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Nikhil Subba

SE Asia Stocks-Philippines jumps as cenbank pledges to ease liquidity norms

May 17 2019

* Indonesia posts biggest weekly loss since April 2018 * Philippines snaps five straight sessions of declines By Nikhil Subba May 17 Philippine shares jumped about 1.5% on Friday, the most in about two-and-a-half months, as the central bank pledged to ease liquidity norms to boost growth, while Indonesian stocks fell to their lowest in more than six months on worries over financing. Bangko Sentral ng Pilipinas said after market hours on Thursday that it would cut the amount of cash that banks must hold as reserves in three steps to help boost liquidity as economic growth slows. Investors cheered the central bank's announcement and bought heavily, helping the benchmark stock index snap five straight sessions of losses. However, the rally was not enough to pull the benchmark index out of the red for the week. The index lost 2% for the week in its second straight weekly drop. Indonesian stocks closed 1.2% lower after the central bank warned that liquidity in the banking system was "heading toward tightness" and financing might become an issue. The key Jakarta stock index fell 6.2% this week in its biggest drop since late April 2018. Singapore shares fell 0.6%, dragged by financial and oil stocks, and posted their second consecutive weekly loss. Data released on Friday showed that exports in April fell more than expected, highlighting a continued slowdown in manufacturing and GDP growth in the current quarter. Thai shares closed about 0.5% lower, weighed down by technology stocks, after a Reuters poll showed that the annual pace of first-quarter economic growth likely was the weakest for any quarter in almost four years. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3205.46 3230.26 -0.77 Bangkok 1608.11 1614.75 -0.41 Manila 7583.82 7475.16 1.45 Jakarta 5826.868 5895.738 -1.17 Kuala Lumpur 1605.36 1599.19 0.39 Ho Chi Minh 976.48 975.69 0.08 Change on year Market Current End 2017 Pct Move Singapore 3205.46 3068.76 4.45 Bangkok 1608.11 1563.88 2.83 Manila 7583.82 8558.42 -11.39 Jakarta 5826.868 6194.498 -5.93 Kuala Lumpur 1605.36 1690.58 -5.04 Ho Chi Minh 976.48 984.24 -0.79 (Reporting by Nikhil Subba; Editing by Subhranshu Sahu)

SE Asia Stocks-Philippines jumps on cenbank's liquidity boost, most others gain

May 17 2019

* Most in the region set for weekly losses * Philippines top gainer * Singapore falls on weak trade data; Indonesia slips By Nikhil Subba May 17 Philippines shares led the surge on Southeast Asian markets on Friday after its central bank eased liquidity norms, while most others tracked gains on Wall Street, which rose on upbeat earnings and strong economic data. The Philippine index climbed more than 2%, buoyed by telecom services and financials. The index is, however, set for a second straight week of loss. The Philippine central bank on Thursday said it would cut the amount of cash that banks must hold as reserves in three steps, which is expected to free up around 190 billion pesos ($3.62 billion) of additional liquidity into the financial system to help boost economic growth. However, the relief on Wall Street could be short-lived due to worries of a protracted trade dispute between Beijing and Washington, considering President Donald Trump's move to block business with China's Huawei Technologies comes into force later in the day. "Global risk sentiments steadied overnight following better than expected U.S housing data and healthy earnings from Cisco and Walmart...Asian markets may attempt to build on yesterday's positive momentum given that China has not announced any further retaliatory measures," OCBC analysts said in a note to clients. Malaysia stocks advanced 0.6%, helped by gains in the telecom and energy sectors. Telecommunications services provider Digi.com rose as much as 2%. Thailand and Vietnam shares rose marginally. Both were lifted by the energy sector. Meanwhile, Singapore's shares fell 0.7% after data showed that the city-state's exports in April fell more than expected with electronics shipments contracting far more than a year ago. "Data foreshadows a continued slowdown in manufacturing and GDP growth in the current quarter, making it increasingly difficult for the central bank to maintain its tighter policy stance," Prakash Sakpal, economist Asia at ING Bank said in a note. The Straits Times index, whose stocks are most exposed to global trade, is set for its second straight week of losses. Indonesia stocks slipped marginally, weighed by financials, after central bank deputy governor warned that liquidity in the country's banking system is "heading toward tightness" and financing may become an issue. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS At 0405 GMT Market Current Previous Close Pct Move Singapore 3208.86 3230.26 -0.66 Bangkok 1617.56 1614.75 0.17 Manila 7629.51 7475.16 2.06 Jakarta 5877.005 5895.738 -0.32 Kuala Lumpur 1608.19 1599.19 0.56 Ho Chi Minh 976.27 975.69 0.06 Change on year Market Current End 2017 Pct Move Singapore 3208.86 3068.76 4.57 Bangkok 1617.56 1563.88 3.43 Manila 7629.51 8558.42 -10.85 Jakarta 5877.005 6194.498 -5.13 Kuala Lumpur 1608.19 1690.58 -4.87 Ho Chi Minh 976.27 984.24 -0.81 (Reporting by Nikhil Subba; editing by Uttaresh.V)

