September 10, 2019 / 10:12 AM / 10 days ago

SE Asia Stocks-Most edge lower as China factory-gate prices shrink

    * Philippines snaps four straight sessions of gains
    * Malaysia's Axiata hits over 4-month closing low

    By Shreya Mariam Job
    Sept 10 (Reuters) - Most Southeast Asian stock markets
reversed gains on Tuesday to close slightly lower as China's
deepening factory deflation dampened investor sentiment, with
Malaysia dragged lower by telecom giant Axiata.
    China, the region's biggest trading partner, saw
factory-gate prices shrink at the sharpest pace in three years
in August, falling deeper into deflationary territory and
reinforcing the urgency for Beijing to step up economic
stimulus.
    Malaysian stocks were the top losers in Southeast
Asia, with Axiata Group Bhd shedding 15.8% to its
lowest close in over four months after talks with Norway's
Telenor to set up a joint venture fell through.

    "This removes the prospect for $5 billion of potential deal
synergies," brokerage Jefferies said in a research note.
    Digi.com Bhd, a unit of Telenor, dropped 5.9%.
    Investors now await a central bank policy meeting on
Thursday for clues on interest rates. A Reuters poll shows Bank
Negara Malaysia is expected to keep its benchmark interest rate
unchanged.
    Philippine stocks dropped 0.4%, snapping four
straight sessions of gains, following weak trade data for July.
The country's trade deficit widened to $3.39 billion in July
from $2.47 billion in June. 
    Financials dragged the benchmark stock index lower, with SM
Prime Holdings Inc and Bank of the Philippine Islands
 shedding 1.2% and 2.7%, respectively. 
    Vietnam shares fell 0.4%, dragged by consumer and
financial stocks. Saigon Beer Alcohol Beverage Corp and
BaoViet Holdings dipped 1.1% and 3.6%, respectively.
    Thai shares slipped 0.3%, pulled down by telecom and
consumer stocks. 
    Singapore and Indonesian stocks closed slightly higher.
Singapore's Straits Times Index gained 0.3% on the back
of industrials. 
    "For the industrial sector, it helps that oil prices have
stayed resilient during this period of time and are slowly
trending higher, which bodes well for our offshore and marine
sector," said Liu Jinshu, director of research at Tayrona
Financial. 
    Yangzijiang Shipbuilding Holdings Ltd gained 3.1%,
while industrial conglomerate Jardine Matheson Holdings Ltd
 rose 1.8%. 
    In Indonesia, financials helped the benchmark stock index
 close 0.2% higher. Retail sales grew 2.4% in July after
a 1.8% decline a month earlier.        
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3155.71   3146.33         0.30
 Bangkok                1665.93   1671.22         -0.32
 Manila                 7929.48   7960.12         -0.38
 Jakarta                6336.673  6326.213        0.17
 Kuala Lumpur           1595.85   1604.47         -0.54
 Ho Chi Minh            970.26    974.12          -0.40
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3155.71   3068.76         2.83
 Bangkok                1665.93   1563.88         6.53
 Manila                 7929.48   7,466.02        6.21
 Jakarta                6336.673  6,194.50        2.30
 Kuala Lumpur           1595.85   1690.58         -5.60
 Ho Chi Minh            970.26    892.54          8.71
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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