May 8, 2019 / 4:03 AM / a year ago

SE Asia Stocks-Fall on fears of U.S.-China trade talks falling apart

    * Region tracks Wall Street losses overnight 
    * Philippines top loser, down ahead of Q1 GDP data

    By Nikhil Subba
    May 8 (Reuters) - Southeast Asian stock markets tumbled on
Wednesday tracking losses on the Wall Street, on worries global
growth could be hit as the U.S.-China trade deal seen falling
apart, while the additional U.S. tariff deadline on Chinese
goods loomed large.
    Financial markets were roiled earlier in the week, following
Trump's threat to levy an additional 25 percent tariff on $200
billion worth of Chinese imports come Friday, after Washington
accused Beijing of backtracking from commitments made during
trade negotiations.
    Beijing said on Tuesday that Chinese Vice Premier Liu He
will visit the United States on Thursday and Friday for trade
talks. Additional tariffs are set to take effect by the end of
the week if a trade agreement is not reached by
    Washington and Beijing not reaching a deal on time "is what
most investors fear... The time table is quite slim so if the
U.S. go through with the tariffs, it will mostly affect the
exporting countries," said Rachelle Cruz, an analyst at AP
    Gold prices climbed 1.1 percent in safe-haven buying.
    The Philippine benchmark was the top loser in the
region, falling as much as 1.8 percent to an over 2-week low,
ahead of the country's first quarter gross domestic product
(GDP) data, due May 9.
    Cruz said the expected slowdown in Philippines' first
quarter GDP as well as uncertainty on the upcoming elections is
in part keeping investors on the sidelines.    
    Singapore's Straits Times index, being the most
vulnerable to the U.S.-China trade conflict in the region as the
two nations are its major export destinations, fell about a
    Southeast Asia's largest lender DBS Group and
United Overseas Bank each shed about 1 percent.
    The Malaysian index fell about 0.7 percent with the
healthcare sector and basic materials stocks driving losses.
    Energy shipping company MISC Berhad fell 2.2
percent to its lowest since April 26, while Press Metal
Aluminium Holdings fell 1.5 percent to its lowest
since April 22. 
    Indonesian shares slipped 0.5 percent, weighed by
engineering and construction company Meta Epsi's near
9 percent drop.    
For Asian Companies click;  

  Market           Current     Previous   Pct Move
  Singapore        3282.12     3312.52    -0.92
  Bangkok          1658.07     1669.68    -0.70
  Manila           7770.53     7910.63    -1.77
  Jakarta          6259.52     6297.318   -0.60
  Kuala Lumpur     1628.54     1639.37    -0.66
  Ho Chi Minh      950.32      957.56     -0.76
  Change on year                          
  Market           Current     End 2017   Pct Move
  Singapore        3282.12     3068.76    6.95
  Bangkok          1658.07     1563.88    6.02
  Manila           7770.53     8558.42    -9.21
  Jakarta          6259.52     6194.498   1.05
  Kuala Lumpur     1628.54     1690.58    -3.67
  Ho Chi Minh      950.32      984.24     -3.45

 (Reporting by Nikhil Subba; Editing by Rashmi Aich)
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