December 6, 2018 / 4:28 AM / 12 days ago

SE Asia Stocks-Fall as Huawei CFO arrest sparks fears of fresh US-China tensions

    * Singapore top loser, down for third session 
    * Thailand, Philippines down about 1 pct each

    By Shreya Mariam Job
    Dec 6 (Reuters) - Southeast Asian stock markets fell in line
with broader Asia on Thursday, after Canada arrested a top
executive of Chinese telecoms giant Huawei, raising fears of a
fresh clash between Washington and Beijing.
    Canadian authorities said they had arrested Huawei's global
chief financial officer in Vancouver, where she is facing
extradition to the United States. The arrest is related to
violations of U.S. sanctions, a person familiar with the matter
said.    
    The news came as China and the United States begin three
months of negotiations aimed at de-escalating their bruising
trade war, which is adding to lingering investor jitters over
higher U.S. interest rates and other risks to global economic
growth.
    Investor sentiment was also soured by ongoing concerns of
slowing growth in the United States as the spreads between
short- and long-dated Treasury yields tightened towards their
narrowest in more than a decade.
    "This mixed signal on the trade front together with
lingering concerns over the UST yield curve inversion have led
to a selloff in equity in Asia. The selloff in equity markets is
likely to dampen sentiments in Asia," Maybank said in a note.
    Singapore shares fell as much as 1.4 percent, making
them the top losers in Southeast Asia and extending their
declines into a third session, dragged mainly by technology
stocks.
    Singapore Press Holdings Ltd dropped 4.2 percent,
while Yangzijiang Shipbuilding Holdings Ltd declined
2.4 percent.
    Thai shares fell up to 1.4 percent, hurt by energy
and financial stocks.
    Crude oil prices fell, but trading was tepid ahead of a
meeting by producer group OPEC that is expected to result in a
supply cut aimed at draining a glut that has pulled down prices
by 30 percent since October.
    PTT Pcl led the losses, shedding 2.4 percent, while
Airports of Thailand PCL dipped 1.1 percent. 
    Philippine shares dropped as much as 1.1 percent,
dragged by financial and real estate stocks. 
    Ayala Corp slid 2.1 percent, while BDO Unibank Inc
 fell 1.5 percent.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: As at 4:15
 Market             Current   Previous close  Pct Move  
 Singapore          3119.47   3155.92         -1.15     
 Bangkok            1655.71   1672.32         -0.99     
 Manila             7558.63   7630.9          -0.95     
 Jakarta            6103.157  6133.12         -0.49     
 Kuala Lumpur       1679.13   1688.27         -0.54     
 Ho Chi Minh        955.94    957.14          -0.13     
                                                        
 Change on year                                         
 Market             Current   End prev yr     Pct Move  
 Singapore          3119.47   3402.92         -8.33     
 Bangkok            1655.71   1753.71         -5.59     
 Manila             7558.63   8,558.42        -11.68    
 Jakarta            6103.157  6,355.65        -3.97     
 Kuala Lumpur       1679.13   1796.81         -6.55     
 Ho Chi Minh        955.94    984.24          -2.88     
                                                        
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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