November 27, 2018 / 10:19 AM / 22 days ago

SE Asia Stocks-Malaysia falls 1 pct to 4-week closing low on Genting

    * Other markets subdued on Trump tariff threat 
    * Genting Malaysia hits lowest close since 2010

    By Shreya Mariam Job
    Nov 27 (Reuters) - Malaysian shares fell 1 percent to a
four-week closing low on Tuesday, dragged by casino operator
Genting Malaysia Bhd and its parent, while other
Southeast Asian markets were subdued after U.S. President Donald
Trump seemed to thwart hopes of a trade truce with China.
    Genting Malaysia slumped 16.7 percent to its lowest close
since Sept. 9, 2010 after the company sued Walt Disney Co
 and Twenty-First Century Fox Inc, accusing them
of abandoning a contract related to its planned construction of
the first Fox-branded theme park.
    Genting Malaysia's parent company, Genting Bhd,
dropped 7.5 percent to its lowest close since June 2010.
    Meanwhile, broader Asian markets were muted after Trump said
in an interview with the Wall Street Journal that he expected to
move ahead with raising tariffs on $200 billion in Chinese
imports to 25 percent from 10 percent currently.
    Trump said it was "highly unlikely" he would accept China's
request to hold off on the increase, planned for Jan. 1.
    Investor sentiment remained jittery on U.S.-China trade
relations with no high hopes of a positive outcome from the
meeting between Trump and his Chinese counterpart at the G20
summit in Argentina, Samuel Siew, an investment analyst with
Phillip Futures, said in a note. 
    "Moreover, tariffs had hurt global economic growth forecasts
this year. Therefore, should more tariffs be imposed, global
indices could face further downside," Samuel said. 
    Philippine shares edged higher, helped by financials
and industrials. Metropolitan Bank and Trust Co gained
3.6 percent, while Aboitiz Equity Ventures Inc rose 3.8
percent. 
    Indonesian shares closed slightly lower, dragged by
material and telecommunication services stocks.
    Indonesian President Joko Widodo expressed pessimism that
the United States and China will resolve their trade dispute
when the leaders of both countries meet in Argentina.

    Indonesian shares have declined 5.4 percent this year as
investors continue to cut their risk appetites, partly due to
the prevailing trade tensions. 
    Thai shares edged higher after data showed strong
October factory output data. 
    Thailand's October manufacturing production index rose 4.08
percent from a year earlier, surpassing the 2.8 percent increase
predicted by a Reuters poll. 
     
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SOUTHEAST ASIAN STOCK MARKETS: 
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3090.4    3093.38         -0.10
 Bangkok            1634.27   1630.77         0.21
 Manila             7413.63   7397.87         0.21
 Jakarta            6013.589  6022.778        -0.15
 Kuala Lumpur       1684.97   1701.99         -1.00
 Ho Chi Minh        923.12    921.03          0.23
                                              
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3090.4    3402.92         -9.18
 Bangkok            1634.27   1753.71         -6.81
 Manila             7413.63   8,558.42        -13.38
 Jakarta            6013.589  6,355.65        -5.38
 Kuala Lumpur       1684.97   1796.81         -6.22
 Ho Chi Minh        923.12    984.24          -6.21
                                              
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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