December 4, 2019 / 10:11 AM / 3 days ago

SE Asia Stocks-Philippines leads declines as most markets fall on trade war fears

    * Real estate stocks weigh on Philippines
    * Malaysia stocks fall after dismal trade data
    * Vietnam gains more than 1%

    By Soumyajit Saha
    Dec 4 (Reuters) - Most Southeast Asian stock markets ended
lower on Wednesday, with Philippines falling the most, as U.S.
President Donald Trump doused hopes of a preliminary deal to
cancel further tariffs on China, set to come into force in about
11 days.
    Trump said on Tuesday that he had "no deadline" for a trade
deal with China, and could wait until after the U.S.
presidential election in November 2020 to sign an agreement.

    The announcement came a day after Washington proposed
separate tariffs on Brazil, Argentina and France, stoking fears
of further slowdown in a global economy already battered by the
Sino-U.S. trade war.
    Meanwhile, Bloomberg on Wednesday reported that the United
States and China are moving closer to agreeing on the amount of
tariffs to be rolled back in a phase-one trade deal.

    Trump's statements implied a "prolonged uncertainty well
into the next year" for markets in Southeast Asia, ING bank said
in a note to clients.
    Singapore's benchmark index, one of the most
sensitive market to tariff war developments, ended at their
lowest level in over a month. Index heavyweights United Overseas
Bank and Capitaland Ltd fell 0.6% and 1.4%,
respectively.
    Losses in real estate stocks weighed on the Philippine index
 as it fell, with SM Prime Holdings and Ayala
Land losing 0.7% and 2.7%, respectively. 
    Malaysian shares were slightly lower, after data
showed that the country's exports dropped for the third straight
month in October, though the pace of decline was slower than
expected.
    Bucking the general trend, Vietnam stocks ended more
than 1% higher, buoyed by gains in financials.
    Lenders Vietnam Technological And Commercial Joint Stock
Bank and Joint Stock Commercial Bank for Foreign Trade
of Viet Nam rose 4% and 3.3%, respectively. 
    Vietnam has largely weathered the effects of the long drawn
trade war that have hit its neighbours, supported by rising
exports of smartphones and spare parts, and other electronics
appliances.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3159.79   3173.08         -0.42
 Bangkok                1565.45   1567.63         -0.14
 Manila                 7815.93   7855.18         -0.50
 Jakarta                6112.879  6133.896        -0.34
 Kuala Lumpur           1560.93   1562.27         -0.09
 Ho Chi Minh            965.9     953.43          1.31
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3159.79   3068.76         2.97
 Bangkok                1565.45   1563.88         0.10
 Manila                 7815.93   7,466.02        4.69
 Jakarta                6112.879  6,194.50        -1.32
 Kuala Lumpur           1560.93   1690.58         -7.67
 Ho Chi Minh            965.9     892.54          8.22
 
 (Reporting by Soumyajit Saha in Bengaluru; Editing by Rashmi
Aich)
  
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