April 4, 2018 / 10:27 AM / 22 days ago

SE Asia Stocks-Most slump as China's retaliatory tariffs on U.S. goods intensify trade worries

    * Thai shares drop 2.2 pct to lowest in over 3 months
    * Singapore sheds 2.1 pct to its lowest in nearly 6 months
    * Asian shares ex-Japan slide 1.3 pct to lowest in 1 month

    By Nicole Pinto
    April 4 (Reuters) - Most Southeast Asian stock markets
slumped on Wednesday as China swiftly retaliated against the
Trump administration's plans to impose tariffs on Chinese goods
with duties on key U.S. imports, heightening worries of a trade
war between the two countries.
    The speed with which the trade struggle between Washington
and Beijing is ratcheting up – the Chinese government took less
than 11 hours to respond with its own measures – led to a sharp
selloff in global stock markets and commodities.
    Beijing's list of 25 percent additional tariffs on U.S.
goods covers 106 items with a trade value matching the $50
billion targeted on Washington's list, China's commerce and
finance ministries said. The effective date depends on when the
U.S. action takes effect.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell as much as 1.3 percent to its lowest in
over one month. 
    Shares in Thailand slumped 2.3 percent to their
lowest close in over three months.
    Thai shares fell largely due to external factors as
investors worry about a trade war, said Teerada Charnyingyong,
an analyst at Phillip Capital Thailand.
    "From a technical point of view, it couldn't stand above
1,760 which is quite an important psychological level for the
Thai stock market," Charnyingyong added. 
    Kasikornbank Pcl shed 7.8 percent while Siam
Commercial Bank PCL fell 2.4 percent. 
    Singapore, one of the more expensive markets in Asia
and highly exposed to global trade, ended 2.1 percent lower at
its lowest since October 2017. 
    DBS Group Holdings Ltd fell 2.6 percent, hitting a
near 2-month low, while Oversea-Chinese Banking Corp Ltd
 dropped 3.2 percent, hitting an over 1-month low. 
     Malaysian shares ended the session 1.9 percent down
at a near two-month closing low. 
    CIMB Group Holdings Bhd and Malayan Banking Bhd
 fell 4.2 percent and 1.7 percent lower, respectively. 
    Indonesian shares ended the session 1.2 percent
lower. The index of the country's 45 most liquid stocks
 fell 1.3 percent.
    Bank Negara Indonesia (Persero) TBK PT shed 4.1
percent and Bank Mandiri (Persero) TBK PT fell 2.6
percent. 
    Vietnam shares were the only gainers in the region,
rising 0.3 percent, helped by Vingroup JSC, which
jumped 4.3 percent to a record closing high, while Vietnam Dairy
Products JSC gained 3.3 percent. 
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on the day
 Market             Current   Previous close  Pct Move
 Singapore          3339.7    3412.15         -2.12
 Bangkok            1724.98   1765.24         -2.28
 Manila             7997.67   8048.72         -0.63
 Jakarta            6157.096  6229.013        -1.15
 Kuala Lumpur       1815.94   1850.78         -1.88
 Ho Chi Minh        1191.54   1188.29         0.27
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3339.7    3402.92         -1.86
 Bangkok            1724.98   1753.71         -1.64
 Manila             7997.67   8558.42         -6.55
 Jakarta            6157.096  6355.654        -3.12
 Kuala Lumpur       1815.94   1796.81         1.06
 Ho Chi Minh        1191.54   984.24          21.06
 



 (Reporting by Nicole Pinto; Editing by Amrutha Gayathri)
  
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