December 3, 2019 / 4:38 AM / 9 days ago

SE Asia Stocks-Most fall as Trump's tariff ambush renews trade concerns

    * U.S. tariffs on Brazil and Argentina 'effective
immediately'
    * Vietnam touches 5-month low on losses in financials
    * U.S. proposes duties on imports from France
    * Malaysia weighed down by resource and banking sectors

    By Soumyajit Saha
    Dec 3 (Reuters) - Most Southeast Asian stock markets on
Tuesday tracked global equities lower on concerns about weak
U.S. manufacturing data and signs of new fronts in the tariff
scenario, posing an additional risk to the global economic
outlook.  
    U.S. President Donald Trump said on Monday he would restore
tariffs on U.S. steel and aluminium imports from Brazil and
Argentina.
    Trump's tariff threat overshadowed encouraging data from
euro zone economies and China - Southeast Asia's biggest trading
partner.
    Global equities slid further after an industry data showed
that the U.S. manufacturing sector contracted for a fourth
straight month in November as new orders slid to around their
lowest level since 2012.
    Washington also said it may slap punitive duties of up to
100% on $2.4 billion in imports from France, after concluding
that France's new digital services tax would harm U.S. tech
companies.
    Joel Ng, an analyst at KGI Securities said the risk aversion
can be attributed to "trade-tension escalations between various
countries and, well, as usual, the U.S.".
    "Ahead of the tariffs on China kicking in, we are expecting
caution in the market for the next two weeks too," he added.    
    Malaysian stocks fell to their lowest in nearly
eight weeks, weighed down by resource and banking sectors.
    Chemicals maker Petronas Chemicals Group lost
1.7%, while lender Hong Leong Bank was down 1.2%.
    Vietnam shares dropped to their lowest in more than
five months, dented by losses among financial stocks.
    Lender Joint Stock Commercial Bank for Foreign Trade of Viet
Nam was down 1.3%, while real estate developer Vinhomes
 was trading 1.2% lower.
    Singapore stocks were dragged lower by financial and
telecom sectors, while real estate and consumer stocks weighed
on the Philippine index.

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0412 GMT
  STOCK MARKETS                                             
  Change on the day                                         
  Market                 Current       Previous    Pct Move
                                       close       
  Singapore              3181.68       3187.97     -0.20
  Bangkok                1571.52       1569.53      0.13
  Manila                 7840.48       7877.19     -0.47
  Jakarta                6127.343      6130.055    -0.04
  Kuala Lumpur           1562.31       1570.55     -0.52
 Ho Chi Minh             956.07        959.31      -0.34
                                                   
  Change so far in 2019                            
  Market                 Current       End 2018    Pct Move
  Singapore              3181.68       3068.76     3.68
  Bangkok                1571.52       1563.88     0.49
  Manila                 7840.48       7,466.02    5.02
  Jakarta                6127.343      6,194.50    -1.08
  Kuala Lumpur           1562.31       1690.58     -7.59
  Ho Chi Minh            956.07        892.54      7.12
   

 (Reporting by Soumyajit Saha in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
Nuestros Estándares:Los principios Thomson Reuters
0 : 0
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