SE Asia Stocks-Most end lower as U.S. ban on Huawei rattles markets

May 16 2019

* Indonesia leaves interest rates unchanged, as expected * Malaysia's Q1 GDP growth slows vs prior qtr * Singapore and Vietnam end higher By Nikhil Subba May 16 Most Southeast Asian stock markets closed weaker on Thursday after Washington's ban on China's Huawei Technologies stoked worries of a protracted Sino-U.S. trade dispute, with the Indonesian index hitting a six-month closing low. The U.S. Commerce Department moved to add Huawei and 70 affiliates to its so-called "Entity List", effectively banning the Chinese telecoms giant from buying parts and components from U.S. companies without a government approval. "The markets continue to be headline-driven," said Liu Jinshu, director of research, NRA Capital, referring to the U.S. business restrictions on Huawei, the world's second-largest smartphone maker. The ban on Huawei "can be taken negatively with regards to how the Trump administration plans to ease tensions between the two largest economies in the world," said Fio Dejesus, equity research analyst, RCBC Securities. Leading the losses, the Indonesian index dropped 1.4% to close at its weakest since Nov. 15, 2018, dragged lower by industrials and utilities. Southeast Asia's largest economy kept its benchmark interest rate unchanged at 6%, as expected, following a central bank meeting on Thursday. Last year between May and November, the Bank Indonesia raised the benchmark six times by 175 basis points to support the rupiah in the wake of U.S. rate hikes by the Federal Reserve. Philippine stocks dropped 1.3% to mark their lowest since January 2, as the benchmark index was dented by energy and industrial stocks. The Philippines, an ally of the United States, in February pushed ahead to launch a Huawei Technologies-backed 5G service in the country, while Washington said it would rethink cooperation with allies who use Huawei. Malaysia stocks ended nearly 1% lower, pulled down by healthcare sector with medical grade gloves maker Hartalega Holdings falling 2.7%. Data on Thursday showed Malaysia's economy in the first three months of the year grew at a slower pace than the prior quarter, despite beating expectations forecast in a Reuters poll. Bucking the downtrend, the Singapore index and the Vietnam benchmark ended marginally higher, with the city-state being boosted by technology shares, while the latter was lifted by consumer stocks. South Korea's chip-to-energy conglomerate SK Group said on Thursday it has agreed to buy a 6.1% stake in Vietnam's Vingroup JSC for $1 billion. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3230.26 3218.77 0.36 Bangkok 1614.75 1621.27 -0.40 Manila 7475.16 7576.71 -1.34 Jakarta 5895.738 5980.885 -1.42 Kuala Lumpur 1599.19 1611.43 -0.76 Ho Chi Minh 975.69 975.64 0.01 Change on year Market Current End 2017 Pct Move Singapore 3230.26 3068.76 5.26 Bangkok 1614.75 1563.88 3.25 Manila 7475.16 8558.42 -12.66 Jakarta 5895.738 6194.498 -4.82 Kuala Lumpur 1599.19 1690.58 -5.41 Ho Chi Minh 975.69 984.24 -0.87 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most slip as U.S. ban on Huawei reignites trade worries

