October 23, 2018 / 10:19 AM / in 23 days

SE Asia Stocks-Drop; mounting global tensions whack risk sentiment

    * Vietnam leads declines, hits near three-month low
    * Philippines snaps five straight sessions of gains
    * Singapore's September inflation edges slightly lower

    By Rashmi Ashok
    Oct 23 (Reuters) - Southeast Asian stock markets ended lower
on Tuesday tracking broader Asian peers, which took a hit from
various negative drivers ranging from Saudi Arabia's diplomatic
isolation, Brexit talks to renewed worries about trade war
friction.
    An already jittery market was hit by growing political
uncertainty around the world, coupled with nervousness over the
upcoming U.S. corporate earnings season, with MSCI's broadest
index of Asian shares ex-Japan sliding 2.2
percent.
    Singapore's stocks ended 1.5 percent lower, after
industrial and real estate shares took the brunt of the sell-off
as a risk-off sentiment prevailed.
    "Monday's rally in Chinese stocks has fizzled out. I think
this has led investors to take chips off the table as sentiment
generally remains weak," said Liu Jinshu, director of research,
NRA Capital.
    The city-state's core inflation gauge in September missed
forecasts to edge down slightly to 1.8 percent from a year
earlier due to lower retail inflation, data showed on Tuesday.

    Vietnamese shares led the declines in the regional
markets, ending 3.9 percent weaker to their lowest in nearly
three months. 
    Shares of Joint Stock Commercial Bank for Foreign Trade of
Vietnam ended 2.3 percent lower, while Vietnam
Technological And Commercial Joint Stock Bank closed
3.5 percent down.
    Malaysian stocks posted a fourth straight session of
declines, with investment holding giant Sime Darby Bhd
ending 5.7 percent weaker and lender CIMB Group Holdings Bhd
 closing 3.9 percent lower.
    "Investors are cautious, essentially awaiting budget 2019 to
be announced in November. They're still anticipating new taxes
to be announced. There isn't much of a catalyst at this point,
so investors are likely to stay low until the budget is
released," a Kuala Lumpur-based local analyst said.
    Philippine stocks snapped five straight sessions of
gains to end lower. The index was dented by losses in real
estate shares, with sector heavyweight SM Prime Holdings Inc
 closing 2.6 percent weaker and Ayala Land Inc
ending 1.3 percent lower.
    Indonesian shares ended weaker on the back of
telecom and banking stocks, with PT Telekomunikasi Indonesia Tbk
 being the biggest drag on the index. 
    Indonesia's central bank warned that third-quarter economic
growth in Southeast Asia's largest economy may not be as strong
as initially expected, with export growth weakening due to
unfavourable prices of commodities such as palm oil and coal. 

    Markets in Thailand were closed on account of a local
holiday.
        
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3031.39   3078.06         -1.52
 Manila             7197.62   7236.16         -0.53
 Jakarta            5797.891  5840.435        -0.73
 Kuala Lumpur       1697.6    1722.47         -1.44
 Ho Chi Minh        939.68    953.51          -1.45
                                              
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3031.39   3402.92         -10.92
 Manila             7197.62   8,558.42        -15.90
 Jakarta            5797.891  6,355.65        -8.78
 Kuala Lumpur       1697.6    1796.81         -5.52
 Ho Chi Minh        939.68    984.24          -4.53
 


 (Reporting by Rashmi Ashok in Bengaluru; Editing by Sherry
Jacob-Phillips)
  
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