Edition:
United States

Anushka Trivedi

SE Asia Stocks-Most end lower; Philippines extends losses

6:09am EDT

* Most markets close lower for the week * Philippines slides for fourth straight session * Thai shares slump to 3-week low after weak Aug export data By Anushka Trivedi Sept 20 Most Southeast Asian stock markets fell on Friday, with Philippines declining for a fourth straight session, as fears of an escalation in the Middle East tension gathered pace. The markets were volatile all week, after the United States blamed Tehran for the attack on Saudi oil facilities over the weekend and said it was "locked and loaded" for a potential response. "There is fear of further tensions in the Middle East. That's why emerging markets such as the Philippines have been suffering due to hot money outflows. So, the funds are going back to safe-haven assets," Rachel Cruz, research analyst at AP Securities said. The Philippine benchmark index was in the red for a fourth straight session, bogged down by financials. Index heavyweights SM Prime Holdings and Ayala Land Inc dropped 2% and 2.2%, respectively, whereas the benchmark shed 1.5% for the week. Vietnam shares slipped 0.7% on weakness in financial stocks, while adding 0.3% for the week to be the only gainer in the region. The Thai bourse skidded to a three-week low after data showed a 4% slump in exports for August. The decline was bigger than a Reuters forecast of a 2% fall in shipments, the main driver of Thai growth. Among top losers were industrial and financial stocks, while the index lost 1.6% for the week. Indonesian stocks fell for a second session with financial and consumer sectors dominating losses and logged a 1.6% fall this week. The country's central bank eased interest rates on Thursday and relaxed lending rules in a bid to revive the sluggish economy, but the move failed to lift sentiment as fears of waning growth kicked in. The bank's governor indicated that the economy is weaker than expected, with analysts at ANZ seeing the effectiveness of monetary policy in bolstering growth to be quite limited. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3159.68 3158.8 0.03 Bangkok 1636.2 1640.66 -0.27 Manila 7871.11 7911.32 -0.51 Jakarta 6231.473 6244.47 -0.21 Kuala Lumpur 1597.41 1596.28 0.07 Ho Chi Minh 990.36 997.1 -0.68 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3159.68 3068.76 2.96 Bangkok 1636.2 1563.88 4.62 Manila 7871.11 7,466.02 5.43 Jakarta 6231.473 6,194.50 0.60 Kuala Lumpur 1597.41 1690.58 -5.51 Ho Chi Minh 990.36 892.54 10.96 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Edge lower; Philippines leads losses on foreign outflows

