May 22, 2020 / 4:01 AM / 10 days ago

SE Asia Stocks-Slip as Sino-U.S. tensions spike over new Hong Kong law

    * Singapore's index set for third consecutive weekly loss
    * Thailand shares set for second straight day in the red
    * Indonesia closed for public holiday

    By Pranav A K
    May 22 (Reuters) - Southeast Asian stock markets slid on
Friday, with Singapore losing the most, as the United States and
China sparring over a new Hong Kong security law kept investors
away from riskier assets and led to a sharp selloff across
global equities.
    Tensions flared between the world's two biggest economies as
U.S. President Donald Trump warned Washington would react "very
strongly" if Beijing imposed national security laws on Hong Kong
after last year's pro-democracy protests.
    Hong Kong's Hang Seng index fell 3.7% to a seven-week
low, as MSCI's broadest index of Asia-Pacific shares outside
Japan dropped 1.2%.
    "Traders around the world are playing the waiting game to
see details of the new Hong Kong law to gauge how severe the
terms are. And more specifically, The White House response to
decide whether Hong Kong's special economic status will be
affected," said Stephen Innes, chief market strategist at
financial services firm AxiCorp.
    Shares in Singapore, a bellwether for global trade,
fell 1.8% to their lowest level since April 24 and the index was
poised for its third consecutive weekly loss. The region's
second-largest lender Oversea-Chinese Banking Corp,
dropped 4.2% to a month-low. 
    Shares in trade-reliant Thailand dropped 0.9%, ahead
of the country's April trade data. However, the benchmark stock
index is set to post its second straight weekly gain.
    Brokerage OB Kay Hian Securities Thailand was the
top loser, tumbling 8.8%, while chemicals company Indorama
Ventures lost 4%.
    The Philippines' index was down 0.9%, set to snap two
consecutive weekly gains, as utilities took a beating.
    Malaysian shares also fell, but were headed for
their biggest weekly percentage gain since April 17.
    Financial markets in Indonesia were closed for the Idul
Fitri festival.
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              2508.56   2555.34         -1.83
 Bangkok                1307.82   1320.69         -0.97
 Manila                 5554.14   5604.49         -0.90
 Kuala Lumpur           1448.86   1452.11         -0.22
 Ho Chi Minh            858.92    862.73          -0.44
 Change so far in 2020                            
 Market                 Current   End 2019        Pct Move
 Singapore              2508.56   3222.83         -22.16
 Bangkok                1307.82   1579.84         -17.22
 Manila                 5554.14   7,815.26        -28.93
 Kuala Lumpur           1448.86   1588.76         -8.81
 Ho Chi Minh            858.92    960.99          -10.62

 (Reporting by A K Pranav in Bengaluru; Editing by Ramakrishnan
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