April 10, 2019 / 3:44 AM / 2 months ago

SE Asia Stocks-Philippines rises about 1 pct; others subdued on slowdown, trade worries

    * IMF cuts growth forecast for 3rd time since Oct
    * U.S. threatens more tariffs against European Union
    * China to cap coal imports this year at 2018 levels

    By Shreya Mariam Job
    April 10 (Reuters) - Philippine stocks rose nearly 1 percent
on Wednesday to a more than two-week high, while other Southeast
Asian markets were subdued as another downgrade to global
economic growth by the International Monetary Fund and a U.S.
threat to slap tariffs on hundreds of European goods dampened
investor sentiment.
    U.S. President Donald Trump on Tuesday threatened to impose
tariffs on $11 billion worth of European Union products,
heightening tensions over a long-running transatlantic aircraft
subsidy dispute and opening a new front in his global trade war.

    Meanwhile, in its third downgrade since October, the
International Monetary Fund said the global economy will likely
grow 3.3 percent this year, the slowest expansion since 2016. 

    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.3 percent, a day after it hit its highest
since Aug. 1.
    Philippine shares extended gains into a third
session, boosted by industrials and real estate stocks. 
    "It (the gain) might be related to the updated timetable to
the passing of the budget. According to government officials,
they expect that the president will sign the budget before the
holy week holiday (next week)," said Fio Dejusus, an equity
research analyst with RCBC Securities. 
    SM Investment Corp firmed 1.7 percent, while Bank of
the Philippine Islands added 1.9 percent.
    The Philippine stock market was closed on Tuesday for a
holiday.
    Indonesian shares declined slightly with losses
concentrated in telecom and financial stocks. 
    Separately, China's government is to cap coal imports this
year at 2018 levels, four sources with direct knowledge of the
matter told Reuters on Tuesday, to support domestic producers.

    Indonesia is the world's largest exporter of thermal coal
and the biggest supplier to China, with the world's
second-largest economy importing 21.2 million tonnes of
Indonesian coal in the January-February period.
    Shares of coal miners Dwi Guna Laksana Tbk PT and
SMR Utama Tbk Pt dropped as much as 4.3 percent and
2.7 percent, respectively.
    Vietnam shares fell for a second straight session,
hurt by financial and real estate stocks. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As at 0341 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3325.96   3325.6          0.01
 Bangkok                1662.86   1657.74         0.31
 Manila                 7987.54   7915.63         0.91
 Jakarta                6467.799  6484.348        -0.26
 Kuala Lumpur           1637.12   1641.94         -0.29
 Ho Chi Minh            984.72    988.48          -0.38
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3325.96   3068.76         8.38
 Bangkok                1662.86   1563.88         6.33
 Manila                 7987.54   7,466.02        6.99
 Jakarta                6467.799  6,194.50        4.41
 Kuala Lumpur           1637.12   1690.58         -3.16
 Ho Chi Minh            984.72    892.54          10.33
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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