SE Asia Stocks-Philippine index slips, others subdued as trade war fears persist
* Philippine shares fall for sixth straight day
* Singapore July retail sales data expected
* Malaysian stocks fall 0.7 percent
By Karthika Suresh Namboothiri
Sept 12 (Reuters) - Philippine shares fell for the sixth
straight session on Wednesday while other Southeast Asian
markets were largely subdued in line with broader Asia, as
sentiment was hit by an intensifying trade conflict between the
United States and China.
Economic woes in other emerging markets such as Turkey and
South Africa and worries about quickening inflation in the
Philippines have contributed to a roughly 5 percent slide in
Manila's benchmark index over the past six sessions.
Industrial stocks SM Investments and JG Summit
, which slipped some 2 percent each, led the decline on
the Philippine index.
"While (emerging) markets have been calmer recently, or at
least less turbulent, there is still significant scope for
further volatility", Mohamed A. El-Erian, Chief Economic Advisor
at Allianz SE, told the Reuters Global Markets Forum on
Wednesday.
In retaliation to threats from the United States about a
possible imposition of tariffs on all Chinese imports, China
told the World Trade Organization on Tuesday it wanted to impose
$7 billion a year in sanctions on Washington.
MSCI's broadest index of Asia-Pacific shares outside Japan
hovered near its lowest level since July 2017.
Singaporean shares were largely unchanged ahead of
the release of retail sales data for July.
Conglomerate Jardine Matheson shed about 1.7
percent and fell to a 19-month low, while Thai Beverage PCL
gained 3.3 percent.
Indonesian stocks climbed 0.7 percent and hit a more
than one-week high, boosted largely by consumer and energy
stocks.
Unilever Indonesia rose 2.4 percent, while Adaro
Energy gained 2.6 percent.
An index of the country's 45 most liquid stocks
climbed 0.5 percent.
Vietnamese shares rose 0.8 percent and saw their
fourth straight day of gains. Oil refiner Petrovietnam Gas
was the top boost to the index, rising 3.6 percent.
Malaysian stocks resumed trade following two days of
holidays, and slipped about 0.7 percent. Telecom group Axiata
lost as much as 4.6 percent.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0421 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3106.55 3109.91 -0.11
Bangkok 1672.9 1672.42 0.03
Manila 7494.22 7518.01 -0.32
Jakarta 5854.886 5831.117 0.41
Kuala Lumpur 1787.11 1799.17 -0.67
Ho Chi Minh 992.55 985.06 0.76
Change on year
Market Current End 2017 Pct Move
Singapore 3106.55 3402.92 -8.71
Bangkok 1672.9 1753.71 -4.61
Manila 7494.22 8558.42 -12.43
Jakarta 5854.886 6355.654 -7.88
Kuala Lumpur 1787.11 1796.81 -0.54
Ho Chi Minh 992.55 984.24 0.84
(Additional Reporting by Divya Chowdhury in Mumbai; editing by
Sai Sachin Ravikumar)
