Wednesday, with the
consumer price index seen rising 0.4 percent in August from a
year earlier, its slowest pace in more than three years, a
Reuters poll showed.
    The Jakarta index held steady amid headwinds from
the U.S.-China trade war but was marginally down due to losses
in consumer staples. 
    Consumer products maker Unilever Indonesia slipped
over 1 percent while Indofood Sukses Makmur fell
nearly 3 percent.
    The index of the country's 45 most liquid stocks
was down 0.2 percent.
    Meanwhile, Thai shares notched a near four-month
closing high with broadbased gains. 
    Index heavyweights PTT Pcl and Airports of Thailand
 rose 2 percent and 2.3 percent, respectively.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
     
 Market          Current  Previous Close  Pct Move
 Singapore       3139.34  3141.4          -0.07
 Bangkok         1744.42  1718.39         1.51
 Manila          7286.34  7413.56         -1.72
 Jakarta         5811.79  5824.257        -0.21
 Kuala Lumpur    1792.94  1803.76         -0.60
 Ho Chi Minh     993.49   987.61          0.60
                                          
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3139.34  3402.92         -7.75
 Bangkok         1744.42  1753.71         -0.53
 Manila          7286.34  8558.42         -14.86
 Jakarta         5811.79  6355.654        -8.56
 Kuala Lumpur    1792.94  1796.81         -0.22
 Ho Chi Minh     993.49   984.24          0.94
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Sunil
Nair)
  
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