February 22, 2019 / 4:18 AM / 3 months ago

SE Asia Stocks-Most fall on global growth slowdown worries; Indonesia worst hit

    * Malaysia set to post third straight weekly gain
    * Investors remain cautious amid trade talks
    * Vietnam rises to highest in over 4 months

    By Shreya Mariam Job
    Feb 22 (Reuters) - Indonesia led losses as most Southeast
Asian stock markets fell on Friday, as worries of a global
growth slowdown continued to hamper investor sentiment, while
Vietnam continued to rise for the fifth straight session.
    Investors are also exercising caution amid trade talks
between the U.S. and China with the tit-for-tat tariffs between
the world's two largest economic powers having already disrupted
international trade and slowed the global economy since the
trade war started several months ago.
    "Slowing global growth is underway, evidenced by falling
exports growth in trade-sensitive countries... An improved
US-China relation may not provide an immediate boost to demand
against the backdrop of peaking trade growth," said Zhu Huani,
an economist at Mizuho Bank said in a note. 
    The Indonesian benchmark dropped 0.7 percent,
leading losses in the region, following the central bank's
decision to hold key rate on Thursday. But for the week, the
index is set to snap two straight weeks of losses.
    Indonesia's central bank kept interest rates on hold on
Thursday and said it was looking at ways to boost loan growth.

    Financial and consumer stocks dragged the index with Telekom
Indonesia and Bank Negara Indonesia falling
1 percent and 2 percent respectively.
    Malaysian stocks fell 0.6 percent, ahead of the
country's January inflation data to be released later today. The
index is, however, set to post its third consecutive weekly
gain. 
    Malaysia's consumer prices are expected to fall in January,
the first decline in nearly a decade, amid a drop in domestic
fuel prices, a Reuters poll showed on Wednesday. The central
bank however, said last week that the country was not at risk of
deflationary pressure. 
    The index was dragged by losses in healthcare and telecom
stocks, with IHH Healthcare Bhd and Maxis Bhd
 shedding as much as 1.7 percent and 3.4 percent,
respectively.
    Singapore's index shed 0.5 percent after the
country's second-biggest listed lender Oversea-Chinese Banking
Corp Ltd posted disappointing quarterly financial
earnings.
    OCBC missed market estimates with a 10 percent drop in
quarterly profit, due to a weak performance in its insurance
business
    Shares of OCBC dropped as much as 2.2 percent, while those
of its peer United Overseas Bank Ltd dipped as much
2.2 percent.
    The Vietnam index continued to surge for the fifth
straight day and rose 0.4 percent, with gains concentrated in
financial stocks. Joint Stock Commercial Bank for Foreign Trade
of Vietnam rose 2.8 percent. 
    Meanwhile, Philippine stocks edged marginally higher.
  
        
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SOUTHEAST ASIAN STOCK MARKETS As at 0405 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3262.16   3277.91         -0.48
 Bangkok                1646.48   1647.32         -0.05
 Manila                 7935.09   7931.3          0.05
 Jakarta                6491.529  6537.766        -0.71
 Kuala Lumpur           1719.95   1730.68         -0.62
 Ho Chi Minh            991.49    987.57          0.40
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3262.16   3068.76         6.30
 Bangkok                1646.48   1563.88         5.28
 Manila                 7935.09   7,466.02        6.28
 Jakarta                6491.529  6,194.50        4.80
 Kuala Lumpur           1719.95   1690.58         1.74
 Ho Chi Minh            991.49    892.54          11.09
 


 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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