* Aussie govt downgrades outlook for economic growth and
* Singapore stocks with Hong Kong exposure drop
* Singapore leads falls with 0.9% decline
By Rashmi Ashok
Nov 13 Southeast Asian stock markets skidded on
Wednesday as investors sold off risky assets amid uncertainty
surrounding the extent of progress in Sino-U.S. trade talks and
intensifying protests in Hong Kong.
In a speech at the Economic Club of New York, U.S. President
Donald Trump said the signing of an initial trade deal was
close, but did not offer further details on dates or the terms
of the agreement.
"Risk aversion appears to be creeping back into the
markets," Han Tan, a market analyst at brokerage FXTM, said in a
Asian stocks fell despite their U.S. counterparts
tantalisingly close to setting record highs, as investors
continue to sieve through potential signals from the noise
surrounding the trade deal, he wrote.
Curbing risk appetite further, anti-government protests
continued to cause disruption in Hong Kong. The Hang Seng index
fell nearly 2% to a four-week low in late trade.
Singapore shares closed 0.9% lower. Hongkong Land
Holdings, a property manager with large assets in Hong
Kong, fell 3.4% and was among the top percentage losers.
Conglomerate Jardine Strategic Holdings, which also
has significant interests in the Greater China region and is the
majority stakeholder in Hongkong Land, traded 4% lower.
Philippine stocks posted deep losses, dragged by
heavyweights like Globe Telecom Inc and Ayala Corp
, which fell 2.1% and 1.9%, respectively.
Indonesian stocks traded 0.6% lower, dragged by
consumer stocks like household products maker Unilever Indonesia
Tbk and animal feed maker Charoen Pokphand Indonesia
An index of Indonesia's 45 most liquid stocks
Malaysian stocks slid 0.8%, dragged by a 5.4% drop
in index heavyweight Petronas Chemicals Group, after
the chemicals maker posted a steep fall in third-quarter profit.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3239.22 3267.8 -0.87
Bangkok 1615.14 1626.2 -0.68
Manila 7947.47 8012.34 -0.81
Jakarta 6142.501 6180.992 -0.62
Kuala Lumpur 1597.22 1609.73 -0.78
Ho Chi Minh 1012.77 1018.33 -0.55
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3239.22 3068.76 5.55
Bangkok 1615.14 1563.88 3.28
Manila 7947.47 7,466.02 6.45
Jakarta 6142.501 6,194.50 -0.84
Kuala Lumpur 1597.22 1690.58 -5.52
Ho Chi Minh 1012.77 892.54 13.47
(Reporting by Rashmi Ashok in Bengaluru; Editing by Subhranshu
* Financials dragged by Medibank and Bank of Queensland
(Updates to close)
* ANZ's lower franking credit hurting other major banks
* Fed rate cut as expected, not a big catalyst now
Oct 30 Australian shares slipped on Wednesday
after a seven-session run of gains, led lower by miners, ahead
of domestic inflation data due later in the day.
* Trade deal hopes lift shares, but investors on edge -
* Resource stocks rack up gains on firm oil and iron ore
Oct 21 Australian shares edged lower on Monday
as fresh uncertainty over Brexit reined in risk sentiment, while
digital payments stocks slipped further on the central bank's
planned review of some practices in the buy-now-pay-later
Australian insurer Suncorp Group Ltd said it will sell its vehicle repair business for A$420 million ($283.5 million) as it seeks to focus on its core insurance and banking operations after disappointing results in recent times.