12:21am EDT

* Philippines extends losses to a fourth session * Indonesian stocks pressured by financials, consumer sectors * Thai shares flat after data shows decline in Aug exports By Anushka Trivedi Sept 20 Southeast Asian stock markets dropped on Friday, with the Philippine index leading losses as many foreign investors pulled money out of emerging markets following a spike in geopolitical tensions. An attack on Saudi Arabia's key oil facilities last weekend heightened tensions between the United States and Iran, as the former blamed Tehran for the attacks and added that potential retaliation measures would be implemented if needed. The attacks and subsequent exchange between both countries have spurred a bout of volatility in the markets, with most Southeast Asian equities heading for a weekly decline. The Philippine bourse was set to end lower for a fourth straight session. Financials dominated losses in the benchmark, with heavyweight SM Prime Holdings Inc shedding 1.3%. "There is fear of further tensions in the Middle East and that's why emerging markets such as the Philippines have been suffering in terms of money outflows. So most of the funds are going back into safe assets and that has been a big impact to the performance of PSI," Rachel Cruz, research analyst, AP Securities. Indonesian stocks were little changed as gains were capped by a decline in banking and consumer sectors. The country's central bank on Thursday slashed interest rates for a third straight month, while also relaxing some lending rules in a bid to stimulate Southeast Asia's biggest economy marred by the prolonged U.S.-China trade tussle and a slowdown in global demand. However, analysts at Citibank expect the measures to aid only marginally, as a drop in revenue of commodity exporters could lead to negative spill-overs to the domestic economy. "This will cast clouds on company capex plans in affected sectors, as well as on banks' risk appetite for lending," analysts said. Lenders Bank Rakyat Indonesia (Persero) Tbk PT and Bank Mandiri (Persero) Tbk PT faltered over 1% each, whereas poultry feed maker Charoen Pokphand Indonesia Tbk PT shaved off 2.4% from the index. Malaysian shares extended declines to a third session, dented by consumer and telco sectors. A continued weakness in palm oil prices hurt stocks such as Kuala Lumpur Kepong Bhd, which dropped to a nearly four-year low, while telecom services provider Maxis Bhd lost 1.8%. Thai shares were trading flat shortly after government data showed the country's customs-cleared exports in August had declined 4% year-over-year. Meanwhile, Singapore shares traded a tick higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS as at 0422 GMT Change on the day Market Current Previous close Pct Move Singapore 3160.32 3158.8 0.05 Bangkok 1636.2 1640.66 -0.27 Manila 7890.83 7911.32 -0.26 Jakarta 6219.077 6244.47 -0.41 Kuala Lumpur 1591.4 1596.28 -0.31 Ho Chi Minh 996.29 997.1 -0.08 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3160.32 3068.76 2.98 Bangkok 1636.2 1563.88 4.62 Manila 7890.83 7,466.02 5.69 Jakarta 6219.077 6,194.50 0.40 Kuala Lumpur 1591.4 1690.58 -5.87 Ho Chi Minh 996.29 892.54 11.62 (Reporting by Anushka Trivedi in Bengaluru; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most markets close lower after guarded Fed outlook

Sep 19 2019

* Thailand top loser; energy, telecom drag * Indonesia central bank lowers rates * Weak palm oil prices hurt Malaysian stocks By Anushka Trivedi Sept 19 Most Southeast Asian stock markets closed lower on Thursday, with Thailand leading the pack, after the U.S. Federal Reserve thwarted hopes of further policy easing. The Fed dished out a widely expected quarter-point rate cut on Wednesday but was decidedly hawkish in its tone, with Chair Jerome Powell describing the rate cut as an "insurance against ongoing risks" that includes stagnancy in global growth and longstanding trade tensions. "The ultimate problem with this type of Federal Open Market Committee dispersion model is that it's confusing, which means more uncertainty, and uncertainty is going to lead to risk reduction," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Thai shares extended falls into a second session and closed at a three-week low, with energy and telecom stocks accounting for most of the losses. Weak oil prices pushed state-run energy company PTT PCL 1.1% lower, while telecom services provider Advanced Info Service PCL dropped 2.2%. Indonesian shares fell 0.5% as an interest rate cut by the central bank failed to lift sentiment. Bank Indonesia delivered a widely expected 25 basis point rate cut but warned of its economy taking a hit from the global economic slowdown, and said it expected 2019 growth below the midpoint of 5%-5.4%. "A slight hawkish future stance of the Fed contributed to the pullback, also market seems unmoved despite a 25 bp rate cut," said Anugerah Zamzami Nasr, an equity research analyst at PT Phillip Sekuritas Indonesia. "We suspect that despite lower inflation and resilient external balance, Indonesian economic growth could be sluggish for the rest of the year and might need other non-monetary stimulus." Resources and telecom stocks were among the top losers, with heavyweight PT Telekomunikasi Indonesia Tbk dipping 0.9%. Kenanga Group analysts see top-line weakness in the second half for the company as changes in its product pricing are expected to lead to lower average revenue per user. Malaysian shares closed 0.2% lower, dragged by consumer and healthcare stocks. A decline in palm oil prices weighed on companies such as Sime Darby Plantation Bhd and IOI Corp Bhd, while hospital operator IHH Healthcare shed 1.7%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3158.8 3166.84 -0.25 Bangkok 1640.66 1654.14 -0.81 Manila 7911.32 7915.29 -0.05 Jakarta 6244.47 6276.633 -0.51 Kuala Lumpur 1596.28 1599.49 -0.20 Ho Chi Minh 997.1 995.15 0.20 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3158.8 3068.76 2.93 Bangkok 1640.66 1563.88 4.91 Manila 7911.32 7,466.02 5.96 Jakarta 6244.47 6,194.50 0.81 Kuala Lumpur 1596.28 1690.58 -5.58 Ho Chi Minh 997.1 892.54 11.71 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Trade in tight range amid cloudy Fed outlook

