April 12, 2019 / 10:13 AM / 2 months ago

SE Asia Stocks-Most subdued on bleak China trade data

    * China's 2019 GDP expected to slow
    * Philippines dives nearly 1 percent
    * Malaysia posts fourth straight weekly loss

    By Shreya Mariam Job
    April 12 (Reuters) - Most Southeast Asian markets were
subdued on Friday as China's imports in March shrank and
expectations of a further slowdown in Beijing's economic growth
curbed risk appetite, while the Malaysian index bucked the
sombre mood to end firmer. 
    Exports in China, the biggest trading partner of Southeast
Asia, rebounded in March but imports shrank for a fourth
straight month and at a sharper pace. Imports dropped 7.6
percent from a year earlier, worse than analysts' forecasts for
a 1.3 percent fall.
    Investor sentiment was further dampened after a Reuters poll
showed that China's economic growth is expected to slow to a
near 30-year low of 6.2 percent this year.
    Philippine stocks extended their red streak into a
second session with a 0.9 percent fall, dented mostly by
    Shares of International Container Terminal Services Inc
 dropped 3 percent to their lowest close in a week. A
BusinessWorld article stated that the company is negotiating
with banks for the possible acquisition of Hanjin Heavy
Industries and Construction Philippines' assets.
    The index snapped two weekly losses to end higher for the
    Vietnam shares closed 0.3 percent weaker, with
financial and real estate stocks dragging the index lower. For
the week, the index dropped 0.6 percent. 
    Meanwhile, Malaysian stocks snapped their three-day
losing streak to end 0.4 percent firmer, while the index slipped
0.7 percent for the week, marking its fourth consecutive weekly
    Also buoying sentiment was the agreement between Malaysia
and China to resume construction of a multi-billion dollar rail
project, after months of negotiations that strained ties between
the two trade partners.
    However, gains in the Malaysian index were capped by
chemicals producer Petronas Chemicals Group Bhd, which
ended 1.3 percent weaker.  
    A fire was brought under control early on Friday after an
explosion at a Malaysian oil refinery being developed by state
oil firm Petronas          , which was testing its facilities
ahead of planned commercial operations later this year. Petronas
Chemicals Group is a subsidiary of Petronas.
    Indonesia, Singapore and Thai stocks
were largely unchanged. 

For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3331.98   3330.82          0.03
 Bangkok                1660.45   1659.09          0.08
 Manila                 7880.82   7955.8           -0.94
 Jakarta                6405.866  6410.166         -0.07
 Kuala Lumpur           1630.17   1624.23          0.37
 Ho Chi Minh            982.9     985.95           -0.31
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3331.98   3068.76         8.58
 Bangkok                1660.45   1563.88         6.18
 Manila                 7880.82   7,466.02        5.56
 Jakarta                6405.866  6,194.50        3.41
 Kuala Lumpur           1630.17   1690.58         -3.57
 Ho Chi Minh            982.9     892.54          10.12
 (Reporting by Shreya Mariam Job in Bengaluru;  Editing by
Sherry Jacob-Phillips)
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