July 2, 2018 / 4:45 AM / 6 months ago

SE Asia Stocks-Start data-heavy week on back foot; trade war fears linger

    * Vietnam hits over 1-month low
    * Philippine index scales 1-week high

    By Sumeet Gaikwad
    July 2 (Reuters) - Most Southeast Asian stock markets fell
on Monday on caution ahead of a raft of economic data this week,
while sentiment remained weak as the July 6 deadline when the
U.S. is due to impose US$34 billion of tariffs on Chinese
exports is fast approaching.  
    Asian shares excluding Japan were about 0.4
percent lower, after losing 2 percent last week, as trade
concerns clouded the outlook for Chinese growth.
    In regional markets, Vietnam's Ho-Chi-Minh index
declined as much as 2.4 percent despite strong June
manufacturing figures, as financials and real estate stocks
weighed on the benchmark.
    Vietcombank and Vinhomes JSC's down 3.3
percent and 1.3 percent, respectively, were the biggest drag on
the index.
    Indonesia's benchmark index rose as gains in energy
and financial stocks outweighed losses in materials and consumer
staples.
    Financials got a fillip after the country's central bank on
Friday raised its benchmark rate by twice as much as the market
expected on Friday in a bid to defend the rupiah. 
    "Last Friday's move was unexpected and is a very strong
message that the central bank is unwilling to tolerate further
weakness of the rupiah," said Taye Shim, head of research at
Jakarta-based Mirae Asset Sekuritas.
    However, investors will keep a close eye on inflation data
due later in the day, he added.
    According to a Reuters poll, Indonesia's annual inflation
rate in June is seen slowing at 2.88 percent compared with 3.23
percent a month earlier.
    Energy stocks dragged the Thai benchmark index 0.2
percent lower after oil prices fell by more than one percent on
Monday on rising supplies in Saudi Arabia. 
    Oil and Gas explorer PTT Pcl was 0.5 percent lower
while its unit PTT Exploration and Production Pcl
fell 4.6 percent.    
    Data from the country's commerce ministry showed headline
inflation rose 1.38 percent in June, albeit at a slower pace.

    Singapore stocks fell 0.7 percent dragged by financials and
industrials, with lender Oversea-Chinese Banking Corporation
, down more than 1 percent, leading the losses.
    Philippine shares rose, led by industrials and
telecom stocks. Ayala Land rose 1.5 percent and SM
Investments Corp added 2.2 percent.
    The archipelago is due to release its core inflation data on
Thursday.
     
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AS AT 0430 GMT
        
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3247.47   3268.7          -0.65
 Bangkok            1592.77   1595.58         -0.18
 Manila             7219.99   7193.68         0.37
 Jakarta            5816.394  5799.237        0.30
 Kuala Lumpur       1683.38   1691.5          -0.48
 Ho Chi Minh        939.91    960.78          -2.17
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3247.47   3402.92         -4.57
 Bangkok            1592.77   1753.71         -9.18
 Manila             7219.99   8558.42         -15.64
 Jakarta            5816.394  6355.654        -8.48
 Kuala Lumpur       1683.38   1796.81         -6.31
 Ho Chi Minh        939.91    984.24          -4.50
 

 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Vyas
Mohan)
  
Nuestros Estándares:Los principios Thomson Reuters
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