May 15 2019

* Vietnam trades higher * Malaysia awaits GDP growth data * Indonesia down ahead of cenbank policy rate decision By Nikhil Subba May 16 Most Southeast Asian stock markets slipped on Thursday, with the Philippines leading losses, as U.S.-China trade friction intensified after Washington's ban on China's Huawei Technologies Co Ltd . The U.S. Commerce Department said on Wednesday it is adding Huawei and 70 affiliates to its so-called "Entity List" — a move that bans the telecom giant from buying parts and components from U.S. companies without a government approval. "Trump is moving to curb Huawei's access to the U.S. market and American suppliers. This can be taken negatively with regards to how the Trump administration plans to ease tensions between the two largest economies in the world," Fio Dejesus, equity research analyst at RCBC Securities, said. Philippine stocks fell almost 1% to their lowest since Jan. 3, pressured by energy and consumer cyclicals. The Philippines, an ally of the United States, in February, pushed ahead to launch a Huawei Technologies-backed 5G service in the country, even as Washington said it would rethink cooperation with allies that use Huawei. Malaysia stocks marginally slipped ahead of its first quarter gross domestic product (GDP) data, which is expected to grow at a much slower pace than the previous quarter, according to a Reuters poll. Top losers on the index were synthetic rubber gloves maker Hartalega Holdings, which saw its worst day in one-week and Malaysia Airports Holdings, which dropped 1.4%. Indonesia's index edged lower ahead of central bank's policy decision later in the day, as the apex bank is expected to keep its benchmark interest rates unchanged after the country posted its widest monthly trade deficit in history. Mall operator Bliss Properti Indonesia slumped nearly 19%, while engineering services company ABM Investama dropped to a record low. However, U.S. President Donald Trump is planning to delay tariffs on auto imports, providing some relief to markets hit by a flare-up in trade tensions. Vietnam stocks were trading marginally higher, boosted by energy and technology stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AT 0328 GMT Market Current Previous Close Pct Move Singapore 3218.51 3218.77 -0.01 Bangkok 1612.89 1621.27 -0.52 Manila 7511.02 7576.71 -0.87 Jakarta 5962.719 5980.885 -0.30 Kuala Lumpur 1610.09 1611.43 -0.08 Ho Chi Minh 977.24 975.64 0.16 Change on year Market Current End 2017 Pct Move Singapore 3218.51 3068.76 4.88 Bangkok 1612.89 1563.88 3.13 Manila 7511.02 8558.42 -12.24 Jakarta 5962.719 6194.498 -3.74 Kuala Lumpur 1610.09 1690.58 -4.76 Ho Chi Minh 977.24 984.24 -0.71 (Reporting by Nikhil Subba; editing by Uttaresh.V)

