September 18, 2018 / 3:15 AM / 6 months ago

SE Asia Stocks-Decline as Trump steps up trade war with China

    * Philippine shares fall to 2-month low
    * Singapore down for a second straight session

    By Sumeet Gaikwad
    Sept 18 (Reuters) - Southeast Asian stock markets fell on
Tuesday, in line with Asian peers, after U.S. President Donald
Trump said he will impose tariffs on an additional $200 billion
worth of Chinese imports, escalating the trade conflict between
the world's two largest economies.
    Trump stepped-up his trade war with China on Monday after
imposing 10 percent tariffs Chinese imports. The incumbent
warned if China takes retaliatory action against U.S. farmers or
industries he will further pursue tariffs on approximately $267
billion of goods.
    "Given that markets have been bracing for this tariff
announcement, we expect a muted rather than dramatic sell-off in
Asian equities and currencies today," Mizuho Bank said in a
    "Tariffs that the US enacted on China may be a (relative)
subsidy to American businesses, as well as non-Chinese foreign
    MSCI's broadest index of Asia-Pacific shares outside Japan
 dropped 0.4 percent. 
    Singapore shares declined 0.7 percent in their second
straight losing session as financials weighed on the benchmark.
The city-state's top lenders DBS Group Holdings and
United Overseas Bank fell over 1 percent each. 
    Philippines stocks fell over 1 percent to a two-month
low, dragged by losses across the board. Blue-chips SM
Investments Corp and BDO Unibank lost nearly 2
percent each. 
    Malaysian shares resumed trade on a weak note after
a holiday as financials dragged the benchmark 0.6 percent lower.
    CIMB Group Holdings fell over 2 percent while RHB
Bank Bhd was down 1.3 percent. 
    "There could be a diversion of investment from China to
other ASEAN countries, as manufacturers seek to shield
production from U.S. tariffs," Mizuho added.
    One of the worst performing emerging market this year,
Indonesia, was trading lower led by losses in consumer
staples stocks. 
    Index heavyweight Unilever Indonesia fell 1
percent while Bank Mandiri lost 1.6 percent.
    The index of the country's 45 most liquid stocks
was down 0.8 percent.
For Asian Companies click;  

 Change on day                            
 Market          Current  Previous Close  Pct Move
 Singapore       3118.97  3141.4          -0.71
 Bangkok         1716.85  1718.39         -0.09
 Manila          7320.61  7413.56         -1.25
 Jakarta         5794.29  5824.257        -0.51
 Kuala Lumpur    1793.87  1803.76         -0.55
 Ho Chi Minh     984.82   987.61          -0.28
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3118.97  3402.92         -8.34
 Bangkok         1716.85  1753.71         -2.10
 Manila          7320.61  8558.42         -14.46
 Jakarta         5794.29  6355.654        -8.83
 Kuala Lumpur    1793.87  1796.81         -0.16
 Ho Chi Minh     984.82   984.24          0.06
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Vyas
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