May 15, 2019 / 9:56 AM / 2 months ago

SE Asia Stocks-Most end weaker as trade worries bite; Indonesia sinks

    * New U.S. tariffs ready to launch for Trump-Xi meeting
    * Indonesia likely to maintain interest rates - Reuters poll
    * Malaysia and Vietnam end higher

    By Nikhil Subba
    May 15 (Reuters) - Most Southeast Asian stock markets
reversed course to close lower on Wednesday, as U.S.-China trade
concerns lingered, with the Indonesian index leading the
declines after the country posted its widest monthly trade
deficit in history.
    Risk appetite had recovered earlier in the day after U.S.
President Donald Trump said he had a "very good" dialogue with
China and insisted talks between the two economies had not
collapsed.
    "I don't think any recovery will be sustainable as China is
unlikely to bow to U.S. demands without some face-saving
measure," said Liu Jinshu, director of research, NRA Capital.
    Trump could launch 25% tariffs on another $300 billion worth
of Chinese goods when he meets Xi next month. The list includes
a wide range of consumer goods, from cellphones and computers to
clothing and footwear, but it excludes pharmaceuticals, some
speciality compounds and rare-earth minerals.
    Indonesia's benchmark closed about 1.5% lower at a near
six-month low, after data showed that imports in April fell at a
 much slower pace than expected while exports slumped, prompting
Southeast Asia's largest economy to post its widest monthly
trade deficit in history.
    "Imports will likely remain elevated during the Ramadan
season in May and then fall back only in June. Accordingly, the
trade balance is likely to remain in deficit in May," ANZ
analysts said in a note.
    Indonesia's central bank is also forecast to keep its main
interest rate unchanged for a sixth straight policy meeting on
Thursday, as rising U.S.-China trade tensions renew pressure on
the rupiah.
    Philippine shares ended the session about 1% weaker,
weighed down by consumer and financial stocks, and marked their
fourth straight day of declines.
    Jollibee Foods Corp was the top drag, slipping 3%
after the fast food restaurant chain posted a fall in quarterly
income.
    Singapore's Straits Times index closed marginally
down, dented by consumer service and industrial stocks.
Conglomerate Jardine Matheson Holdings slipped about
1% to close at its lowest since April 25.
    The International Monetary Fund has forecast Singapore's
2019 economic growth at 2.3%, compared with 3.2% in 2018, citing
the country's high exposure to global trade, OCBC said in a
note.    
    Meanwhile, Malaysia and Vietnam stocks each
closed about 1% higher, boosted by energy shares.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS     
    
  Change on day                                        
  Market           Current    Previous Close  Pct Move
  Singapore        3218.77    3223.71         -0.15
  Bangkok          1621.27    1633.84         -0.77
  Manila           7576.71    7646.66         -0.91
  Jakarta          5980.885   6071.202        -1.49
  Kuala Lumpur     1611.43    1599.19          0.77
  Ho Chi Minh      975.64     965.34           1.07
                                              
  Change on year                              
  Market           Current    End 2017        Pct Move
  Singapore        3218.77    3068.76         4.89
  Bangkok          1621.27    1563.88         3.67
  Manila           7576.71    8558.42         -11.47
  Jakarta          5980.885   6194.498        -3.45
  Kuala Lumpur     1611.43    1690.58         -4.68
  Ho Chi Minh      975.64     984.24          -0.87
 
 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)
  
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