SE Asia Stocks-Most slip on trade uncertainty, new tariff threat
Reuters (13/11/2019) –
* 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.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS at 0303 GMT
Market Current Previous close Pct Move
Singapore 3,241.85 3,267.8 -0.79
Bangkok 1,621.87 1,626.2 -0.27
Manila 7,937.83 8,012.34 -0.93
Jakarta 6,180.892 6,180.992 0.00
Kuala Lumpur 1,603.94 1,609.73 -0.36
Ho Chi Minh 1,019.42 1,018.33 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