November 28, 2019 / 10:37 AM / 11 days ago

SE Asia Stocks-Slide as U.S.-China spat over Hong Kong dampens trade deal hopes

    * Indonesia hits 6-month closing low, down over 1%
    * Philippines retreats from previous session's gains
    * Thailand down for three straight sessions

    By Arundhati Dutta
    Nov 28 (Reuters) - Southeast Asian markets dropped on
Thursday on dimming hopes of a Sino-U.S. trade deal after China
warned the United States of retaliation for its law backing
protesters in Hong Kong.   
    U.S. President Donald Trump on Wednesday signed a
legislation supporting anti-government protesters in Hong Kong.

    However, some analysts say the legislation would not derail
trade negotiations, as Trump's signature was expected. 
    "Had the President vetoed the bill, it would certainly have
gone back to both houses where they would have overridden the
veto," Jeffrey Halley, senior market analyst at OANDA said in a
note.
    Halley noted that China needed a trade agreement just as
much as the U.S did, given its lagging economy. 
    Economists polled by Reuters expect China's factory activity
to have contracted for the seventh straight month in November,
as domestic demand remained sluggish
    The spat over Hong Kong overshadowed positive economic data
from the U.S., which showed that economic growth had picked up
in the third quarter, rather than slowing as initially reported.

    The Indonesian benchmark extended declines to a
sixth session and closed at the lowest level in six months.
Heavyweight PT Bank Central Asia Tbk shed 0.8%. 
    An index of Indonesia's 45 most liquid stocks
dropped 1.6%. 
    Philippine stocks closed 0.9% lower, with SM
Investments Corp dropping 1.7%. 
    Trade-sensitive Singapore stocks closed at their
lowest level in a week. Conglomerate Jardine Matheson Holdings
 slipped 1%. 
    The Thai index fell for a third straight day, with
industrials losing the most.
    Airports of Thailand Pcl skid 3.5%, while BTS Group
Holdings Pcl dropped 2.1%. 
    Vietnamese shares fell 0.8%, as financials weighed. 
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                           
 Market             Current  Previous close  Pct Move
 Singapore          3200.61  3215.53         -0.46
 Bangkok            1597.68  1607.27         -0.60
 Manila             7768.66  7836.89         -0.87
 Jakarta            5953.06  6023.039        -1.16
 Kuala Lumpur       1583.77  1587.18         -0.21
 Ho Chi Minh        970.39   978.17          -0.80
 Change so far in 2019                     
 Market                 Current  End 2018  Pct Move
 Singapore              3200.61  3068.76   4.30
 Bangkok                1597.68  1563.88   2.16
 Manila                 7768.66  7,466.02  4.05
 Jakarta                5953.06  6,194.50  -3.90
 Kuala Lumpur           1583.77  1690.58   -6.32
 Ho Chi Minh            970.39   892.54    8.72
 


 (Reporting by Arundhati Dutta; editing by Uttaresh.V)
  
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