September 3, 2018 / 9:55 AM / 10 months ago

SE Asia Stocks-Indonesia slides; others fall on renewed trade tensions

    * Indonesia posts near 2-week closing low
    * Singapore falls for 4th straight session

    By Sumeet Gaikwad
    Sept 3 (Reuters) - Indonesian stocks fell on Monday as the
rupiah fell to a 20-year low and as inflation picked up at a
slower rate than expected, while other markets in the region
also declined, due to concerns about an escalation in the
U.S.-China tariff dispute.
    Indonesia's annual inflation rate picked up slightly in
August but was below market expectation and remained within the
central bank's target range.
    Stocks in other South East Asian markets also fell after
U.S. President Donald Trump said he was ready to implement
tariffs on $200 billion more in Chinese imports as soon as a
public comment period on the plan ended this week.
    The Jakarta index fell to a near two-week closing
low, its third straight daily decline, hurt by losses in
material stocks. Indah Kiat Pulp & Paper shed 3
percent, while Astra International slipped 1.7
    The index of the country's 45 most liquid stocks
was down 1.1 percent. Local currency rupiah fell to its
lowest since the Asian financial crisis after the central bank
said it was intervening in foreign exchange and bond markets.

    Indonesian interest rates may still need to go up
significantly to help counter a slide in the rupiah, the chief
executive of the country's largest bank said.
    On the Singapore index, financials and telecom stocks
led the decline, to the lowest close in almost two weeks. United
Overseas Bank fell 1 percent, while Singapore
Telecommunications Ltd was off 0.9 percent.
    Philippine shares ended 0.3 percent lower as consumer
discretionary and financial stocks weighed. Fast-food
restaurants operator Jollibee Foods, the biggest drag
on the index, and Ayala Corp fell over 2 percent each.
    Meanwhile, Thai shares ended largely unchanged as
losses in telecom and financial stocks offset gains in energy
and consumer staples shares.
    SIAM Commercial Bank was the biggest drag on the
benchmark, falling 1 percent, while beverage group Carabao
 saw a 6.5 percent rise.
For Asian companies, click  

 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3207.2    3213.48         -0.20
 Bangkok            1721.21   1721.58         -0.02
 Manila             7832.22   7855.71         -0.30
 Jakarta            5967.579  6018.46         -0.85
 Kuala Lumpur       1813.58   1819.66         -0.33
 Ho Chi Minh        989.54    998.07          -0.85
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3207.2    3402.92         -5.75
 Bangkok            1721.21   1753.71         -1.85
 Manila             7832.22   8558.42         -8.49
 Jakarta            5967.579  6355.654        -6.11
 Kuala Lumpur       1813.58   1796.81         0.93
 Ho Chi Minh        989.54    984.24          0.54
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Sai
Sachin Ravikumar)
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