SE Asia Stocks-Most end weaker as trade worries bite; Indonesia sinks

May 15 2019

* New U.S. tariffs ready to launch for Trump-Xi meeting * Indonesia likely to maintain interest rates - Reuters poll * Malaysia and Vietnam end higher By Nikhil Subba May 15 Most Southeast Asian stock markets reversed course to close lower on Wednesday, as U.S.-China trade concerns lingered, with the Indonesian index leading the declines after the country posted its widest monthly trade deficit in history. Risk appetite had recovered earlier in the day after U.S. President Donald Trump said he had a "very good" dialogue with China and insisted talks between the two economies had not collapsed. "I don't think any recovery will be sustainable as China is unlikely to bow to U.S. demands without some face-saving measure," said Liu Jinshu, director of research, NRA Capital. Trump could launch 25% tariffs on another $300 billion worth of Chinese goods when he meets Xi next month. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some speciality compounds and rare-earth minerals. Indonesia's benchmark closed about 1.5% lower at a near six-month low, after data showed that imports in April fell at a much slower pace than expected while exports slumped, prompting Southeast Asia's largest economy to post its widest monthly trade deficit in history. "Imports will likely remain elevated during the Ramadan season in May and then fall back only in June. Accordingly, the trade balance is likely to remain in deficit in May," ANZ analysts said in a note. Indonesia's central bank is also forecast to keep its main interest rate unchanged for a sixth straight policy meeting on Thursday, as rising U.S.-China trade tensions renew pressure on the rupiah. Philippine shares ended the session about 1% weaker, weighed down by consumer and financial stocks, and marked their fourth straight day of declines. Jollibee Foods Corp was the top drag, slipping 3% after the fast food restaurant chain posted a fall in quarterly income. Singapore's Straits Times index closed marginally down, dented by consumer service and industrial stocks. Conglomerate Jardine Matheson Holdings slipped about 1% to close at its lowest since April 25. The International Monetary Fund has forecast Singapore's 2019 economic growth at 2.3%, compared with 3.2% in 2018, citing the country's high exposure to global trade, OCBC said in a note. Meanwhile, Malaysia and Vietnam stocks each closed about 1% higher, boosted by energy shares. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3218.77 3223.71 -0.15 Bangkok 1621.27 1633.84 -0.77 Manila 7576.71 7646.66 -0.91 Jakarta 5980.885 6071.202 -1.49 Kuala Lumpur 1611.43 1599.19 0.77 Ho Chi Minh 975.64 965.34 1.07 Change on year Market Current End 2017 Pct Move Singapore 3218.77 3068.76 4.89 Bangkok 1621.27 1563.88 3.67 Manila 7576.71 8558.42 -11.47 Jakarta 5980.885 6194.498 -3.45 Kuala Lumpur 1611.43 1690.58 -4.68 Ho Chi Minh 975.64 984.24 -0.87 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most advance as Trump offers trade hopes to markets

May 14 2019

* Malaysia leads gains in SE Asia * Singapore bucks trend * Trump says China trade talks not collapsed By Nikhil Subba May 15 Most Southeast Asian stock markets advanced on Wednesday, following a firmer finish on the Wall Street, as U.S. President Donald Trump's upbeat remarks on Sino-U.S. trade talks helped repair bruised optimism. All three major U.S. stock indexes rose on Tuesday after President Trump said he had a "very good" dialogue with China and insisted talks between the two economies had not collapsed, raising hopes of a possible trade resolution as Washington and Beijing prepare to meet again at next month's G20 summit. "Global risk sentiments stabilised somewhat overnight as Trump reassured markets that the U.S. has a "dialogue ongoing" with China," OCBC said in a note to clients. Malaysia stocks climbed 0.8% and lead gains in Southeast Asia. Telecom giant Axiata Group rose 3% and Dialog Group was up 8.5% — its highest since Nov. 12, 2018. Philippines shares rose 0.5%, helped by industrials and energy stocks, after tumbling almost 2% in the previous session. Port operator International Container Terminal Services climbed to a record high, while conglomerate Aboitiz Equity Ventures rose 2.7%. Indonesia's benchmark index edged higher ahead of the country's trade data due later in the day. Gains were lead by chemical products manufacturer Eterindo Wahanatama, which soared 29.3%, and mall operator Bliss Properti Indonesia, which jumped to a record high. Meanwhile, data showed China's industrial output in April slowed more than expected and retail sales for the same month also grew at its slowest pace since May 2003, reinforcing views Beijing will have to roll out more stimulus to promote growth as a trade war with the United States intensifies. Singapore's Straits Times index bucked the trend to fall marginally lower, weighed by consumer services and industrials. The International Monetary Fund has forecast Singapore's 2019 economic growth at 2.3%, compared with 3.2% in 2018, citing the country's high exposure to global trade, OCBC said in a note. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AT 0323 GMT Market Current Previous Close Pct Move Singapore 3221.83 3223.71 -0.06 Bangkok 1636.04 1633.84 0.13 Manila 7686.86 7646.66 0.53 Jakarta 6073.58 6071.202 0.04 Kuala Lumpur 1612.35 1599.19 0.82 Ho Chi Minh 970.54 965.34 0.54 Change on year Market Current End 2017 Pct Move Singapore 3221.83 3068.76 4.99 Bangkok 1636.04 1563.88 4.61 Manila 7686.86 8558.42 -10.18 Jakarta 6073.58 6194.498 -1.95 Kuala Lumpur 1612.35 1690.58 -4.63 Ho Chi Minh 970.54 984.24 -1.39 (Reporting by Nikhil Subba; editing by Uttaresh.V)

