SE Asia Stocks-Most markets fall, Vietnam plunges over 4 pct
* Thailand recovers from early fall, closes 1 pct higher
* Philippine shares extended gains to 2-week closing high
* Indonesia drops 2 pct to more than 1-year closing low
By Sumeet Gaikwad
July 3 (Reuters) - Most Southeast Asian stock markets fell
on Tuesday with Vietnam declining over 4 percent to a
seven-month closing low, while Thailand rose more than 1
percent.
Broader Asian markets also fell amid escalating worries a
bitter trade dispute between the United States and major
economies could derail global growth.
Investors have been jittery ahead of a July 6 deadline, when
the United States is set to slap tariffs on $34 billion worth of
Chinese goods that Beijing has vowed to match with tariffs on
U.S. products.
In Southeast Asia, Vietnam shares slumped 4.3 percent
in moderately heavy trading and posted their lowest close in
more than seven months.
"Investors are concerned about the possible return of high
inflation and possible capital outflows triggered by higher
interest rates in the U.S. Today's strong selloff was also
triggered by margin calls," said Tran Anh Tuan, chief analyst at
Vietcombank Securities.
Real estate and financial stocks were among the top losers
with Vinhomes JSC and Vingroup JSC shedding 7
percent each.
Vietnam shares have declined more than 25 percent from a
record high hit on April 10.
Indonesian shares plunged 2 percent to their lowest
close since mid-May 2017 in broad-based losses.
Lender Bank Central Asia and personal care
products maker Unilever Indonesia fell over 2 percent
each.
An index of the country's 45 most liquid stocks
declined more than 2 percent.
Thai shares erased early losses and closed 1.2
percent higher, helped by industrial, health care and real
estate stocks.
Airports of Thailand rose 2.3 percent, while
Bangkok Dusit Medical Services added over 5 percent.
Philippine shares extended gains into a third session
and posted a two-week closing high, led by a rally in
industrials.
Index heavyweight SM Investments Corp rose 1.7
percent, while Aboitiz Equity Ventures gained 2.7
percent.
Philippine annual inflation likely quickened for a sixth
straight month in June, a Reuters poll showed, leaving the door
open for a third interest rate hike this year. The data is due
this week.
The peso has declined 6.6 percent against the dollar so far
this year, making it the second worst performing currency in the
region after the Indian rupee.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3235.9 3238.94 -0.09
Bangkok 1626.62 1607.27 1.20
Manila 7267.34 7227.96 0.54
Jakarta 5633.937 5746.77 -1.96
Kuala Lumpur 1680.37 1685.05 -0.28
Ho Chi Minh 906.01 947.15 -4.34
Change on year
Market Current End 2017 Pct Move
Singapore 3235.9 3402.92 -4.91
Bangkok 1626.62 1753.71 -7.25
Manila 7267.34 8558.42 -15.09
Jakarta 5633.937 6355.654 -11.36
Kuala Lumpur 1680.37 1796.81 -6.48
Ho Chi Minh 906.01 984.24 -7.95
(Reporting by Sumeet Gaikwad in Bengaluru; Editing by
Subhranshu Sahu)
