August 6, 2019 / 4:02 AM / 3 months ago

SE Asia Stocks-Dive as trade war escalates; Philippines drops about 2%

    * Indonesian shares touch 10-week low
    * Singapore shares hit nearly two-month low

    By Soumyajit Saha
    Aug 6 (Reuters) - The gloom across Southeast Asian stock
markets deepened on Tuesday, with Philippines slipping nearly
2%, as risk appetite took a beating after U.S.-China trade war
entered the currencies' space.
    U.S. President Donald Trump on Tuesday branded China a
currency manipulator in a tweet, after the yuan dropped to its
lowest valuation in over a decade. Trump had earlier declared
10% tariffs on $300 billion of Chinese products.

    China's Commerce Ministry added fuel to fire after it said
local companies had stopped buying U.S. agricultural products,
defying one of Washington's major trade truce condition.

    Beijing has "unleashed their version of shock and awe by
allowing the natural market's reaction for the yuan to weaken"
Stephen Innes, managing partner at VM Markets Pte said in a
note.
    A rapidly weakening yuan has "sent a tsunami of risk
aversion across global markets leaving a swath of market carnage
in its wake," he added.
    Financial shares weighed the most on the Philippine index
, with real estate company Ayala Land falling
2.4% and lender BDO Unibank losing 2.7%. The benchmark
index was the biggest loser in the region, falling around 2%.
    Philippines' July annual inflation slowed to a two-year low
on lower food and fuel prices, but roughly matched wider
expectations and was within the central bank's projection.

    The Indonesian index fell to touch a 10-week low,
hurt by losses in the banking sector.
    Bank Central Asia lost 3.2%, while Bank Rakyat
Indonesia (Persero) fell about 3.5%.
    Singapore's benchmark dropped as much as 1.6%, a
nearly two-month low, dragged by industrial and financial
stocks.
    Conglomerate Jardine Matheson Holdings fell 3.6%,
while real estate company Hongkong Land Holdings lost
2.6%.   
               
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS as on 0354 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3172.53   3194.51         -0.69
 Bangkok                1662.01   1665.99         -0.24
 Manila                 7735.1    7890.02         -1.96
 Jakarta                6127.168  6175.703        -0.79
 Kuala Lumpur           1606.49   1610.41         -0.24
 Ho Chi Minh            962.66    973.15          -1.08
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3172.53   3068.76         3.38
 Bangkok                1662.01   1563.88         6.27
 Manila                 7735.1    7,466.02        3.60
 Jakarta                6127.168  6,194.50        -1.09
 Kuala Lumpur           1606.49   1690.58         -4.97
 Ho Chi Minh            962.66    892.54          7.86
 
 (Reporting by Soumyajit Saha; Editing by Rashmi Aich)
  
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