December 6, 2018 / 9:54 AM / 9 months ago

SE Asia Stocks-Fall on fresh worries of deteriorating U.S.-China relations

    * Investors wary of escalation in trade tensions
    * Singapore, Philippine stocks lead losses

    By Shreya Mariam Job
    Dec 6 (Reuters) - Southeast Asian stock markets closed lower
on Thursday, in line with broader Asia, after the arrest of a
top executive of Chinese tech giant Huawei for extradition to
the U.S. stoked fears of an escalation in tensions between the
two countries.
    The MSCI's ex-Japan Asia-Pacific index fell 2 percent
 as the recent development was seen as a blow to
U.S.-China relations, deepening scepticism about a potential
resolution to a long-running trade war as both parties enter a
crucial 90-day truce period.
    Investor sentiment was dented further by rising worries of
an economic slowdown and a possible rise in U.S. interest rates
after the benchmark U.S. treasury 10-year yield hit a
three-month low on Wednesday.
    "While the global economy is on a gradual slowdown rather
than an uncontrolled spiral, the path is on a knife's edge amid
U.S.-China trade tensions (notwithstanding a temporary truce),
tightening policy and geo-political risks kicking up volatility
and uncertainty," said Vishnu Varathan, head, economics and
strategy, at Mizuho Bank.
    The Singapore index fell 1.3 percent, led by
technology stocks. 
    Singapore Press Holdings Ltd dropped 4.2 percent,
while Singapore Technologies Engineering Ltd dipped 2
    Philippine stocks fell 1.3 percent with real estate
and financials leading the losses. 
    SM Prime Holdings Inc dipped 3.5 percent, while
Ayala Corp dropped 2.7 percent.
    Meanwhile, a dip in oil prices on the backdrop of an OPEC
meeting sent Thai stocks 1.1 percent lower. 
    Oil prices fell on Thursday as stock markets slid and as
traders eyed a meeting of the oil bloc expected to result in a
supply cut aimed at draining a glut that has pulled down crude
prices by 30 percent since October.
    Index heavyweights PTT PCL and Airports of Thailand
PCL were the top drags on the index, shedding 2.4
percent and 1.5 percent, respectively. 
    Indonesia and Malaysia lost 0.3 percent
For Asian Companies click;  

 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3115.52   3155.92         -1.28
 Bangkok            1653.73   1672.32         -1.11
 Manila             7535.32   7630.9          -1.25
 Jakarta            6115.493  6133.12         -0.29
 Kuala Lumpur       1683.34   1688.27         -0.29
 Ho Chi Minh        954.82    957.14          -0.24
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3115.52   3402.92         -8.45
 Bangkok            1653.73   1753.71         -5.70
 Manila             7535.32   8,558.42        -11.95
 Jakarta            6115.493  6,355.65        -3.78
 Kuala Lumpur       1683.34   1796.81         -6.32
 Ho Chi Minh        954.82    984.24          -2.99
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Sunil
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below