Sep 18 2019

* U.S. Fed cuts interest rates as expected * Indonesia slips ahead of central bank meet * Malaysia on track to fall for a second session By Anushka Trivedi Sept 19 Southeast Asian stock markets traded in a tight range on Thursday, as investors laid off heavy bets after the U.S. Federal Reserve delivered an expected rate cut but provided limited insight on its next move. Fed Chair Jerome Powell described the U.S. economic outlook as "favorable," and said the policy easing was meant to insure against ongoing risks including sluggish global growth and ongoing trade tensions. The Fed's cautious stance will be of little help to Asian policymakers who are weighing additional measures. Indonesia's central bank is set to meet later in the day and the Philippines the week after, while Fed's cloudy outlook offers less room for them to ease their respective rates, giving them fewer tools to tackle their cooling economies. "Should Fed officials continue conveying mixed policy outlook to global investors, that could trigger bouts of volatility as markets contend with the uncertain projections surrounding U.S. interest rates," Han Tan, market analyst at brokerage FXTM said in a note. Indonesian shares traded a tad lower ahead of the central bank policy decision as financials strained the benchmark. Bank Indonesia is largely expected to slash rates, according to a Reuters poll, with government officials stating the policy would be aimed at supporting Indonesia's GDP expansion in light of a global economic slowdown. Lenders Bank Rakyat Indonesia (Persero) Tbk PT and Bank Mandiri (Persero) Tbk PT dropped 0.7% and 1.4%, respectively. The Thai bourse touched a two-week low as local energy players came under pressure from an overnight tumble in oil prices. Top oil producer PTT PCL slipped 1.1% after scaling 3.2% in the previous session. The Malaysian benchmark index was poised to close lower for a second session, dented by consumer and telecom sectors. A dip in palm oil prices hurt producers of the commodity such as Sime Darby Plantation Bhd and IOI Corp Bhd , while telco Digi.com Bhd dropped 1.5%. Singapore shares and the Philippine index were largely unchanged. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS as at 0352 GMT Change on the day Market Current Previous close Pct Move Singapore 3163.79 3166.84 -0.10 Bangkok 1647.7 1654.14 -0.39 Manila 7913.91 7915.29 -0.02 Jakarta 6247.918 6276.633 -0.46 Kuala Lumpur 1594.73 1599.49 -0.30 Ho Chi Minh 993.85 995.15 -0.13 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3163.79 3068.76 3.10 Bangkok 1647.7 1563.88 5.36 Manila 7913.91 7,466.02 6.00 Jakarta 6247.918 6,194.50 0.86 Kuala Lumpur 1594.73 1690.58 -5.67 Ho Chi Minh 993.85 892.54 11.35 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most fall ahead of Fed policy decision; Thailand top loser

