September 4, 2018 / 10:08 AM / 17 days ago

SE Asia Stocks-Most fall; Indonesian shares slide as rupiah slumps

    * Indonesia falls for fourth straight session
    * Singapore snaps four-session losing streak
    * Philippines climbs to four-month closing high

    By Sumeet Gaikwad
    Sept 4 (Reuters) - Indonesian shares slid and most other
Southeast Asian markets slipped on Tuesday as Argentina's
austerity measures rattled emerging markets and led to steep
losses in most Asian currencies.
    Growing turbulence in Argentina has kept global attention
focused on emerging markets. On Monday, Argentine President
Mauricio Macri unveiled new taxes on exports and steep cuts to
government spending in what he termed "emergency" measures to
balance next year's budget.
    The rupiah dropped to its lowest since the Asian
financial crisis two decades ago. It has lost about 9 percent
this year. 
    The ongoing trade dispute between the United States and
China also added to market worries, as the deadline for public
comment on U.S. President Donald Trump's tariffs on another $200
billion of Chinese goods is Thursday.
    "In Asia, there has been a sell-off across, initiated
earlier this year by rising US interest rates and higher oil
prices; but really picking up momentum on trade war risks,"
Mizuho Bank said in a note.
    Indonesian shares slid to a two-week closing low in
their fourth straight losing session. Telekomunikasi Indonesia
 fell 2 percent, while Bank Negara Indonesia
dropped 4.5 percent. 
    The index of the country's 45 most liquid stocks
declined 1 percent. 
    Thai shares ended lower, weighed down by industrials
and materials. Airports of Thailand declined 1.5 
percent, while PTT Global Chemical fell nearly 2
percent. 
    Singapore stocks crawled slightly higher, snapping a
four-session losing streak, helped by financials.
Oversea-Chinese Banking Corp and DBS Group Holdings
 rose marginally.
    Philippine shares also rose, to a near four-month
closing high, led by gains in consumer discretionary and
financial stocks. 
    Philippine annual inflation is expected to have quickened in
August to the fastest pace in nearly 9-1/2 years, reflecting
higher prices of key food items, including rice, and energy
costs, a Reuters poll showed.
    The acceleration could prompt the central bank to raise key
interest rates for the fourth time this year when it reviews
policy on Sept. 27, some economists said.

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3210.51   3207.2          0.10
 Bangkok            1714.41   1721.21         -0.40
 Manila             7881.82   7832.22         0.63
 Jakarta            5905.301  5967.579        -1.04
 Kuala Lumpur       1812.76   1813.58         -0.05
 Ho Chi Minh        975.94    989.54          -1.37
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3210.51   3402.92         -5.65
 Bangkok            1714.41   1753.71         -2.24
 Manila             7881.82   8558.42         -7.91
 Jakarta            5905.301  6355.654        -7.09
 Kuala Lumpur       1812.76   1796.81         0.89
 Ho Chi Minh        975.94    984.24          -0.84
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Amrutha
Gayathri)
  
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