SE Asia Stocks-Fall on widening trade war as U.S. imposes tariffs on EU goods
* Philippine stocks set for fifth straight loss * Jardine Strategic drops to over three year low * Indonesian president to open up economy - report By Shreya Mariam Job Oct 3 (Reuters) - Southeast Asian stock markets fell on Thursday, with Philippines losing the most after the United States opened a new front in its global trade tussle by slapping tariffs on European imports. The United States said on Wednesday it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies. The move threatens to spark a tit-for-tat transatlantic trade war amid the Sino-U.S. trade dispute that has slowed global growth, with overnight data showing that hiring by U.S. private employers had slowed in September. Philippine stocks slumped to a 4-1/2-month trough, joining a global sell-off as real estate stocks languished. Shares of SM Prime Holdings and Ayala Land Inc dipped 2.1% and 3.7%, putting the country's benchmark index on track for its fifth consecutive session of losses. Trade-reliant Singapore stocks dropped 0.8%, with industrials and financials weighing on the index. Shares of Jardine Strategic Holdings fell as much as 2.9% to their lowest in over three years. Investors await Monetary Authority of Singapore's (MAS) rate decision due at its semi-annual meeting this month. "MAS will ease policy at its upcoming semi-annual meeting in October; the only question is how large the easing move will be and what form it will take," Societe Generale analysts said in a note. Malaysian stocks fell, pulled lower by financials, with Public Bank Bhd shedding 1.6%. Indonesian stocks pared some losses after hitting their lowest since May 23 earlier in the session. Indonesian President Joko Widodo said he’ll introduce sweeping changes to labor rules by the end of the year and open up more sectors of the economy to foreign investment, delivering on some of the major reforms investors have been demanding, Bloomberg reported. However, weak broader market sentiment kept stocks in the red, with Astra International Tbk Pt and Bank Mandiri slipping 1.2% and 1.9%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS at 0352 GMT Change on the day Market Current Previous close Pct Move Singapore 3077.7 3103.45 -0.83 Bangkok 1609.37 1613.64 -0.26 Manila 7519.79 7610.68 -1.19 Jakarta 6021.938 6055.425 -0.55 Kuala Lumpur 1566.63 1574.9 -0.53 Ho Chi Minh 984.71 991.19 -0.65 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3077.7 3068.76 0.29 Bangkok 1609.37 1563.88 2.91 Manila 7519.79 7,466.02 0.72 Jakarta 6021.938 6,194.50 -2.79 Kuala Lumpur 1566.63 1690.58 -7.33 Ho Chi Minh 984.71 892.54 10.33 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Aditya Soni)
