August 28, 2019 / 4:47 AM / 5 months ago

SE Asia Stocks-Subdued as traders seek clarity on Sino-U.S. trade war

    * Vietnam snaps three sessions of losses
    * Energy and banking stocks lift Thai index
    * Inversion of U.S. yield curve stokes recession fears

    By Soumyajit Saha
    Aug 28 (Reuters) - Southeast Asian stock markets traded in a
tight range on Wednesday as deeper worries about global economy
dampened sentiment, while investors sought further clarity on
the developments in the Sino-U.S. trade dispute.
    Trading volumes were a fraction of their monthly average
after an deepening inversion in the U.S. yield curve sent market
participants dashing for safe-haven assets such as gold and
stoked fears of a recession.
    The U.S. yield curve inversion, a portent for several past
U.S. recessions, sent Wall Street stocks tumbling down on
    "The suggestion (of a recession) is not outlandish," Mizuho
Bank said in a note to clients.
     "After all, the U.S.-China trade conflict resolution
prospects have dimmed and resultant recession risks have risen
significantly after China's MoF openly called out Trump;
exceptionally antagonistic for the China-U.S. engagement," the
note added.
    China's foreign ministry on Tuesday denied any recent phone
calls with U.S. officials, effectively refuting Washington's
claim that there had been contact. 
    Thai stocks recovered from previous session's
losses, helped by gains in the energy and financial sector.
    Gas explorer and distributor PTT PCL was up 1.2%,
while lender Kasikornbank advanced 1.9%. The energy
sector was lifted by higher oil prices after an inventory report
showed U.S. stockpiles fell more than expected, helping ease
worries about economic slowdown.
    Indonesian shares lost momentum on Wednesday after
the index rallied 1% in the previous session to close at a
one-week high.          
    Sentiment got a lift as gains in financial and consumer
sectors helped the Vietnam index snap three sessions of
    Heavyweights Joint Stock Commercial Bank for Foreign Trade
of Viet Nam jumped 1%, while beverage maker Saigon Beer
Alcohol Beverage Corp rose 1.3%.
    Malaysian shares were flat after hitting their
lowest close in four years in the previous session, while
trading in the Philippine benchmark index was subdued.
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 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3071.79   3067.52         0.14
 Bangkok                1617.84   1615.47         0.15
 Manila                 7752.61   7747.38         0.07
 Jakarta                6288.971  6278.171        0.17
 Kuala Lumpur           1589.47   1590.84         -0.09
 Ho Chi Minh            977.99    976.79          0.12
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3071.79   3068.76         0.10
 Bangkok                1617.84   1563.88         3.45
 Manila                 7752.61   7,466.02        3.84
 Jakarta                6288.971  6,194.50        1.53
 Kuala Lumpur           1589.47   1690.58         -5.98
 Ho Chi Minh            977.99    892.54          9.57
 (Reporting by Soumyajit Saha, Editing by Sherry Jacob-Phillips)
Nuestros Estándares:Los principios Thomson Reuters
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