June 26, 2018 / 4:05 AM / 4 months ago

SE Asia Stocks-Fall as global trade woes stoke risk aversion

    * Philippines set for 9th straight losing session
    * Singapore falls to near 9-mth low
    * Vietnam slides as much as 2 pct

    By Ambar Warrick
    June 26 (Reuters) - Southeast Asian stock markets fell on
Tuesday as escalating trade tensions between the United States
and other major economies prompted investors to reduce exposure
to riskier assets, causing a global equity rout.
    Broader Asian shares fell as Wall Street retreated
overnight, with technology stocks posting steep losses, after
reports that the U.S. Treasury Department was drafting curbs to
block Chinese investment in U.S. tech firms, although Treasury
Secretary Steven Mnuchin later clarified that restrictions would
not specifically apply to China.
    Safe havens such as the Japanese yen and gold
saw increased buying, while U.S. long-dated treasuries also rose
overnight.
    "Reports that Treasury is preparing rules to curb Chinese
investment in U.S. technology companies were not off the mark.
Mnuchin affirmed that investment restrictions will apply to all
countries trying to steal U.S. technology, with China an obvious
target," Mizuho said in a research note.
    "This could reduce scope for corporate synergies, and
potentially incite new Chinese retaliation, thus negatively
affecting growth."
    Singapore stocks dropped 0.7 percent to their lowest
since October, with Oversea-Chinese Banking Corp among
the top declining stocks.
    Vietnam shares slumped as much as 2 percent, led by
losses in financials and real estate stocks. 
    Joint Stock Commercial Bank for Foreign Trade of Viet Nam
 lost about 1.4 percent, while property developer
Vingroup JSC lost more than 2 percent.
    Philippine shares were set to extend losses into a
ninth straight session,  as industrials and financials such as
SM Investments Corp and Metropolitan Bank and Trust Co
 declined.

    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AS AT 0332 GMT
    
 STOCK MARKETS                               
                                             
 Market             Current  Previous close  Pct Move
 Singapore          3250.96  3260.84         -0.30
 Bangkok            1613.42  1622.28         -0.55
 Manila             6930.53  6986.88         -0.81
 Jakarta            5841.67  5859.083        -0.30
 Kuala Lumpur       1677.26  1678.1          -0.05
 Ho Chi Minh        977.18   990.52          -1.35
                                             
 Change on year                              
 Market             Current  End 2017        Pct Move
 Singapore          3250.96  3402.92         -4.47
 Bangkok            1613.42  1753.71         -8.00
 Manila             6930.53  8558.42         -19.02
 Jakarta            5841.67  6355.654        -8.09
 Kuala Lumpur       1677.26  1796.81         -6.65
 Ho Chi Minh        977.18   984.24          -0.72
                                             
 
 (Reporting by Ambar Warrick in Bengaluru; Editing by Amrutha
Gayathri)
  
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