Sep 18 2019

* Thai shares lose the most in the region * Malaysian stocks dip on weakness in palm oil producers * Indonesia rises ahead of central bank policy decision By Anushka Trivedi Sept 18 Most Southeast Asian stock markets declined in thin trading on Wednesday as investors were cautious ahead of an expected U.S. interest rate cut, with Thailand shedding the most on a drop in oil prices. With a 25-basis point U.S. rate cut seen as near-certain, investors will look at the Fed's statements for clues on the future policy direction of the central bank. "In the absence of any surprise in the rate move, investors will be looking at the message from the FOMC in the statement and subsequent press conference," said Nick Twidale, director and co-founder, Xchainge. "The risk probably sits once again with a hawkish cut and if this comes to fruition, then expect stock markets to take a hit along with risk trades overall." Thai shares fell 0.6% to their lowest close in two weeks and were the biggest losers in the region as tumbling oil prices pressured the country's energy stocks. Oil and gas producers PTT PCL and PTT Exploration and Production PCL dropped 3.7% and 4.6%, respectively. Singapore benchmark index extended losses to a third straight session as financials faltered. Malaysian shares ended at their lowest in over one week as a drop in palm oil prices weighed on producers of the commodity. Kuala Lumpur Kepong Bhd closed at an over one-month low, while edible oil distributor PPB Group Bhd slipped 1.6%. Bucking the trend, the Indonesian benchmark index inched up ahead of a central bank interest rate decision on Thursday. Bank Indonesia is expected to cut its benchmark rate for the third meeting in a row, to support growth, according to a Reuters poll. Tobacco company Gudang Garam Tbk PT was among the top gainers as it rose 1.5%, following a 20% slump earlier in the week on a government mandate to slap higher taxes and hike cigarette costs 2020 onwards. An index of Jakarta's forty-five most liquid stocks was 0.5% higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3166.84 3183 -0.51 Bangkok 1654.14 1663.93 -0.59 Manila 7915.29 7932.23 -0.21 Jakarta 6276.633 6236.69 0.64 Kuala Lumpur 1599.49 1604.3 -0.30 Ho Chi Minh 995.15 996.74 -0.16 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3166.84 3068.76 3.20 Bangkok 1654.14 1563.88 5.77 Manila 7915.29 7,466.02 6.02 Jakarta 6276.633 6,194.50 1.33 Kuala Lumpur 1599.49 1690.58 -5.39 Ho Chi Minh 995.15 892.54 11.50 (Reporting by Anushka Trivedi in Bengaluru; Editing by Aditya Soni )

SE Asia Stocks-Most subdued ahead of U.S. Fed verdict

Sep 18 2019

* Federal Reserve will conclude two-day meet later in the day * Malaysia at 1-week low, dragged by consumer stocks * Thai index leads declines as energy stocks tumble By Anushka Trivedi Sept 18 Most Southeast Asian stock markets were tepid on Wednesday amid cautious mood as investors awaited a widely expected interest rate cut by the U.S. Federal Reserve, while a slew of regional central bank meetings kept a lid on risk appetite. The U.S. central bank will conclude a two-day policy review on Wednesday, with markets mostly pricing in a quarter-point cut, but a show of strong manufacturing output for August on Tuesday forced investors to walk back some of their dovish ambitions. Federal funds futures implied late on Tuesday that traders saw about a 51% chance of Fed easing the key borrowing costs. "In the absence of any surprise in the rate move, investors will be looking at the message from the FOMC in the statement and subsequent press conference. The risk probably sits once again with a hawkish cut and if this comes to fruition, then expect stock markets to take a hit along with risk trades overall," said Nick Twidale, director and co-founder, Xchainge. Markets have largely pinned their hopes on central banks to cut their lending rates, with the Indonesian central bank set to meet on Thursday, while the People's Bank of China is slated to decide on its benchmark rates later this week. Leading declines, Thai shares came under pressure as a slump in oil prices hurt energy stocks. Oil and gas majors PTT PCL and PTT Exploration and Production dropped 3.2% and 3.9%, respectively. Malaysian stocks hit a one-week low, dragged by consumer stocks. Leading palm oil producers Kuala Lumpur Kepong Bhd and Sime Darby Plantation Bhd lost 1.1% and 1.4%, respectively. The Philippine bourse extended losses into a second session following local reports https://businessmirror.com.ph/2019/09/18/house-sets-probe-into-pogo-operations of a potential shutdown for the Philippines Offshore Gaming Operators. Casino operator Bloomberry Resorts Corp, among the top drags on the benchmark, slipped as much as 2.5%. Meanwhile, Indonesian stocks advanced on the back of consumer stocks. Top cigarette maker Hanjaya Mandala Sampoerna rebounded after diving nearly 20% earlier this week after the government announced steep price and tax hikes. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3171.26 3183 -0.37 Bangkok 1655.09 1663.93 -0.53 Manila 7901.52 7932.23 -0.39 Jakarta 6265.166 6236.69 0.46 Kuala Lumpur 1596.46 1604.3 -0.49 Ho Chi Minh 995.74 996.74 -0.10 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3171.26 3068.76 3.34 Bangkok 1655.09 1563.88 5.83 Manila 7901.52 7,466.02 5.83 Jakarta 6265.166 6,194.50 1.14 Kuala Lumpur 1596.46 1690.58 -5.57 Ho Chi Minh 995.74 892.54 11.56 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Indonesia plunges nearly 2% on tobacco stocks

