September 2, 2019 / 10:07 AM / 3 months ago

SE Asia Stocks-Fall as new China-U.S. tariffs add to slowdown worries

    * Thai August inflation below Reuters estimate 
    * Indonesia Aug inflation highest since Dec 2017
    * Philippines snaps three sessions of gains

    By Shreya Mariam Job
    Sept 2 (Reuters) - Southeast Asian stock markets fell on
Monday, with Singapore leading declines, after Washington and
Beijing put additional tariffs on each other's goods over the
weekend, adding to investors' worries over slowing global
growth.
    The United States began imposing 15% tariffs on a variety of
Chinese goods on Sunday - including footwear, smart watches and
flat-panel televisions - as China started slapping new duties on
U.S. crude.
    Meanwhile, China's factory activity unexpectedly expanded in
August as production edged higher, a private business survey
showed, but this was in contrast to official data from Saturday
showing manufacturing activity contracted for the fourth month
in a row.
    Singapore stocks fell 0.8% with industrials
accounting for most of the losses. 
    Index heavyweight Jardine Matheson Holdings Ltd
dropped 4.1%, while subsidiary Jardine Strategic Holdings Ltd
 fell 3.6%.
    Philippine stocks closed 0.8% lower, snapping three
straight sessions of gains, dragged by financials and
industrials.
    BDO Unibank shed 2.7%, while International
Container Terminal Services Inc dropped 1.7%.
    Meanwhile, Philippine nickel miners are expected to boost
ore production next year when Indonesia bans exports of the raw
material used in stainless steel and batteries.
    Indonesia said it would stop nickel ore exports from Jan. 1,
2020, two years earlier than initially flagged as it speeds up
efforts to process more of its resources at home, boosting
nickel prices.
    Indonesian shares dropped 0.6%, weighed down by
consumer stocks. Unilever Indonesia Tbk Pt and Gudang
Garam Tbk Pt declined 1.8% and 4.9%, respectively.
    Indonesia's consumer price index rose 3.49% in August from a
year earlier to the highest since December 2017, but remained
within the central bank's target range of 2.5%-4.5% for the
year. Analysts polled by Reuters had forecast a rise of
3.54%.
    Thai stocks closed marginally lower. Thailand's
annual headline consumer price index rose 0.52% in August, below
a Reuters poll forecast of an 0.85% increase.
    The inflation rate stayed below the central bank's target
range of 1% to 4%, sparking hopes that the Bank of Thailand may
cut its policy interest rate once again after the surprise cut
in August.
    "We bring forward our forecast for next 25bp rate cut from
the fourth quarter to the next BoT meeting on 25 September," ING
said in a note.
    Financial markets in Malaysia and Vietnam
were closed for holidays. 

    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3082.96   3106.52         -0.76
 Bangkok                1654.11   1654.92         -0.05
 Manila                 7918.53   7979.66         -0.77
 Jakarta                6290.546  6328.47         -0.60
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3082.96   3068.76         0.46
 Bangkok                1654.11   1563.88         5.77
 Manila                 7918.53   7,466.02        6.06
 Jakarta                6290.546  6,194.50        1.55
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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