SE Asia Stocks-Most end lower on fresh strain in U.S.-China trade war

May 14 2019

* China imposes retaliatory tariffs on U.S. goods * Vietnam bucks trend to end higher By Nikhil Subba May 14 Most Southeast Asia stock markets closed weaker on Tuesday, with the Philippine index leading the decline, after China's counter tariffs on U.S. goods stoked an escalation in the months-long trade conflict between Washington and Beijing. China on Monday said it would impose higher tariffs on $60 billion worth of U.S. goods, despite President Donald Trump's warning to not retaliate against additional tariffs on Chinese imports. "With the announcement of China's retaliation overnight that tariffs on 2,493 U.S. products will be raised to between 5% and 25% from June 1, the risk-off tone has submerged most financial markets," OCBC analysts said in a note to clients. Beijing's retaliation was in response to sharp additional tariffs imposed by Trump on $200 billion worth of Chinese goods last Friday, which took effect while the two nations were mid-way through trade talks that ultimately ended in a deadlock. However, Trump's comment on Monday that he was optimistic about resolving the months-long trade dispute provided some salve to the markets. Philippine stocks, which resumed trading following an election holiday, tumbled 1.2% to its lowest close since March 4, weighed down by consumer stocks. The archipelagic nation held its mid-term elections on May 13, and unofficial results showed that President Rodrigo Duterte's allies held the top spots. Indonesia's index closed at a near six-month low, pressured by basic material and healthcare stocks. Jakarta-based tire manufacturer Multistrada Arah Sarana shed about 25% to close at a near six-month low. Singapore's Straits Times index closed weaker, restrained by industrial and oil stocks. Conglomerate Jardine Matheson Holdings, among the top drag on the index, ended 1.5% lower. Bucking the trend, Vietnam stocks ended the session marginally higher, driven by utilities sector. Analysts are of the view that Vietnam could benefit if the U.S.-China trade war continues to drag. Tech heavyweights such as South Korea's Samsung Electronics and LG Electronics, are seen shifting their manufacturing facilities into Vietnam from China, to cut costs and minimize tariffs. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3223.71 3234.28 -0.33 Bangkok 1633.84 1640.13 -0.38 Manila 7646.66 7742.2 -1.23 Jakarta 6071.202 6135.396 -1.05 Kuala Lumpur 1599.19 1601.09 -0.12 Ho Chi Minh 965.34 958.54 0.71 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3223.71 3068.76 5.05 Bangkok 1633.84 1563.88 4.47 Manila 7646.66 7,466.02 2.42 Jakarta 6071.202 6,194.50 -1.99 Kuala Lumpur 1599.19 1690.58 -5.41 Ho Chi Minh 965.34 892.54 8.16 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Escalation in Sino-U.S. trade tension pushes indexes lower

