* Singapore hits one-week low, sees worst day in over 4
* Malaysia heads for a fifth straight weekly gain
By Sumeet Gaikwad
Aug 10 (Reuters) - Singapore shares dropped on Friday as
concerns over renewed U.S.-China trade war friction and lower
oil prices dented sentiment, while the absence of bullish news
failed to propel the other Southeast Asian markets.
Singapore markets, which dropped as much as 1.6
percent, marked their worst intraday session in a month.
"There could be some risk reduction in Singapore markets
amid renewed geopolitical uncertainty," said Wei Liang Chang, an
FX strategist, Mizuho Bank.
"Furthermore, oil prices are dipping towards recent lows,
and this could increase headwinds to the offshore marine sector
and Singapore banks' loan portfolio," he added.
Oil prices fell on Friday, hit by concerns that the trade
dispute between the world's largest economies would stall
economic growth and fuel demand.
The city-state's top lender DBS Group Holdings Ltd
lost as much as 2.6 percent; Oversea-Chinese Banking Corp Ltd
slipped as much as 3.25 percent, while conglomerate
Keppel Corp fell up to 2.5 percent.
However, the bourse was on track to finish higher for a
fourth week in five.
Asian shares ex-Japan dipped 0.9 percent,
snapping a five-session winning streak.
Trade tensions deepened following Washington's threat on
Thursday that it would impose fresh sanctions on Russia after it
found that Moscow had used a nerve agent against a former
Russian double agent and his daughter in Britain.
Philippines shares traded steady, with industrials
being the top boost. Shares of SM investments Corp rose
as much as 1.6 percent.
The Philippine central bank on Thursday raised its key
overnight borrowing rate by 50 basis points. The archipelago
nation said its economic growth unexpectedly weakened to a near
three-year low in the second quarter.
The Jakarta index recovered from previous session's
losses to edge 0.5 percent higher. Bank Rakyat Indonesia
jumped as much as 4.2 percent, while Bank Mandiri
(Persero) gained up to 2 percent.
An index of the country's 45 most liquid stocks
was up 0.6 percent.
Malaysian stocks nudged higher; poised for a fifth
straight weekly gain.
Consumer staples dragged Thai stocks lower with
convenience store operator CP All Pcl slipping over 3
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: AS AT 0522 GMT
Change on day
Market Current Previous Close Pct Move
Singapore 3285.72 3326.74 -1.23
Bangkok 1713.06 1722.48 -0.55
Manila 7833.39 7820.71 0.16
Jakarta 6093.404 6065.256 0.46
Kuala Lumpur 1808.47 1804.95 0.20
Ho Chi Minh 955.47 963.5 -0.83
Change on year
Market Current End 2017 Pct Move
Singapore 3285.72 3402.92 -3.44
Bangkok 1713.06 1753.71 -2.32
Manila 7833.39 8558.42 -8.47
Jakarta 6093.404 6355.654 -4.13
Kuala Lumpur 1808.47 1796.81 0.65
Ho Chi Minh 955.47 984.24 -2.92
(Reporting by Sumeet Gaikwad in Bengaluru; Additional reporting
by Chandini Monnappa, Editing by Sherry Jacob-Phillips)