SE Asia Stocks-Fall as U.S. tariffs on EU goods fan slowdown fears

By Shreya Mariam Job

* Philippines closes at over 4-1/2-month low * India, Malaysian stocks most expensive in Asia - Refinitiv * Indonesia falls for fifth consecutive session By Shreya Mariam Job Oct 3 (Reuters) - Southeast Asian stock markets fell on Thursday, as the United States widened its trade war with tariffs on European Union goods, adding to fears over a global economic slowdown. The World Trade Organization gave Washington a green light to impose tariffs on $7.5 billion worth of EU goods annually, which threatens to ignite a tit-for-tat transatlantic trade war. The global economy is already reeling from the Sino-U.S. trade war and with the new front to tariff dispute, demand and slowdown woes are expected to deepen. Philippine shares declined 0.9% to their lowest close in more than 4-1/2 months, weighed down by real estate and financial stocks. Ayala Land shed 4.3% to a near six-month closing low, while Metropolitan Bank and Trust Co dipped 1.7%. Shares in trade-reliant Singapore dipped 0.5% on the back of losses in industrials and financials. Jardine Strategic Holdings Ltd slumped 1.7% to an over three-year closing low, while DBS Group Holdings Ltd , the city-state's biggest listed lender, slipped 0.8%. Meanwhile, financials dragged Malaysian shares 0.7%lower, with Public Bank Bhd extending losses into a third session to close at its lowest in more than three years. India and Malaysian equities were the most expensive in Asia on Oct. 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Malaysia's price-to-earnings ratio was 15.66, the second highest in Asia. Indonesian shares closed lower for the fifth consecutive session, dragged down by financials. Bank Mandiri and Bank Rakyat Indonesia shed 1.9% and 3.1%, respectively. Indonesian President Joko Widodo said he would introduce sweeping changes to labour rules by the end of the year and open up more sectors of the economy to foreign investment, Bloomberg reported. However, shares ended the day in the red, pressured by sentiment in the broader market. "We see foreign net sell in Indonesian equities has not slowed down. In fact, today, there is more than IDR 650 billion of foreign net outflow," said Anugerah Zamzami Nasr, an equity research analyst at Phillip Sekuritas Indonesia. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3087.97 3103.45 -0.50 Bangkok 1610.69 1613.64 -0.18 Manila 7545.55 7610.68 -0.86 Jakarta 6038.529 6055.425 -0.28 Kuala Lumpur 1564.12 1574.9 -0.68 Ho Chi Minh 989.67 991.19 -0.15 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3087.97 3068.76 0.63 Bangkok 1610.69 1563.88 2.99 Manila 7545.55 7,466.02 1.07 Jakarta 6038.529 6,194.50 -2.52 Kuala Lumpur 1564.12 1690.58 -7.48 Ho Chi Minh 989.67 892.54 10.88 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)