October 8, 2018 / 9:54 AM / 2 months ago

SE Asia Stocks-Most decline tracking China; Singapore down nearly 1 pct

    By Niyati Shetty
    Oct 8 (Reuters) - Most Southeast Asian stock markets
stumbled on Monday following their Chinese peers, which fell
despite the country's central bank increasing liquidity to
offset the fallout of a months-long U.S.-China trade row.
    Sino-U.S. tensions intensified over the last week with U.S.
Vice President Mike Spence accusing China of meddling in next
month's congressional elections and a report that Chinese spies
had compromised U.S. hardware.
    "There is negative impact from the Chinese stock market
because the central bank's measure cannot fully offset the
negative sentiment from last week," said Rakpong Chaisuparakul,
an analyst at KGI Thailand.
    The People's Bank of China on Sunday cut the minimum cash
reserve that banks must hold, in a move to support the economy. 
    Chinese markets reacted for the first time, after a
week-long holiday, to last week's surge in benchmark U.S.
Treasury yields and strong economic data which sparked concerns
of a faster-than-expected rate hike by the Federal Reserve.

    MSCI's broadest index of Asia-Pacific shares outside Japan
 was 0.9 percent lower.    
    Singapore's benchmark index continued to decline on
Monday, closing lower for a third straight session, ahead of
possible tightening of monetary policy by the central bank this
week.
    The Monetary Authority of Singapore is expected to tighten
monetary policy at Friday's review, in an attempt to balance the
risks of growth and inflation amid global trade frictions. 
    United Overseas Bank fell 2.1 percent and
conglomerate Jardine Matheson Holdings slid 1 percent.
    Thai shares fell 1.4 percent, extending losses into
a fifth session, weighed down by energy and materials sector. 
    PTT Exploration and Production declined 3.3
percent while Indorama Ventures slumped 5.7 percent. 
    On the other hand, Indonesia stocks bucked the trend
to rise 0.5 percent, with financial and consumer shares boosting
the index. Bank Central Asia gained 1.7 percent and
Unilever Indonesia advanced 3.6 percent.  
    The country's central bank has intervened to manage the
rupiah's volatility, a senior official told Reuters on Monday,
after the currency weakened to its lowest in over 20
years.
     
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3181.45   3209.79         -0.88
 Bangkok            1696.22   1720.52         -1.41
 Manila             7050.82   7078.2          -0.39
 Jakarta            5761.073  5731.935        0.51
 Kuala Lumpur       1775.75   1777.15         -0.08
 Ho Chi Minh        996.12    1008.39         -1.22
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3181.45   3402.92         -6.51
 Bangkok            1696.22   1753.71         -3.28
 Manila             7050.82   8558.42         -17.62
 Jakarta            5761.073  6355.654        -9.36
 Kuala Lumpur       1775.75   1796.81         -1.17
 Ho Chi Minh        996.12    984.24          1.21
 
 (Reporting by Niyati Shetty in Bengaluru; Editing by Sunil
Nair)
  
Nuestros Estándares:Los principios Thomson Reuters
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