July 27, 2018 / 4:32 AM / 2 months ago

SE Asia Stocks-Most fall on Sino-U.S. trade war worries; Indonesia rises for 6th session

    * Philippines down after 3 sessions of gains
    * Malaysia slips after 4 sessions of gains

    By Syed Saif Hussain Naqvi
    July 27 (Reuters) - Most Southeast Asian stock markets
declined on Friday as simmering U.S.-China trade tensions kept
investor risk appetite low, while Indonesia extended gains on
robust corporate earnings.
    The United State and Europe have agreed to work towards
lowering trade barriers, but talks between Washington and
Beijing are on the edge with President Donald Trump accusing
China of targeting American farmers through tariffs on soybeans,
dairy, meat and produce exports.
    The Trump administration has imposed tariffs on $34 billion
worth of goods from China. After Beijing retaliated in kind,
Washington announced levies on an additional $200 billion worth
of products and threatened more.
    Investor now await June-quarter U.S. GDP figures later in
the session for cues about the world's top economy. 
    A July 18-23 poll of over 100 forecasters showed the U.S.
economy, set to hit a growth rate of 4.1 percent in the quarter
just ended, will lose some of its shine with growth easing each
quarter, slipping to about half that rate in the final three
months of 2019.
    Philippine shares were the worst performer in
Southeast Asia, shedding as much as 0.7 percent after three
straight sessions of gains.     
    Industrials were the top losers with SM Investments Corp
 and Aboitiz Equity Ventures declining 1 percent
and 2.3 percent, respectively.
    Malaysian shares edged lower after four consecutive
sessions of gains, with losses in energy and financials
accounting for most of the decline.
    Dialog Group BHD was the top drag with a drop of
4.3 percent on lower oil prices. Crude oil prices fell, with
Brent futures down 22 cents as of 0236 GMT.
    Singapore shares fell marginally, dragged by
industrials.
    Singapore Airlines declined 5.5 percent to a
three-week low after reporting a 59 percent plunge in
first-quarter profit on Wednesday.
    Indonesian shares advanced for a sixth straight
session, driven largely by consumer stocks.
    Conglomerate PT Astra International Tbk rose 2.3
percent after reporting an 11 percent jump in first-half net
income.
    The Thailand stock market was closed for a holiday. 
   

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SOUTHEAST ASIAN STOCK MARKETS
  Market          Current      Previous    Pct Move
                               close       
  Singapore       3322.1       3328.6      -0.20
  Manila          7620.1       7665.85     -0.60
  Jakarta         5966.424     5946.136    0.34
  Kuala Lumpur    1762.43      1766.23     -0.22
 Ho Chi Minh      936.14       930.16      0.64
                                           
  Change on year                           
  Market          Current      End 2017    Pct Move
  Singapore       3322.1       3402.92     -2.38
  Manila          7620.1       8558.42     -10.96
  Jakarta         5966.424     6355.654    -6.12
  Kuala Lumpur    1762.43      1796.81     -1.91
  Ho Chi Minh     936.14       984.24      -4.89
 
 (Reporting by Syed Saif Hussain Naqvi; Editing by Subhranshu
Sahu)
  
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