May 30, 2018 / 10:50 AM / a year ago

SE Asia Stocks-Fall amid global selloff; Malaysia slumps most in nearly a decade

    * Indonesia snaps 5 sessions of gain, cenbank raises key
    * Singapore, Philippines fall 2 pct, 1.7 pct respectively 

    By Nicole Pinto
    May 30 (Reuters) - Southeast Asian stock markets fell on
Wednesday, with Malaysia posting its sharpest drop in nearly a
decade, amid a global selloff provoked by the political crisis
in Italy and renewed U.S.-China trade war fears.
    Investors fear that repeat elections in Italy, which could
come as soon as July, may become a de-facto referendum on
Italian membership of the currency bloc and the country's role
in the European Union.
    However, reports that two anti-establishment parties were
again renewing efforts to form a government rather than force
the country back to the polls, helped ease investor woes.
    Meanwhile, China said it would safeguard its interests after
Washington said it will release a list of some $50 billion worth
of Chinese goods that will be subject to a 25 percent tariff by
June 15, unless Beijing addressed issues of theft of American
intellectual property.
    Malaysian shares slumped 3.2 percent to their lowest close
since December 2017, dragged by financials and trading services
firms, while Indonesian stocks fell nearly 1 percent,
snapping five straight sessions of gains.
    Indonesia's central bank raised its key interest rate for
the second time in two weeks, and flagged more possible hikes in
an effort to boost the fragile rupiah and contain capital
    The rate hike acted as a "very big relief" for foreign
investors and might help revive risk appetite, said Taye Shim,
head of research at Jakarta-based Mirae Asset Sekuritas, adding
that optimism had been baked in the cake and reflected over the
past five sessions.
    Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan
PT fell 2.4 percent, while Astra International Tbk PT
 shed 2.4 percent.
    Among other Southeast Asian stock markets that fell,
Singapore closed more than 2 percent lower, dragged by
financials, while the Philippines declined 1.7 percent,
extending falls into a fourth session. 
    All markets except the Philippines and Vietnam were closed
on Tuesday. 
For Asian Companies click;  

 STOCK MARKETS                                
                    Current   Previous Close  Pct Move
 Singapore          3443.95   3518.48         -2.12
 Bangkok            1725.14   1734.54         -0.54
 Manila             7470.14   7602.36         -1.74
 Jakarta            6011.055  6068.325        -0.94
 Kuala Lumpur       1719.28   1775.84         -3.18
 Ho Chi Minh        948.5     952.18          -0.39
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3443.95   3402.92         1.21
 Bangkok            1725.14   1753.71         -1.63
 Manila             7470.14   8558.42         -12.72
 Jakarta            6011.055  6355.654        -5.42
 Kuala Lumpur       1719.28   1796.81         -4.31
 Ho Chi Minh        948.5     984.24          -3.63
 (Reporting by Nicole Pinto; Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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