Sep 16 2019

* Weak China data, oil rally weigh on SE Asia * Philippines reverses course to end higher * Malaysian markets closed for holiday By Anushka Trivedi Sept 16 Indonesian shares slumped nearly 2% on Monday, dragged by tobacco stocks after the government announced a steep price hike, while most other Southeast Asian markets traded in a thin range as weak China data and a surge in oil prices stoked slowdown worries. The Indonesian government said late on Friday it would raise the minimum price of cigarettes across categories by an average of 35% from Jan. 1 next year and increase the excise tax on tobacco products by 23%, as part of its efforts to reduce smoking rates. Top cigarette maker Hanjaya Mandala Sampoerna Tbk PT plunged over 18%, its sharpest in two decades, while Gudang Garam Tbk PT dived more than 20.5%, its biggest since 1994. The benchmark Jakarta stock index ended 1.8% lower, posting its lowest close in over one month and extending losses into a third session. A bigger-than-expected drop in August exports and sharp decline in imports also weighed on the market. Meanwhile, other Southeast Asian markets were subdued as fresh economic data out of China signalled increasing weakness in an economy lashed by trade headwinds and soft domestic demand. Industrial production grew at the weakest pace in 17-1/2 years, while retail sales growth came in below expectations. Crude oil prices surged as a drone attack on Saudi Arabia's key oil facilities fanned supply shortage concerns and chances of long-term geopolitical tensions amid a global economic slump. Singapore stocks, which are heavily exposed to the Chinese economy, fell 0.2%, dragged by financial and industrial sectors. Index heavyweights Jardine Strategic Holdings Ltd and DBS Group Holdings Ltd shed 0.7% and 0.4%, respectively. Philippine stocks reversed course to close slightly higher as investors made some market-on-close orders, said Rachel Cruz, a research analyst with AP Securities. "People at this point are tentative and would rather increase their exposure to defensive stocks," Cruz said. International Container Terminal Services Inc jumped 4.4%, while electricity retailer Aboitiz Power Corp rose 3.6%. Thai stocks ended largely flat, with state-run oil and gas giant PTT PCL rising 3.3% to an over six-week high. Malaysian equity markets were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3203.93 3211.49 -0.24 Bangkok 1662.93 1661.96 0.06 Manila 7996.9 7992.32 0.06 Jakarta 6219.435 6334.843 -1.82 Ho Chi Minh 989.86 987.22 0.27 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3203.93 3068.76 4.40 Bangkok 1662.93 1563.88 6.33 Manila 7996.9 7,466.02 7.11 Jakarta 6219.435 6,194.50 0.40 Ho Chi Minh 989.86 892.54 10.90 (Editing by Subhranshu Sahu)

