August 5, 2019 / 3:48 AM / 15 days ago

SE Asia Stocks-Plunge as trade war escalates; Philippines slumps over 2%

    * Singapore shares fall to seven-week low
    * Indonesia awaits Q2 GDP data

    By Soumyajit Saha
    Aug 5 (Reuters) - Southeast Asian stock markets took a
beating on Monday, with Philippines and Singapore sinking about
2%, as the Sino-U.S. trade war intensified, while weakening
services sector data from China added to the gloom.
    Risk appetite was all but erased as a sudden escalation by
U.S. President Donald Trump last week broke a month-long trade
truce, with China vowing to counter what it called an
"irrational, irresponsible act". 
    "Trump's fresh tariff declaration have clearly reinstated
US-China risks to a "boil "from a "simmer"," Mizuho Bank said in
a note. 
    A fall in services sector growth in China, the region's
biggest trading partner, further added to the woe of market
participants. The Caixin/Markit services purchasing managers'
index (PMI) fell to 51.6 in July from June's 52.0, the lowest
reading since February.
    Financial stocks weighed on the Philippine index as
it fell more than 2%.
    Property developer SM Prime Holdings was down
2.5%, while lender Bank of the Philippine Islands shed
2.1%.
    Singapore's index fell to their lowest in over seven
weeks, hurt by financials and industrial sectors.
    Conglomerate Jardine Matheson Holdings dropped
4.2%, while investment holding co DBS Group Holdings
fell 2.6%
    The Indonesian benchmark touched their lowest in
over two weeks, hurt by losses in financial and consumer stocks.
    Lender Bank Rakyat Indonesia (Persero) and
cigarette manufacturer Hanjaya Mandala Sampoerna
receded about 2.7% each.
    Trading was also at a fraction of its monthly average as
investors awaited Indonesia's Q2 GDP data. A Reuters poll
forecast GDP growth to remain roughly unchanged from the
previous quarter.
    An index of Jakarta's 45 most liquid stocks dipped
1.7%.
    Malaysian shares fell, while the Thai index
was also lower, hurt by losses in their respective banking
sector stocks. 
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0343 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3199.95   3261.11         -1.88
 Bangkok                1673.72   1684.71         -0.65
 Manila                 7960.01   8129.93         -2.09
 Jakarta                6247.591  6340.18         -1.46
 Kuala Lumpur           1613.14   1626.76         -0.84
 Ho Chi Minh            983.64    991.1           -0.75
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3199.95   3068.76         4.28
 Bangkok                1673.72   1563.88         7.02
 Manila                 7960.01   7,466.02        6.62
 Jakarta                6247.591  6,194.50        0.86
 Kuala Lumpur           1613.14   1690.58         -4.58
 Ho Chi Minh            983.64    892.54          10.21
 
 (Reporting by Soumyajit Saha; Editing by Rashmi Aich)
  
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