May 6, 2019 / 3:54 AM / 2 months ago

REFILE-SE Asia Stocks-Fall on sudden spike in U.S.-China trade tensions

 (Corrects to add dropped words 'of dollars' in paragraph 1)
    * Trump threatens to raise tariffs on Chinese imports
    * Singapore leads losses

    By Nikhil Subba
    May 6 (Reuters) - Southeast Asian stocks plunged on Monday
as trade tensions between the world's two largest economies
spiked after U.S. President Donald Trump said he would raise
tariffs on Chinese imports worth hundreds of billions of dollars
this week.
    Trump pressed China to reach a trade deal by threatening to
raise tariffs on $200 billion of goods to 25 percent come Friday
from 10 percent, while further targeting billions more, negating
all recent progress made in the U.S.-China trade negotiations. 
    China, the biggest trading partner of Southeast Asia, was
considering cancelling a round of U.S. talks set for this week
because of Trump's comments, the Wall Street Journal reported.

    "Needless to say, trade tremors have overtaken as the
dominant driver, as the instinctive bolt to safe-refuge trades
emerged as a consequence," Mizuho's Vishnu Varathan said in a
note to clients.
    Gold prices spiked 3.9 percent in safe-haven buying while
the Japanese Yen rose 0.5 percent against the dollar, following
Trump's comments.
    The Singapore index, which is highly exposed to the
U.S.-China trade tensions, led losses in the region, falling as
much as 3.4 percent to 3,278.15, its lowest level since April 2.
    Financials led broad-based declines, with lender DBS Group 
 falling about 4 percent.
    The Indonesian stock market shed 1.4 percent ahead
of the nation's first-quarter GDP data due later in the day.
    Engineering and construction company Meta Epsi Tbk
was the top loser, sinking 16.5 percent, followed by sea
transportation company Humpuss Intermoda which lost
12.5 percent.
    An index of the 45 most-liquid stocks in the country
 fell as much as 2.4 percent, indicating high
volatility.
    Malaysian and Philippine stocks were both
trading about half a percent lower. Both nations are expecting
economic data releases and policy rate meetings this week.
    Thai markets were closed on Monday on account of a national
holiday marking the coronation of the Thai monarch King Maha
Vajiralongkorn.    
      
    
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SOUTHEAST ASIAN STOCK MARKETS AT 0340 GMT 
    
  Market            Current     Previous   Pct Move
                                close      
  Singapore         3037.9      3068.76    -1.01
  Bangkok           1569.47     1563.88    0.36
  Manila            7488.29     7466.02    0.30
  Jakarta           6185.2      6194.498   -0.15
  Kuala Lumpur      1675.87     1690.58    -0.87
 Ho Chi Minh        896.31      892.54     0.42
                                           
  Change on year                           
  Market            Current     End 2018   Pct Move
  Singapore         3037.9      3068.76    -1.01
  Bangkok           1569.47     1563.88    0.36
  Manila            7488.29     7466.02    0.30
  Jakarta           6185.2      6194.498   -0.15
  Kuala Lumpur      1675.87     1690.58    -0.87
  Ho Chi Minh       896.31      892.54     0.42
 
 (Reporting by Nikhil Subba; Editing by Shreejay Sinha)
  
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