November 21, 2019 / 10:05 AM / 16 days ago

SE Asia Stocks-Slide on worries of U.S.-China trade deal delay

    * Philippines, Vietnam & Singapore fall 1%
    * Bank Indonesia holds benchmark rate steady as expected
    * Thailand exports fall 4.54% y/y in Oct, below forecast

    By Arundhati Dutta
    Nov 21 (Reuters) - Southeast Asian stock markets took a
beating on Thursday on worries that the U.S. bills backing Hong
Kong protesters could strain Sino-U.S relations and further
delay a possible "phase one" trade deal.
    On Wednesday, the U.S. House of Representatives passed two
bills backing pro-democracy protesters in Hong Kong which
President Donald Trump is expected to sign, a move that has
irked China.
    Further weighing on sentiment was a report that the trade
agreement could be delayed as Beijing presses for more extensive
tariff rollbacks, and the Trump administration counters with
heightened demands of its own.
    Indonesian shares shed 0.6%, as the central bank's
move to cut the reserve requirement ratio by banks failed to
lift sentiment, while the key interest rate was kept steady, as 
expected.
    "With inflation expected to remain within target going into
2020, Bank Indonesia may resume its easing cycle in early 2020
to give growth momentum an added boost, given the possibility of
an escalation in global headwinds," analysts at ING said in a
note.
    Trade-sensitive Singapore stocks closed at an over
three-week low.
    While the index pared a small portion of losses on news that
the city-state's economy grew better than the government
expected in the third quarter, selling resumed later in the day,
pushing the index 1.2% lower.
    Thai shares slid as data showed that exports had
dropped for a third straight month in October, and had missed
estimates predicted in a Reuters poll.
    Top losers were communication services stocks, with Advanced
Info Service Pcl and Total Access Communication Pcl
 shedding 3.5% and 5%, respectively. 
    Vietnamese equities tumbled 1.3%, dragged by real
estate stocks.
    Philippines stocks had fallen as much as nearly 2% to
a six-week low, but recouped some losses to close 1% lower. 
    Malaysian stocks fell 0.6%, with index heavyweight
Tenaga Nasional losing 1.3%. 
    

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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3192.21   3229.78         -1.16
 Bangkok                1591.86   1596.83         -0.31
 Manila                 7818.89   7898.06         -1.00
 Jakarta                6117.364  6155.109        -0.61
 Kuala Lumpur           1592.19   1601.14         -0.56
 Ho Chi Minh            987.89    1000.56         -1.27
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3192.21   3068.76         4.02
 Bangkok                1591.86   1563.88         1.79
 Manila                 7818.89   7,466.02        4.73
 Jakarta                6117.364  6,194.50        -1.25
 Kuala Lumpur           1592.19   1690.58         -5.82
 Ho Chi Minh            987.89    892.54          10.68
 


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