March 27, 2019 / 4:24 AM / 6 months ago

SE Asia Stocks-Malaysia hits over 3-mth low; most wary on slowdown woes

    * Worries remain over impending U.S. recession
    * Asia shares ex-Japan falls 0.2 pct
    * Philippines falls most in the region

    By Shanima A
    March 27 (Reuters) - The Malaysian stock market hit a more
than three-month low on Wednesday, with most Southeast Asian
indexes remaining subdued in thin trade, tracking weakness in
broader Asia due to continued caution over global economic
slowdown worries.
    Adding to the steep sell-offs since Friday, the yield curve
remained inverted, though the 10-year U.S. Treasuries yield
 inched up to as high as 2.432 percent from Monday's
15-month low of 2.377 percent, leaving the markets nervous about
the economic slowdown.
    "Overall, there are worries about U.S. curve inversion, and
I think that's the reason people are concerned," said Joel Ng,
an analyst at KGI Securities. 
    "There is still a little cautiousness in the market, and at
this moment we don't see much participation in the market too,
the volumes aren't that great."
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.2 percent.
    Leading the losses in the region, the Philippine benchmark
 declined about 0.4 percent, hurt by financials and
industrials stocks. Shares of Metropolitan Bank and Trust Co
 fell as much as 2 percent. 
    The Malaysian index fell nearly 0.5 percent to its
lowest since Dec. 20, before paring some of the losses. Banking
stocks were among the biggest drags on the index with Public
Bank Bhd dropping 1.2 percent and CIMB Group Holdings
Bhd falling to its lowest in 1 year.
    Meanwhile, data from the United States showed that consumer
confidence declined in March with homebuilding falling more than
expected in February, pointing towards a slowdown in economic
activity.
    "Soft economic data reminded us that a global cyclical
downswing is hitting the U.S. as well, although to a lesser
extent," said Margaret Yang, markets analyst at CMC Markets,
Singapore, in a note. 
    In Indonesia, consumer staples and real estate stocks
weighed most on the benchmark index. It fell 0.2
percent. 
    However bucking the trend, the Vietnam index rose 0.6
percent, helped by real estate stocks. 
    On Tuesday, Vietnam Ministry of Planning and Investment 
said the country received $4.1 billion in foreign direct
investments (FDI) in the first quarter of this year, up 6.2
percent from a year earlier.
    Singapore's index was up 0.3 percent, buoyed by
financials stocks. United Overseas Bank Ltd rose as
much as 1 percent while DBS Group Holdings Ltd added
0.6 percent. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0401 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3209.11   3200.28         0.28
 Bangkok                1625.72   1632.32         -0.40
 Manila                 7873.21   7907.03         -0.43
 Jakarta                6455.997  6469.999        -0.22
 Kuala Lumpur           1643.47   1649.94         -0.39
 Ho Chi Minh            975.72    969.79          0.61
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3209.11   3068.76         4.57
 Bangkok                1625.72   1563.88         3.95
 Manila                 7873.21   7,466.02        5.45
 Jakarta                6455.997  6,194.50        4.22
 Kuala Lumpur           1643.47   1690.58         -2.79
 Ho Chi Minh            975.72    892.54          9.32
 

 (Reporting by Shanima A in Bengaluru; Editing by Rashmi Aich)
  
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