November 13, 2019 / 4:06 AM / 24 days ago

SE Asia Stocks-Most slip on trade uncertainty, new tariff threat

    * Trump offers no detail on Phase 1 deal, threatens more
tariffs
    * Singapore and Philippines each drop as much as 1% 

    Nov 13 (Reuters) - Most Southeast Asian stock markets lost
ground on Wednesday, after U.S. President Donald Trump offered
no new details on trade talks with China and warned Beijing of
more tariffs if an interim deal was not struck. 
    In a closely watched speech at the Economic Club of New
York, Trump said the signing of an initial trade deal was close,
but did not offer further details on dates or the terms of the
agreement. He also warned of additional tariffs if China did not
agree to a deal. 
    Trump's speech "contained little new to judge the imminence
of a trade deal with China, and it provided little evidence of
the substance of any such deal," Robert Carnell, chief economist
and head of research for Asia-Pacific at ING, said in a note.
    Investors responded by dumping equities, with Philippine
shares dropping 1% to a more than two-week low, the most
in Southeast Asia.
    Property developer SM Prime Holdings Inc fell
1.6%, while electric utilities trader Aboitiz Equity Ventures
Inc gave up 1.6%.
    Singapore's main index traded 0.6% lower, dragged by
financials stocks. 
    Lenders Oversea-Chinese Banking Corp Ltd and DBS
Group Holdings fell more than 0.8% each, while
Singapore Telecommunications Ltd lost 1.8%.
    Broad based losses pushed Malaysian stock index 0.4%
lower, with telco Axiata Group the top percentage
loser, down 1.8%. 
    Resorts and cruise line operator Genting slipped
1.1%, while chemicals maker Petronas Chemicals Group
fell 0.4%.
    Thailand's benchmark index slid 0.3%, weighed down
by industrials stocks. 
    Indonesian shares edged lower as a 1.2% drop in
telecom major Telekomunikasi Indonesia's outweighed
gains in industrial stocks.
    Vietnamese stocks were little changed, as gains in
financials offset losses in other sectors.     
    
    
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SOUTHEAST ASIAN STOCK MARKETS at 0303 GMT
 Market                 Current   Previous close  Pct Move
 Singapore              3241.85   3267.8          -0.79
 Bangkok                1621.87   1626.2          -0.27
 Manila                 7937.83   8012.34         -0.93
 Jakarta                6180.892  6180.992        0.00
 Kuala Lumpur           1603.94   1609.73         -0.36
 Ho Chi Minh            1019.42   1018.33         0.11
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3241.85   3068.76         5.64
 Bangkok                1621.87   1563.88         3.71
 Manila                 7937.83   7,466.02        6.32
 Jakarta                6180.892  6,194.50        -0.22
 Kuala Lumpur           1603.94   1690.58         -5.12
 Ho Chi Minh            1019.42   892.54          14.22
 


 (Reporting by Rashmi Ashok in Bengaluru; Editing by Aditya
Soni)
  
Nuestros Estándares:Los principios Thomson Reuters
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