SE Asia Stocks-Most fall as China data, Saudi attack dent sentiment

Sep 16 2019

* China's Aug industrial output at 17-1/2-year low * Indonesia index dragged by cigarette makers, oil importers * Thai shares rise on energy stocks By Anushka Trivedi Sept 16 Most Southeast Asian stock markets fell on Monday after dismal data from China, the region's biggest trading partner, signalled weakness for the broader Asian economy, while oil importers were affected following attacks on Saudi Arabia's crude facilities. Oil prices jumped over 10% on fears of a supply glut as the attack would significantly cut global oil output, while investor sentiment also remained on edge as the incident risked increasing geopolitical tensions worldwide. Confidence was dented after industrial output data from China showed that the slowdown in factory and consumer sectors had deepened in August. Industrial production grew at its weakest pace in 17-1/2 years for the month, hinting at increased frailty in an economy lashed by trade headwinds and soft domestic demand. Analysts at Citibank see a case for additional caution as the attack on Saudi's facility could led to a "supply shock", given lingering fears of a potential U.S.recession. Leading declines in the region, Indonesian stocks marked their worst session in over a month. Indonesian oil importers dropped as investors scurried for safe-haven bets after the attacks. Chandra Asri Petrochemical shed 6.2%, while marine logistics company Transcoal pacific Tbk PT lost 4.1%. Top cigarette maker Hanjaya Mandala Sampoerna Tbk PT saw its worst day in nearly 29 years, with peer Gudang Garam Tbk PT diving about 20% after the finance ministry announced a hike to minimum price of cigarettes by an average of 35%, while raising excise tax by 23% from 2020 onwards. Trade-sensitive Singapore stocks dropped, with industrials denting the index. Shares of Yangzijiang Shipbuilding Holdings Ltd slipped 0.9%, while Hutchison Port Holdings Trust declined 1.9%. An index of Jakarta's forty-five most liquid stocks lost 1.1%. The Philippine bourse dropped 0.6% amid broad-based losses. Shares of property developer Ayala Land Inc and conglomerate SM Prime Holdings declined 1.4% and 0.4%, respectively. Bucking the sombre mood, Thai shares ticked up on the back of energy stocks as oil prices surged, while the Vietnam index advanced on financials. Thai oil and gas giant PTT PCL hit its highest in more than six weeks, while PTT Exploration and Production PCL scaled 3.3%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3210.99 3211.49 -0.02 Bangkok 1663.26 1661.96 0.08 Manila 7942.17 7992.32 -0.63 Jakarta 6232.627 6334.843 -1.61 Ho Chi Minh 989.94 987.22 0.28 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3210.99 3068.76 4.63 Bangkok 1663.26 1563.88 6.35 Manila 7942.17 7,466.02 6.38 Jakarta 6232.627 6,194.50 0.62 Ho Chi Minh 989.94 892.54 10.91 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most gain as trade thaw, ECB stimulus trigger risk rally

Sep 13 2019

* U.S. President Trump considering an interim deal with China * Malaysia on track to fall for a second session * The Philippine index hits a two-week high By Anushka Trivedi Sept 13 Most Southeast Asian stock markets rose on Friday, as signs of a de-escalation in the U.S.-China trade friction and European Central Bank's aggressive push for fiscal stimulus helped offset concerns about a global recession. Washington on Thursday was encouraged by Beijing's purchase of U.S. farm goods, ahead of planned talks next week, with U.S. President Donald Trump reportedly mulling the possibility of an interim trade deal, which would postpone tariffs or even roll back some of the existing ones. "Given that investors have been known to wear trade war emotion on their sleeve, any steps by China and the U.S. to ease tensions further ahead of face-to-face talks in Washington in the coming weeks will be a green light of risk sentiment" said Stephen Innes, Asia Pacific market strategist, AxiTrader. Markets worldwide also received a lift from ECB's decision to cut rates by 10 bps and assurance of a renewed effort on the fiscal policy front, such as resuming bond-buying programme. Leading gains in the region, the Philippine index advanced to its highest in two weeks, underpinned by heavyweights SM Prime Holdings Inc and conglomerate SM Investments Corp. Singapore's main bourse, which has been highly sensitive to developments in the Sino-U.S. trade spat, gained 0.3% on the back of financial and industrial stocks. Meanwhile, Vietnam and Indonesian shares were trading marginally higher. Bucking the upbeat trend, Malaysian stocks extended declines to a second session, with losses in telecom service providers Digi.com Bhd and Maxis Bhd denting the index. Malaysian telecom firm Axiata Group Bhd and Norway's Telenor ended talks last week, failing to create a telecom joint venture, which saw Telenor's local unit Digi.com mark its biggest intraday percentage drop in nearly nine years. The market is still affected by the negative sentiment in the telco sector and appreciation of the ringgit, with exporters seeing declines in stocks such as Petronas Chemicals Group , IHH Healthcare Bhd, among others, said Redza Rahman, head of research, MIDF. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AT 0404 GMT Change on the day Market Current Previous close Pct Move Singapore 3203.61 3194.96 0.27 Bangkok 1659.56 1660.68 -0.07 Manila 7988.41 7944.43 0.55 Jakarta 6345.491 6342.174 0.05 Kuala Lumpur 1596.72 1601 -0.27 Ho Chi Minh 977.56 976.07 0.15 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3203.61 3068.76 4.39 Bangkok 1659.56 1563.88 6.12 Manila 7988.41 7,466.02 7.00 Jakarta 6345.491 6,194.50 2.44 Kuala Lumpur 1596.72 1690.58 -5.55 Ho Chi Minh 977.56 892.54 9.53 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most fall as U.S.-China trade thaw fails to impress investors

