June 28, 2019 / 10:09 AM / a year ago

SE Asia Stocks-Most subdued in thin trade; all eyes on Trump-Xi meeting

    * Indonesia falls for quarter after rising for three
    * Thai May exports contract 
    * Philippines up for fourth consecutive quarter

    By Shreya Mariam Job
    June 28 (Reuters) - Most Southeast Asian stock markets ended
flat on Friday in lacklustre trade, as investors held off taking
fresh positions on the last trading day of the quarter and ahead
of a crucial meeting between the leaders of the United States
and China.
    U.S. President Donald Trump said earlier in the day he had
not promised Chinese President Xi Jinping a reprieve from
escalating tariffs in a trade war that is casting a shadow on
global growth, but felt their talks planned for the next day
would be productive.
    "With much of the fate of the global economy hanging on the
outcome of this weekend, and the likely direction of markets
also crucially dependent on the outcome of talks, today has the
eerie sense of a slow march to the gallows, listening out
hopefully for calls of a reprieve from the prison governor," an
ING note said commenting on the G20 and Xi-Trump meeting.
    The Philippine index fell 0.7% with financials and
consumer stocks dragging the index. The index, however, posted
its fourth consecutive quarterly gain, rising 1%. 
    Universal Robina Corp and SM Prime Holdings Inc
 dropped 4.6% and 2.1% , respectively. 
    Thai stocks traded relatively flat. The country's May
current account deficit was $0.38 billion, the first deficit
since September 2014, after exports in May contracted 7.2% from
a year earlier, after declining 2.9% in April.
    Vietnam's benchmark recouped some of the losses from
the previous session with real estate and consumer stocks
boosting the index. 
    Shares of Vinhomes JSC gained 2.3%, while Saigon
Beer Alcohol Beverage Corp added 1.1%. 
    The country's economic growth remained strong in the second
quarter, backed by robust exports and foreign investment amid
the ongoing trade war between Washington and Beijing.

    Financials drove the Indonesian stocks slightly 
higher. The index snapped a three-quarter rally and fell 1.7%
for the quarter ending June.
     Indonesia's annual inflation rate is seen slowing in June
from a month earlier as prices of goods and services return to
normal following the Muslim fasting month of Ramadan, a Reuters
poll showed.

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 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3321.61   3328.6          -0.21
 Bangkok                1730.34   1731.64         -0.08
 Manila                 7999.71   8057.64         -0.72
 Jakarta                6358.629  6352.71         0.09
 Kuala Lumpur           1672.13   1672.7          -0.03
 Ho Chi Minh            949.94    943.11          0.72
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3321.61   3068.76         8.24
 Bangkok                1730.34   1563.88         10.64
 Manila                 7999.71   7,466.02        7.15
 Jakarta                6358.629  6,194.50        2.65
 Kuala Lumpur           1672.13   1690.58         -1.09
 Ho Chi Minh            949.94    892.54          6.43
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Nuestros Estándares:Los principios Thomson Reuters
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