* Philippines falls, industrials and financials top drag
* Indonesia stocks reverse early gains to close lower
* Thai shares close slightly higher on telecom stocks
By Susan Mathew
May 18 (Reuters) - Most Southeast Asian stock markets edged
down on Friday amid caution over developments in U.S.-China
trade negotiations, while Vietnam shares rose 1 percent
after two straight sessions of sharp falls.
China denied that it had offered a package to slash the U.S.
trade deficit by up to $200 billion, hours after it dropped an
anti-dumping probe into U.S. sorghum imports in a conciliatory
gesture as top officials meet in Washington.
Philippine shares closed 0.3 percent lower as
industrials and financials tumbled. SM Investments
dropped 2.6 percent, while Ayala Corp declined 1.2
Foreign investors net sold 715.3 million shares on Friday.
The Philippine key stock index shed a little more than 1
percent this week following a 2.7 percent gain last week.
Indonesian shares rose in early trade before erasing
the gains to close lower.
The central bank raised the benchmark interest rate on
Thursday to support the rupiah, but the currency fell to
a more than 2-1/2-year low on Friday.
Bank Indonesia's (BI) governor stressed that the central
bank is ready to act again to "ensure stability". BI's next
policy meeting is on June 27-28, about two weeks after a U.S.
Federal Reserve meeting.
Automotive company Astra International was the top
drag, followed by Bank Negara. They declined nearly 3
Indonesian shares declined 3 percent this week, erasing last
week's 2.8 percent gain.
In Vietnam, consumer stocks were the top gainers. Vietnam
Dairy Products rose 3.7 percent and Saigon Beer Alcohol
Beverage Corp gained 4.5 percent.
Thai stocks rose 0.2 percent with telecoms driving
True Corp, Thailand's second largest mobile
operator, climbed 5.9 percent after the company said it will not
bid in an 1800-megahertz spectrum auction in August.
Sector bellwether Advanced Info Service gained
1.9 percent, while Total Access Communications, the
country's third-ranked mobile operator, rose 6.8 percent.
For the week, Thai stocks declined 0.7 percent, in their
second straight weekly drop.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3529.27 3536.76 -0.21
Bangkok 1754.17 1751.2 0.17
Manila 7672.28 7694.12 -0.28
Jakarta 5783.31 5815.92 -0.56
Kuala Lumpur 1854.5 1854.44 0.00
Ho Chi Minh 1040.54 1030.64 0.96
Change on year
Market Current End 2017 Pct Move
Singapore 3529.27 3402.92 3.71
Bangkok 1754.17 1753.71 0.03
Manila 7672.28 8558.42 -10.35
Jakarta 5783.31 6355.654 -9.01
Kuala Lumpur 1854.5 1796.81 3.21
Ho Chi Minh 1040.54 984.24 5.72
(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu