March 26, 2018 / 4:47 AM / 5 months ago

SE Asia Stocks-Most fall further on trade war worries

    * Philippine stocks hit lowest in nearly nine months
    * Singapore declines for a fourth straight session
    * Vietnam bounces back from early falls

    By Syed Saif Hussain Naqvi
    March 26 (Reuters) - Most Southeast Asian stock markets
extended falls on Monday, with the Philippines hitting its
lowest in nearly nine months, as fears of a full-blown trade war
between the United States and China continued to rattle global
markets.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 slipped nearly 0.3 percent for its fourth
consecutive day in the red. 
    "Asian equities are likely to remain on the back foot
notwithstanding selective bargain hunting after last week's
sell-off," Mizuho said in a note.      
    Philippine shares dropped as much as 1.7 percent to
their lowest since July last year and stayed well below the
psychologically important 8,000 level. The benchmark stock index
has declined 7.5 percent so far this month following a more than
3 percent drop in February.
    Industrial and real estate stocks accounted for 80 percent
of the fall on the main board on Monday. Realtors SM Prime
Holdings dropped as much as 2.5 percent and SM
Investments declined up to 3.8 percent and were the
biggest drags. 
    Singapore shares dropped 0.7 percent , extending
their declines into a fourth session, ahead of industrial
production data scheduled to be released later in the day.  
    Financials were the biggest drag, with DBS Group Holdings
Ltd down for a third straight session and contributing
the most to the decline.
    A Reuters poll showed that the city-state's industrial
production likely expanded at a significantly slower annual pace
in February than the previous month, reflecting the timing of
Lunar New Year holidays this year.
    Indonesian shares fell for a third straight session,
weighed down by financials. An index of the country's 45 most
liquid stocks dropped 0.7 percent.   
    Vietnamese shares came off early falls to rise as
much as 0.9 percent and were headed for a third session of gains
in four. Real estate and consumer staple stocks were among the
top boost with Vingroup JSC touching a record high.    
       
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SOUTHEAST ASIAN STOCK MARKETS AT 0440 GMT
  Market          Current      Previous    Pct Move
                               close       
  Singapore       3397.46      3421.39     -0.70
  Bangkok         1796.12      1799.84     -0.21
  Manila          7834.56      7970.8      -1.71
  Jakarta         6171.836     6210.698    -0.63
  Kuala Lumpur    1857.12      1865.22     -0.43
 Ho Chi Minh      1158.97      1153.59     0.47
                                           
  Change so far                            
 in 2018                                   
  Market          Current      End 2017    Pct Move
  Singapore       3397.46      3402.92     -0.16
  Bangkok         1796.12      1753.71     2.42
  Manila          7834.56      8558.42     -8.46
  Jakarta         6171.836     6355.654    -2.89
  Kuala Lumpur    1857.12      1796.81     3.36
  Ho Chi Minh     1158.97      984.24      17.75
 
 (Reporting by Syed Saif in Bengaluru; Additional reporting by
Aaron Saldanha; Editing by Subhranshu Sahu)
  
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