Sep 12 2019

* Telekom Indonesia hits over 1-month low * Singapore snaps three straight sessions of gains * Malaysia's central bank holds interest-rate steady By Anushka Trivedi Sept 12 Most Southeast Asian stock markets closed lower on Thursday, with Indonesia falling the most, as signs of relief in the U.S.-China trade conflict failed to boost sentiment. U.S. President Donald Trump on Wednesday reciprocated to Beijing's move to exempt levying charges on some American imports by announcing a two-week delay to a scheduled tariff increase on $250 billion worth of Chinese goods. "External environment has turned worse since the last meeting, with further tariffs being imposed. Heightened trade tension is clearly set to stay despite resumption of trade talks and this will continue to cast a dark cloud over global economy" analysts at Mizuho said in a note. In a thin trading session, Indonesian benchmark slipped 0.6%, dented by a near 2% fall in PT Telekomunikasi Indonesia Tbk's stock. The country's biggest telecom services provider hit its lowest in over one month, as it faces hurdles by launch of Stroomnet, a new broadband service by a state-run electricity corporation, said Anugerah Zamzami Nasr, an equity research analyst at Phillip Sekuritas Indonesia. "Furthermore, recent interest from CK Hutchison to acquire XL Axiata could be viewed as a slight challenge to Telekom's market share and pricing power", he added. Philippine stocks dropped 0.3%, with heavyweights such as SM Investment Corp and fast-food retailer Jollibee Foods Corp losing 1.1% and 1.7%, respectively. Singapore's main index snapped a three-day gaining streak to end 0.3% lower, with industrial conglomerate Jardine Matheson Holdings losing the most on the benchmark. Jardine Matheson's stock fell 4% on Thursday after adding about 8.3% in the past three days. Malaysian shares dipped slightly after the country's central bank stood pat on its key interest rate, in line with a Reuters consensus. Bank Negara Malaysia expects the export-reliant nation's economy to hold its ground on the back of resilient domestic activity, but has flagged concerns arising from the Sino-U.S. trade war. Bucking the regional trend, Vietnam shares gained 0.7%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3194.96 3204.52 -0.30 Bangkok 1660.68 1674.03 -0.80 Manila 7944.43 7967.90 -0.29 Jakarta 6342.174 6381.954 -0.62 Kuala Lumpur 1601 1602.3 -0.08 Ho Chi Minh 976.07 969.31 0.70 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3194.96 3068.76 4.11 Bangkok 1660.68 1563.88 6.19 Manila 7944.43 7,466.02 6.41 Jakarta 6342.174 6,194.50 2.38 Kuala Lumpur 1601 1690.58 -5.30 Ho Chi Minh 976.07 892.54 9.36 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

World News