November 11, 2019 / 9:49 AM / a month ago

SE Asia Stocks-Tumble as Hong Kong chaos, trade deal uncertainty hurt sentiment

    * Thailand's Indorama falls on qtrly profit drop
    * Singapore's DBS flags a weaker 2020
    * Malaysia Sept industrial production rises

    By Anushka Trivedi
    Nov 11 (Reuters) - Southeast Asian markets closed in the red
on Monday, with Thailand falling the most, as the latest
escalation of violence in Hong Kong and uncertainty surrounding
U.S.-China trade deal tempered sentiment.
    The Hong Kong police fired live rounds of ammo at
protesters, critically injuring one, as the Chinese-ruled
territory spiralled into rare working-hours violence in its 24th
straight week of pro-democracy unrest.
    Hong Kong's Hang Seng index shed 2.6% to mark its
biggest single-day drop in more than three-months while Chinese
stocks also declined, with the Shanghai index falling
the most in over four months.
    The collapse in Hong Kong's main index "as protests there
dangerously escalate, is the culprit behind Asia's sell-off",
Jeffrey Halley, senior market analyst, Asia Pacific at OANDA
said in a note. 
    "It is a reflection of the increased fears of direct
mainland intervention in the territory. That fear will hang over
regional markets this morning, although its effect may be
limited time-wise," he added.
    Leading losses in the region, the Thai benchmark
shed 1%, weighed by financial and consumer stocks. 
    Siam Commercial Bank fell 2.5% while chemical
developer Indorama Ventures PCL dropped 3.8% after
posting a slump in quarterly profit.
    Also damaging the overall sentiment was U.S. President
Donald Trump's remark on Friday that he had not agreed to
rolling back the U.S. tariffs sought by China, which
contradicted earlier reports of officials confirming the
arrangement.
    Singapore's main index tumbled as much as 1.1% to
mark its worst session in over a month amid broad-based losses.
    Tech stocks faltered following Venture Corp's
results last Friday, which were not very encouraging, while
financials came under pressure after Southeast Asia's top lender
DBS Group Holdings flagged a weaker 2020, said
Nicholas Yon, equity research analyst at Lim & Tan Securities. 
    Local property developers exposed to the Hong Kong region
such as Hongkong Land Holdings and Jardine Strategic
Holdings also traded lower.     
    Indonesian shares followed suit, as coal miner Bayan
Resources dived 19.4% and poultry feed producer
Charoen Pokphand Indonesia Tbk PT lost 4.3% to
dominate losses on the benchmark. 
    The Philippine index closed at a near two-week low.
    Malaysian shares dipped after data showed
September's industrial production rose 1.7% from a year earlier
but came in slower than August as manufacturing and mining
output declined.
    
     
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3240.65  3264.3          -0.72
 Bangkok                1622.12  1637.85         -0.96
 Manila                 8009.38  8065.76         -0.70
 Jakarta                6148.74  6177.986        -0.47
 Kuala Lumpur           1608.15  1609.73         -0.10
 Ho Chi Minh            1016.75  1022.49         -0.56
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3240.65  3068.76         5.60
 Bangkok                1622.12  1563.88         3.72
 Manila                 8009.38  7,466.02        7.28
 Jakarta                6148.74  6,194.50        -0.74
 Kuala Lumpur           1608.15  1690.58         -4.88
 Ho Chi Minh            1016.75  892.54          13.92
 

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Rashmi
Aich)
  
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