April 10, 2019 / 10:15 AM / 3 months ago

SE Asia Stocks-Most subdued on Europe-U.S. trade tensions, IMF outlook

    * Philippines gains 1.2 percent, hits near three-week
closing high
Concerns over slowing growth, fresh tariffs hurt sentiment
Vietnam extends declines to a second session 

    By Shreya Mariam Job
    April 10 (Reuters) - Most Southeast Asian stock markets were
subdued on Wednesday as investors exercised caution after the
International Monetary Fund (IMF) downgraded its outlook on
global economy and as Washington said it was considering tariffs
on European goods.
    Amid concerns of slowing global growth, the IMF on Tuesday
said global economy will likely grow 3.3 percent in 2019, the
slowest expansion since 2016. This marks the global lender's
third downgrade since October.
    Meanwhile, 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.
    Trading was sombre across most mainland markets amid various
global negative drivers. Broader Asian markets also slipped from
their eight-month high with MSCI's broadest index of
Asia-Pacific shares outside Japan down 0.1
percent.
    Resuming trade after a holiday, the Philippine index
closed 1.2 percent firmer, its highest since March 22.
    "(The gain) might be related to the updated timetable to the
passing of the budget. According to government officials, they
expect the president to sign the budget before the holy week
holiday (next week)," said Fio Dejusus, an equity research
analyst, RCBC Securities.
    Shares of industrial heavyweights SM Investments Corp
 and SM Prime Holdings Inc gained 1.5 percent
and 1.7 percent, respectively. 
    Vietnam stocks extended declines into a second
session to end 0.7 percent weaker, with losses in financial and
real estate shares denting the index. 
    Vinhomes JSC closed 1.4 percent weaker, while Joint
Stock Commercial Bank For Foreign Trade of Viet Nam
fell 1.3 percent.  
    The Indonesian index closed lower for the day,
pulled down by consumer and healthcare stocks. 
    Leading Indonesian coal companies also ended in the red
after China's move to cap coal imports this year at 2018 levels,
sources with direct knowledge of the matter told Reuters on
Tuesday, to support domestic producers. Indonesia is China's
biggest supplier of thermal coal.
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3327.65   3325.6          0.06
 Bangkok                1662.13   1657.74         0.26
 Manila                 8008.53   7915.63         1.17
 Jakarta                6478.326  6484.348        -0.09
 Kuala Lumpur           1639.46   1641.94         -0.15
 Ho Chi Minh            981.91    988.48          -0.66
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3327.65   3068.76         8.44
 Bangkok                1662.13   1563.88         6.28
 Manila                 8008.53   7,466.02        7.27
 Jakarta                6478.326  6,194.50        4.58
 Kuala Lumpur           1639.46   1690.58         -3.02
 Ho Chi Minh            981.91    892.54          10.01
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Sherry
Jacob-Phillips)
  
Nuestros Estándares:Los principios Thomson Reuters
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