SE Asia Stocks-Most markets fall; Singapore posts 1-1/2-year closing low

* Singapore declines for fourth consecutive session
* Philippines recovers from sharp falls, closes flat

By Karthika Suresh Namboothiri
Sept 10 (Reuters) - Most Southeast Asian stock markets
declined on Monday, with Singapore closing near a
one-and-half-year low, as a potentially damaging escalation in
the Sino-U.S. tariff row weighed on investor sentiment.
Asia shares ex-Japan also slipped, to a more
than one-year low, as investors were jittery after U.S.
President Donald Trump said on Friday that he was ready to slap
tariffs on virtually all Chinese imports into the United
States.
Also, weighing on global shares was the prospect of faster
rate hikes by the Federal Reserve after data released on Friday
showed U.S. job growth accelerated in August and wages notched
their largest annual increase in more than nine years.
"Global emerging markets are being hit by fears of trade
tariffs, and the FOMC meeting later this month would put further
pressure on emerging markets," said Joel Ng, an analyst at KGI
Securities, referring to the U.S. Federal Open Market
Committee's Sept. 25-26 meeting.
Singapore stocks fell for a fourth straight session
and posted their lowest close since late March 2017.
Oversea-Chinese Banking Corp declined 0.5 percent
to a near one-year closing low, and United Overseas Bank Ltd
shed 0.6 percent.
Philippine shares closed little unchanged after
declining 1.7 percent to a near seven-week low in intraday
trade.
Losses in financials were outweighed by gains in consumer
stocks. Bank of the Philippine Islands dropped 1.7
percent, while consumer food company Universal Robina Corp
gained 5.6 percent.
Besides regional sentiment, a weaker peso and higher-than
expected annual inflation are also keeping investors wary about
Philippine stocks, said Charles William Ang, an associate
analyst at COL Financial Group.
Indonesian shares fell 1.3 percent before cutting
some of the losses to close 0.4 percent lower. Bank Central Asia
declined 0.4 percent, while Bank Negara Indonesia
lost 1 percent.
Meanwhile, Vietnam shares rose 0.2 percent with real
estate company Vingroup gaining 2.2 percent.
Malaysia was closed for a holiday.

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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3120.92 3134.39 -0.43
Bangkok 1691.51 1689.49 0.12
Manila 7596.15 7598.64 -0.03
Jakarta 5831.117 5851.465 -0.35
Ho Chi Minh 970.34 968.9 0.15

Change on year
Market Current End 2017 Pct Move
Singapore 3120.92 3402.92 -8.29
Bangkok 1691.51 1753.71 -3.55
Manila 7596.15 8558.42 -11.24
Jakarta 5831.117 6355.654 -8.25
Ho Chi Minh 970.34 984.24 -1.41


(Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)


First Published: 2018-09-10 06:26:23
Updated 2018-09-10 11:54:48


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