August 10, 2018 / 5:37 AM / 9 months ago

SE Asia Stocks-Singapore falls; renewed trade war friction weighs

    * Singapore hits one-week low, sees worst day in over 4
    * Malaysia heads for a fifth straight weekly gain

    By Sumeet Gaikwad
    Aug 10 (Reuters) - Singapore shares dropped on Friday as
concerns over renewed U.S.-China trade war friction and lower
oil prices dented sentiment, while the absence of bullish news
failed to propel the other Southeast Asian markets.
    Singapore markets, which dropped as much as 1.6
percent, marked their worst intraday session in a month. 
    "There could be some risk reduction in Singapore markets
amid renewed geopolitical uncertainty," said Wei Liang Chang, an
FX strategist, Mizuho Bank.
    "Furthermore, oil prices are dipping towards recent lows,
and this could increase headwinds to the offshore marine sector
and Singapore banks' loan portfolio," he added.
    Oil prices fell on Friday, hit by concerns that the trade
dispute between the world's largest economies would stall
economic growth and fuel demand.    
    The city-state's top lender DBS Group Holdings Ltd
lost as much as 2.6 percent; Oversea-Chinese Banking Corp Ltd
 slipped as much as 3.25 percent, while conglomerate
Keppel Corp fell up to 2.5 percent. 
    However, the bourse was on track to finish higher for a
fourth week in five.    
    Asian shares ex-Japan dipped 0.9 percent,
snapping a five-session winning streak.
    Trade tensions deepened following Washington's threat on
Thursday that it would impose fresh sanctions on Russia after it
found that Moscow had used a nerve agent against a former
Russian double agent and his daughter in Britain. 
    Philippines shares traded steady, with industrials
being the top boost. Shares of SM investments Corp rose
as much as 1.6 percent. 
    The Philippine central bank on Thursday raised its key
overnight borrowing rate by 50 basis points. The archipelago
nation said its economic growth unexpectedly weakened to a near
three-year low in the second quarter. 
    The Jakarta index recovered from previous session's
losses to edge 0.5 percent higher. Bank Rakyat Indonesia
 jumped as much as 4.2 percent, while Bank Mandiri
(Persero) gained up to 2 percent. 
    An index of the country's 45 most liquid stocks
was up 0.6 percent.
    Malaysian stocks nudged higher; poised for a fifth
straight weekly gain.
    Consumer staples dragged Thai stocks lower with
convenience store operator CP All Pcl slipping over 3

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 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3285.72   3326.74         -1.23
 Bangkok         1713.06   1722.48         -0.55
 Manila          7833.39   7820.71         0.16
 Jakarta         6093.404  6065.256        0.46
 Kuala Lumpur    1808.47   1804.95         0.20
 Ho Chi Minh     955.47    963.5           -0.83
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3285.72   3402.92         -3.44
 Bangkok         1713.06   1753.71         -2.32
 Manila          7833.39   8558.42         -8.47
 Jakarta         6093.404  6355.654        -4.13
 Kuala Lumpur    1808.47   1796.81         0.65
 Ho Chi Minh     955.47    984.24          -2.92

 (Reporting by Sumeet Gaikwad in Bengaluru; Additional reporting
by Chandini Monnappa, Editing by Sherry Jacob-Phillips)
Nuestros Estándares:Los principios Thomson Reuters
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