May 30, 2019 / 10:12 AM / 3 months ago

SE Asia Stocks-Singapore slides to near 5-month low; Malaysia extends gains

    * Indonesian market closed for holiday
    * Philippines hits over 3-week closing high 
    * Thai economy expected to grow faster in Q2 - finance
ministry

    By Shreya Mariam Job
    May 30 (Reuters) - Singapore shares extended falls on
Thursday to a near five-month closing low with financials
leading the decline, while Malaysian stocks closed higher for a
fourth straight session.
    Broader Asia tracked Wall Street losses as fears of a
prolonged trade war between the United States and China stoked
concerns about its impact on global economic growth.
    A senior Chinese diplomat said provoking trade disputes was
"naked economic terrorism", ramping up the rhetoric against the
United States.
    His comments followed reports from Chinese newspapers that
Beijing could use rare earths to strike back at Washington after
U.S. President Donald Trump remarked he was "not yet ready" to
make a deal with China over trade.
    "At present, it seems that both the US and China have not
faced enough weakness to the economy to warren an immediate end
to the trade war," Phillip Futures said in a note.      
    Singapore shares fell for a third straight session
and closed at their lowest since Jan. 8. 
    DBS Group Holdings Ltd dropped 1%, while smaller
banking peers Oversea-Chinese Banking Corp and United
Overseas Bank Ltd shed 1.4% and 0.9%, respectively. 
    Malaysian shares rose 0.8% on the back of financial
and telecom stocks. 
    Malaysian equities are largely considered as "defensive"
amid trade tensions, given their resilience in the past. 
    Public Bank Bhd and Axiata Group Bhd
advanced 2.6% and 3.3%, respectively. 
    Philippine stocks pared early gains to close 0.5%
higher, posting a more than three-week closing high. Financials
were among the top boosts with BDO Unibank rising 2.4%,
while Bank of the Philippine Islands added 2.5%. 
    The Philippines is a likely beneficiary of the Sino-U.S.
trade war as firms looking to move out of China to avoid tariff
hikes find the budding economy an attractive alternative, say
analysts.
    Meanwhile, Thai shares inched higher on the back of
utility and industrial stocks. 
    Thailand's economy is expected to grow at a faster pace in
the second quarter than in the first three months of the year as
domestic consumption continues to increase and tourism improves,
a finance ministry official said.
    The Indonesian stock market was closed for a
holiday. 

    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3143     3163.28         -0.64
 Bangkok                1623.2   1619.36         0.24
 Manila                 7836.55  7797.75         0.50
 Kuala Lumpur           1636.5   1623.67         0.79
 Ho Chi Minh            969.34   971.54          -0.23
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3143     3068.76         2.42
 Bangkok                1623.2   1563.88         3.79
 Manila                 7836.55  7,466.02        4.96
 Kuala Lumpur           1636.5   1690.58         -3.20
 Ho Chi Minh            969.34   892.54          8.60
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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