March 8, 2019 / 4:02 AM / 6 months ago

SE Asia Stocks-Most fall on weak China trade data, global growth woes

    * Vietnam on track to post 0.9 pct weekly gain
    * Philippines set to snap two straight sessions of gains

    By Shriya Ramakrishnan
    March 8 (Reuters) - Most Southeast Asian stock markets
slipped on Friday in line with broader Asia, as investors were
rattled by a cooling global economy after the European Central
Bank slashed its growth forecasts and dismal trade data from
    ECB President Mario Draghi on Thursday cautioned of a period
of "continued weakness and pervasive uncertainty" while lowering
the bank's growth and inflation forecasts, and offered banks a
new round of cheap loans to help revive the euro zone economy.

    Data from China - the region's largest trading partner
showed that the country's February dollar-denominated exports
fell 20.7 percent from a year earlier, far worse than analysts'
expectations, while imports dropped 5.2 percent.
    The ECB comments and China data sent broader Asian shares to
a two-week low, with Asia ex-Japan falling 1.1
    Singapore shares were among the worst performers in
the region, shedding 0.7 percent with broad-based losses.
    DBS Group Holdings, the country's largest lender
lost 0.8 percent, while industrial conglomerate Jardine Matheson
Holdings Ltd fell 1.1 percent.
    The Singapore benchmark index was on track to post a weekly
loss of 0.4 percent.
    The Jakarta SE Composite Index, which resumed
trading after a holiday fell 0.8 percent, with consumer and
material sectors taking the biggest hit.
    Shares of cement maker Indocement Tunggal Prakarsa
traded 2 percent lower, while conglomerate Astra International
 weakened 1.7 percent.
    Vietnam stocks were on track to extend losses for a
second session, with all sectors in the red.
    The Vietnam index, which has been the region's best
performer since the turn of year was poised to record a gain of
0.9 percent for the week. 
    Philippine shares were set to snap two sessions of
gains, dragged down by financial stocks. Bank of the Philippine
Islands and BDO Unibank Inc were down 1.5 and
0.5 percent, respectively.
    The newly-appointed Philippines central bank governor
Benjamin Diokno said there was room to ease monetary policy in
the country given a cooling inflation, but the timing of any
such action would depend on how the economy fares.
    He said there was an opportunity to further reduce banks'
reserve requirement ratio, which he said was still too high.
For Asian Companies click;  

 Market                 Current   Previous close  Pct Move
 Singapore              3206.73   3229.48         -0.70
 Bangkok                1637.11   1633.21         0.24
 Manila                 7852.04   7881.79         -0.38
 Jakarta                6409.956  6457.956        -0.74
 Kuala Lumpur           1682.27   1686.95         -0.28
 Ho Chi Minh            990.04    994.03          -0.40
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3206.73   3068.76         4.50
 Bangkok                1637.11   1563.88         4.68
 Manila                 7852.04   7,466.02        5.17
 Jakarta                6409.956  6,194.50        3.48
 Kuala Lumpur           1682.27   1690.58         -0.49
 Ho Chi Minh            990.04    892.54          10.92
 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by
Gopakumar Warrier)
Nuestros Estándares:Los principios Thomson Reuters
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