October 18, 2019 / 4:23 AM / a month ago

SE Asia Stocks-Most slip on bleak China growth data; Singapore, Thailand drag

    * China's Q3 GDP growth misses expectations 
    * Malaysia set to snap six-week losing streak
    * Indonesia set to post biggest weekly gain in nearly 5
months

    By Sameer Manekar
    Oct 18 (Reuters) - Most Southeast Asian stock markets fell
on Friday, with Singapore and Thailand leading declines, as weak
growth data from China, the region's biggest trading partner,
reignited fears of a global economic downturn.
    China's economic growth slowed more than expected in the
third quarter, the weakest pace in almost three decades, likely
raising expectations for Beijing to roll out more stimulus
measures to avert a sharper slowdown.
    On the brighter side, industrial output grew 5.8%
year-on-year in September, recovering after slowing sharply in
the previous month, though the economy remained under broad
pressure from cooling demand at home and abroad. 
    "We expect monetary policy to be loosened before long in
response, but it will take time for this to put a floor beneath
economic growth," Julian Evans-Pritchard, senior China economist
at Capital Economics, said in a note. 
    Singapore's index was on track for a second day of
losses, hurt by weakness in financial and consumer sectors. DBS
Holdings shed 0.8%, while Singapore Airlines
lost 1.1%. 
    Thai stocks slipped 0.4%, marking their worst day in
over a week, dented by losses in financials and industrials
firms.
    Consumer lender Krungthai Card PCL slumped as much
as 4.3% to its lowest level in nearly three months after posting
a drop in quarterly results on Thursday, while Airports of
Thailand PCL declined 1%. 
    Philippine stocks fell 0.3%, with financials and
utilities firms accounting for most of the losses on the
benchmark index. 
    Real estate firm SM Prime Holdings, one of the
weightiest stock on the index, lost 0.6%, while power generation
company Aboitiz Equity Ventures dipped 0.3%.
    Telecom and consumer stocks were the biggest drags in
Malaysia's benchmark index, which is set to snap a
six-week losing streak.
    Axiata Group and food processor IOI Corporation
 declined 0.7% and 2.1%, respectively.   
    Meanwhile, Indonesian stocks were poised to extend
gain for a sixth straight session, boosted by financials. Bank
Central Asia and Bank Mandiri (Persero)
gained 0.8% and 2.2% each.
    The index is set to post its biggest weekly gain since May
end.  

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0357 GMT 
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3113.03  3126.14         -0.42
 Bangkok                1625.82  1632.8          -0.43
 Manila                 7908.32  7930.55         -0.28
 Jakarta                6193.34  6181.014        0.20
 Kuala Lumpur           1571.09  1574.5          -0.22
 Ho Chi Minh            992.13   989.82          0.23
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3113.03  3068.76         1.44
 Bangkok                1625.82  1563.88         3.96
 Manila                 7908.32  7,466.02        5.92
 Jakarta                6193.34  6,194.50        -0.02
 Kuala Lumpur           1571.09  1690.58         -7.07
 Ho Chi Minh            992.13   892.54          11.16
 
 (Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi
Aich)
  
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