October 11, 2018 / 4:49 AM / 7 days ago

SE Asia Stocks-Crumble after Wall Street rout

    * Singapore hits 20-month low, Philippines 21-month trough
    * Vietnam plunges 5.5 pct intraday, sharpest since early Feb

    By Niyati Shetty
    Oct 11 (Reuters) - Southeast Asian stock markets plummeted
on Thursday, joining a global equity rout after a selloff on
Wall Street spooked investors.
    On Wednesday, Wall Street posted its biggest daily decline
in eight months as concerns around rising debt yields and
prospect of rising interest rates gripped equity markets
worldwide.
    Over the past few months, an intensifying trade war between
the United States and China has also hit risk assets on worries
about global growth.
    The sharp fall on Wednesday was bad enough to attract the
attention of U.S. President Donald Trump, who said the selloff
was in fact a long-awaited "correction," and that the Federal
Reserve, which has been raising rates, had gone "crazy". 

    Investors now await U.S. inflation figures due later in the
day as a high outcome would only stoke speculation of more
aggressive rate hikes from the Fed.
    "That's a signal of 'rotation' out of equities and back into
bonds as the Fed raises rates, rather than the bullish argument
sold to us of the opposite happening," Rabobank analysts said,
referring to "a mess" in markets as a small rise in yields
caused a fall in global equities which then caused yields to
fall on Wednesday.
    MSCI's broadest index of Asia-Pacific shares outside Japan
slumped 4 percent. 
    Singapore shares slumped 2.8 percent in their
sharpest intraday fall since Feb 6 and hit a 20-month low,
weighed down by heavy losses in financials. 
    Oversea-Chinese Banking Corp fell as much as 3.4
percent and DBS Group Holdings dropped 2.9 percent.
    Vietnam shares plunged 5.5 percent, their biggest
intraday drop since early February, and hit an eight-week low. 
    Financial and real estate stocks were the biggest losers,
with Joint Stock Commercial Bank for Foreign Trade of Vietnam
 shedding 5.7 percent and Vingroup JSC
declining 4.7 percent. 
    "Domestically, Vietnam is facing upward pressure on
inflation, mostly due to a rise in energy prices. We don't know
yet where the bottom is," said Tran Anh Tuan, chief analyst at
Vietcombank Securities.
    Philippine shares tumbled 3 percent to a 21-month
low, dragged industrial stocks.  
    SM Investments slid 4.2 percent and JG Summit
Holdings declined 6.4 percent. 
    Malaysian shares slumped 3 percent to a three-month
low, Indonesian stocks fell 2.6 percent to a more than
one-month trough and Thailand dropped 2.7 percent to a
one-month low.    
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AS OF 0442 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3048.77   3131.48         -2.64
 Bangkok            1680.05   1721.82         -2.43
 Manila             6796.62   7001.14         -2.92
 Jakarta            5719.257  5820.668        -1.74
 Kuala Lumpur       1699.41   1735.18         -2.06
 Ho Chi Minh        944.46    993.96          -4.98
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3048.77   3402.92         -10.41
 Bangkok            1680.05   1753.71         -4.20
 Manila             6796.62   8558.42         -20.59
 Jakarta            5719.257  6355.654        -10.01
 Kuala Lumpur       1699.41   1796.81         -5.42
 Ho Chi Minh        944.46    984.24          -4.04
                                              
 
 (Reporting by Niyati Shetty in Bengaluru, Additional Reporting
by Khanh Vu; Editing by Subhranshu Sahu)
  
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