May 14 2019

* China retaliates with higher tariffs on $60 bln U.S. goods * Philippines leads losses By Nikhil Subba May 14 Southeast Asian stock markets plunged on Tuesday as trade tensions between the world's two largest economies escalated further after Beijing announced retaliatory tariffs on U.S. imports, sparking concerns of a global economic slowdown. China said it would impose tariffs on $60 billion worth of U.S. goods, despite U.S. President Donald Trump's warning to not retaliate against additional tariffs on Chinese imports announced by the White House on Friday. "Markets are on risk-off mode as a result of worsening trade relations between the United States and China, following China's retaliation," RCBC Securities analyst, Fio Dejesus, said. Beijing's move comes after both U.S. and China were unable to carve out a deal to reverse Trump's tariff hike, following fresh trade talks last week which ended in a deadlock. However, President Donald Trump said on Monday he was optimistic about resolving the U.S. trade dispute with China. Philippines led losses in the region, dropping as much as 1.7% to its lowest since March 4, dragged by consumer stocks. It held its mid-term elections on May 13, and unofficial results showed that President Rodrigo Duterte's allies held the top spots. Indonesia's index shed as much as 1.7%, its lowest since December 18, 2018, dragged by polyester fiber maker Tifico Fiber Indonesia's near 24% plunge and real estate developer Duta Anggada Realty's 22.4% drop. Singapore stocks slid as much as 1.1% to a 1-1/2-month low, with lender DBS Group falling as much as 2.3% to its lowest since April 1. Malaysian stocks fell 0.8% to its lowest since September 7, 2015, dragged by Sime Darby Plantation, the world's biggest oil palm planter by land holdings, which fell as much as 5.1% to its lowest since January 3. Thai and Vietnam shares were trading marginally lower, both pressured by the utilities sector. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AT 0428 GMT Market Current Previous Pct Move close Singapore 3206.62 3234.28 -0.86 Bangkok 1633.79 1640.13 -0.39 Manila 7589.92 7,742.20 -1.96 Jakarta 6061.266 6135.396 -1.21 Kuala Lumpur 1596.64 1601.09 -0.28 Ho Chi Minh 957.5 958.54 -0.11 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3206.62 3068.76 4.49 Bangkok 1633.79 1563.88 4.47 Manila 7589.92 7,466.02 1.66 Jakarta 6061.266 6,194.50 -2.15 Kuala Lumpur 1596.64 1690.58 -5.56 Ho Chi Minh 957.5 892.54 7.28 (Reporting by Nikhil Subba; editing by Uttaresh.V)

SE Asia Stocks-Most end weaker as U.S.-China trade rift deepens

May 13 2019

* China yet to retaliate to Trump's tariff hike * Singapore is top drag in the region * Vietnam ends marginally higher By Nikhil Subba May 13 Most Southeast Asian stock markets closed lower on Monday, as investors took a cautious stance fearing flare-up in the Sino-U.S. trade negotiations, while anxiety over a possible retaliation by Beijing kept sentiment fragile. Until last week, there were expectations that U.S. President Donald Trump and his Chinese counterpart Xi Jinping would sign a trade deal at the summit. However, the trade talks suffered a major setback last week when China proposed extensive revisions to a draft agreement. "Tensions appear to have ratcheted up with Trump threatening to impose tariffs on all Chinese imports if a deal is not concluded within a month. Accordingly, the next few weeks would be volatile across all asset classes as the markets brace for the possibility of a no-deal," DBS Group analysts said in a note. Trade tensions between two of the world's leading economies worsened last week after Trump raised tariffs on $200 billion worth of Chinese goods, and markets have been anxious as Beijing vowed to take counter measures. Singapore's Straits Times index, whose stocks are most exposed to global trade, was the biggest decliner in the regional market. The benchmark ended the session 1.2% lower, its weakest since April 1, pressured by financial services and consumer stocks. DBS Group, Southeast Asia's largest lender, closed 2% down at its lowest since April 2, while conglomerate Jardine Cycle & Carriage Ltd dropped 2.2% to its lowest close since April 15. The Malaysian index, which languished at its lowest close since Jan. 21, 2016, dropped 1.9% ever since Trump announced his tariff hike plan on May 6. The Indonesian benchmark dropped about 1% to its weakest since Dec 26, 2018, dragged lower by property developer Duta Pertiwi's 20% plunge and frozen seafood products maker Sekar Bumi's nearly 17% tumble. Bucking the trend, Vietnamese stocks advanced higher, helped by a rally in utilities and technology stocks. The Philippine market was closed on Monday as the archipelago nation holds its mid-term elections. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 3236.92 3273.5 -1.20 Bangkok 1637.94 1648.69 -0.52 Jakarta 6135.396 6209.118 -1.19 Kuala Lumpur 1601.09 1610.27 -0.57 Ho Chi Minh 958.54 952.55 0.63 Change on year Market Current End 2017 Pct Move Singapore 3236.92 3068.76 5.39 Bangkok 1637.94 1563.88 4.88 Manila 7742.2 8558.42 -9.54 Jakarta 6135.396 6194.498 -0.95 Kuala Lumpur 1601.09 1690.58 -5.29 Ho Chi Minh 958.54 984.24 -2.61 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most fall on fears of fresh escalation in U.S.-China trade war

