May 22, 2020 / 10:20 AM / in 3 months

SE Asia Stocks-Fall as U.S.-China frictions intensify over new Hong Kong law

    * Singapore shares hit 1-1/2 month low
    * Thailand posts second straight weekly gain
    * Philippine, Singapore posts third consecutive weekly loss

    By Pranav A K
    May 22 (Reuters) - Southeast Asian stock markets fell on
Friday as Sino-U.S. tensions were exacerbated after China said
it would impose new national security legislation on Hong Kong
following last year's pro-democracy unrest.
    U.S. President Donald Trump warned that Washington would
react "very strongly" against China's attempt to gain more
control over the former British colony.
    "The very real threat now, is the return of mass protests to
the streets of Hong Kong, a downgrade in trade status with the
U.S., and potentially an exit of large companies from the SAR
(special administrative region)," said Jeffrey Halley, senior
market analyst at OANDA.
    "Overhanging this, are concerns that China and the United
States are about to engage in a new round of trade words. In all
honesty, the timing could not be worse by China..."
    Adding to the downbeat mood, China abandoned its annual
growth target for the first time and pledged more government
spending as the COVID-19 pandemic hammers the world's
second-biggest economy.
    Trade-sensitive Singapore shares fell 2.2% to hit its
lowest level since April 6. The index posted its third
consecutive weekly loss. 
     The region's second-largest lender Oversea-Chinese Banking
Corp, fell 4.5% and conglomerate Jardine Matheson
Holdings dropped 4.2%.
    Thailand stocks closed 1.3% lower as energy stocks
were weighed by a 5% plunge in oil prices.
    Still, the benchmark index posted its second consecutive
weekly gain.  
    The country extended its state of emergency over the
coronavirus until the end of June to keep infections under
    The Manila bourse ended 1.2% down, snapping three
straight sessions of gains. The index dropped for a third
consecutive week.
    Malaysian shares fell 1.1% after seven straight
sessions of gains. For the week, the index clocked its biggest
percentage gain since May 1.
    Financial markets in Indonesia were closed for a public
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2499.83   2555.34         -2.17
 Bangkok                1303.97   1320.69         -1.27
 Manila                 5539.19   5604.49         -1.17
 Kuala Lumpur           1436.76   1452.11         -1.06
 Ho Chi Minh            852.74    862.73          -1.16
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2499.83   3222.83         -22.43
 Bangkok                1303.97   1579.84         -17.46
 Manila                 5539.19   7,815.26        -29.12
 Kuala Lumpur           1436.76   1588.76         -9.57
 Ho Chi Minh            852.74    960.99          -11.26

 (Reporting by A K Pranav in Bengaluru; Editing by Amy Caren
Nuestros Estándares:Los principios Thomson Reuters
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