July 3, 2019 / 4:11 AM / 21 days ago

SE Asia Stocks-Most fall on weak China data amid global growth worries

    * Investors to play defensive amid growth worries - ING
    * U.S. agency to impose duties on certain Vietnamese exports
    * Philippines bucks trend, inches higher

    By Rashmi Ashok
    July 3 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday as worries around slowing global growth mounted
after the release of weak economic data from China, sending
investors scurrying away from risky assets. 
    Following the disappointing manufacturing data from within
the region, a private survey showed that growth in China's
services sector slowed to a four-month low in June as new orders
from overseas customers fell. 
    China is the region's largest trading partner and a slump in
its economy has significant potential to dent Southeast Asian
economies.
    Markets would adopt a risk-off tone through the session,
"with investors likely to stay defensive as global growth
concerns intensify", ING economists said in a note.
    Meanwhile, the U.S. Commerce Department said on Tuesday it
would impose duties of up to 456% on certain steel produced in
South Korea or Taiwan that are then shipped to Vietnam for minor
processing and finally exported to the United States.

    The move highlights the possibility "that the trade war
could be a long drawn out episode," ING's note added.
    Vietnamese stocks fell 0.3% as heavyweight real
estate stocks Vinhomes JSC and Vingroup JSC
slid 0.9% and 0.5%, respectively.
    Singapore's index also slipped. Singapore rig builder
Sembcorp Marine said on Wednesday that authorities had
executed a search warrant on its shipyard in Brazil as part of
an ongoing graft investigation. 
    Its parent company, Sembcorp Industries, was the
second largest percentage loser on Singapore's benchmark index,
falling as much as 2.8%.
    Malaysian stocks fell after two straight sessions of
gains. Among the largest stocks on the index, a fall in electric
utilities provider Tenaga Nasional Bhd and lender CIMB
Group Holdings weighed on the index.
    Indonesian stocks also fell, dragged by lenders.
Bank Danamon Indonesia Tbk fell 1.5%, while Bank
Negara Indonesia (Persero) Tbk lost 0.8%.
    However, Philippine stocks inched higher, helped by
gains on stocks such as Ayala Land Inc and Aboitiz
Equity Ventures Inc which rose 0.4% and 1.4%,
respectively. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS at 0318 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3356.04   3370.8          -0.44
 Bangkok                1733.13   1732.23         0.05
 Manila                 8104.13   8093.6          0.13
 Jakarta                6357.924  6384.898        -0.42
 Kuala Lumpur           1685.89   1691            -0.30
 Ho Chi Minh            958.73    961.98          -0.34
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3356.04   3068.76         9.36
 Bangkok                1733.13   1563.88         10.82
 Manila                 8104.13   7,466.02        8.55
 Jakarta                6357.924  6,194.50        2.64
 Kuala Lumpur           1685.89   1690.58         -0.28
 Ho Chi Minh            958.73    892.54          7.42
 
 (Reporting by Rashmi Ashok in Bengaluru; editing by Uttaresh.V)
  
Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below