August 2, 2019 / 10:15 AM / 4 months ago

SE Asia Stocks-Most fall after new U.S. tariffs heighten trade tension

    * Thai shares fall most in four months
    * Malaysia slips after weak June export data
    * Singapore lower for third straight session

    By Anushka Trivedi
    Aug 2 (Reuters) - Most Southeast Asian markets fell on
Friday after U.S. President Donald Trump vowed to levy 10%
tariff on remaining $300 billion worth of Chinese goods,
sparking fears of an escalation in the prolonged trade row.
    September onwards, nearly all of China's exports to the
United States will be taxed, which "significantly raises the
intensity of the trade war with negative implications for world
growth, global manufacturing and business investment," Westpac
said in note.
    Trump's announcement came shortly after lead negotiators
from both sides concluded dialogues in Shanghai without any
significant progress and marks an abrupt end to a truce in the
trade war struck in June.
    Singapore stocks, counted among the most sensitive to
trade war developments, declined nearly 1% to lead losses in
Southeast Asia.
    The city-state's financial stocks took a beating, with
lender Oversea-Chinese Banking Corp Ltd and rival
United Overseas Bank Ltd slipping despite reporting an
uptick in quarterly profit as analysts expect a faltering
economy to put strain the sector.   
    The index lost 3.1% during the week.
    Thai shares tumbled to their worst session in four
months after an overnight plunge in oil prices battered energy
    For the week, the benchmark lost 2%. 
    Malaysia's main index followed suit to close at its
lowest in two months after June exports defied market
expectations to slip by 3.1%. 
    Demand for manufactured goods weakened for the period, with
exports to China, one of Malaysia's biggest trade partners,
dropping 12% year-on-year amid lower shipments of electronic
    Telco Maxis Bhd was the biggest drag on the index
as it slumped 4.9% on reporting a steep drop in its quarterly
net profit.
    The Malaysian benchmark fell 1.3% this week and logged its
fourth straight weekly loss.
    Bucking the regional trend, Philippines added 0.4% after
sliding as much as 1.1% in the session, with consumer stocks
dominating the benchmark.
    But, the index closed 0.7% lower for the week.
For Asian Companies click;  

 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3261.11  3291.75         -0.93
 Bangkok                1684.71  1699.75         -0.88
 Manila                 8129.93  8098.16         0.39
 Jakarta                6340.18  6381.542        -0.65
 Kuala Lumpur           1626.76  1639.07         -0.75
 Ho Chi Minh            991.1    997.39          -0.63
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3261.11  3068.76         6.27
 Bangkok                1684.71  1563.88         7.73
 Manila                 8129.93  7,466.02        8.89
 Jakarta                6340.18  6,194.50        2.35
 Kuala Lumpur           1626.76  1690.58         -3.78
 Ho Chi Minh            991.1    892.54          11.04

 (Reporting by Anushka Trivedi in Bengaluru; editing by
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