May 13 2019

* Markets on the lookout for retaliation from Beijing * Singapore tumbles 1.3% By Nikhil Subba May 13 Most Southeast Asian stock markets declined on Monday as investors feared a possible retaliation by China after trade talks between Washington and Beijing failed to reach a conclusion last week. Singapore stocks led losses after trade talks hit a wall as Washington pressed hard to get China to change certain laws while Beijing remained defiant, saying it would not swallow any "bitter fruit" that harmed its interests. "The sudden, unexpected collapse ahead of the final step to ink a 150-page long trade deal caught market by surprise," OCBC analyst Tommy Xie Dongming said in a note to clients. "Markets will tread cautiously, with the market focus still be on any developing headlines about China's possible retaliatory moves and next steps for trade talks from here until Trump and Xi meet at the G20 meeting in late June," Xie Dongming added. Singapore's Straits Times index, whose stocks are most exposed to global trade in the region, tumbled as much as 1.3% to its lowest since April 1, pressured by consumer and oil stocks. DBS Group, Southeast Asia's largest lender, fell 1.7% to its lowest since April 2, while conglomerate Jardine Cycle & Carriage Ltd fell 1.4% to its lowest since April 16. Malaysian stocks fell as much as 0.4% to its lowest since January 21, 2016. The index, which has fallen 1.4% since Trump announced his tariff hike plan, was dragged by consumer cyclicals and healthcare stocks. Indonesia's benchmark, too, traded lower, with enamel kitchenware manufacturer Kedaung Indah Can falling 20% to its lowest since February 27, while Visi Telekomunikasi Infrastruktur fell 12.24% to its lowest since July 23, 2018. Meanwhile, Vietnamese stocks traded marginally higher, helped by a rally in consumer stocks. The Philippine market was closed on Monday as the archipelago nation observes a special non-working holiday to hold its midterm elections, which is largely seen as referendum on the Duterte administration. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AT 0431 GMT Market Current Previous Close Pct Move Singapore 3235.33 3273.5 -1.17 Bangkok 1646.09 1648.69 -0.16 Jakarta 6194.147 6209.118 -0.24 Kuala Lumpur 1604.32 1610.27 -0.37 Ho Chi Minh 956.16 952.55 0.38 Change on year Market Current End 2017 Pct Move Singapore 3235.33 3068.76 5.43 Bangkok 1646.09 1563.88 5.26 Manila 7742.2 8558.42 -9.54 Jakarta 6194.147 6194.498 -0.01 Kuala Lumpur 1604.32 1690.58 -5.10 Ho Chi Minh 956.16 984.24 -2.85 (Reporting by Nikhil Subba; editing by Uttaresh.V)

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