SE Asia Stocks-Join global selloff; Philippines slumps 3%
* Indonesia posts over 2-month closing low * Singapore drops most in nearly 3 months By Soumyajit Saha Aug 5 (Reuters) - Southeast Asian stock markets plunged on Monday, with the Philippines shedding 3%, as an escalation of trade tensions between the United States and China sent investors worldwide scurrying for safe havens. After U.S. President Donald Trump abruptly decided on Thursday to slap 10% tariffs on $300 billion in Chinese imports, China vowed to fight what it called an "irrational, irresponsible act" and promised to "take whatever necessary countermeasures to protect" its "rights". China let the yuan fall below the 7-per-dollar level for the first time in over a decade on Monday, raising fears of a possible currency war. Beijing "appears to have decided that, given the increasingly dim prospects of a trade deal with the US, the boost to China's export sector from currency depreciation is worth attracting the ire of Trump", economic research consultancy Capital Economics said in a note. China is Southeast Asia's biggest trading partner, and the protracted trade war between the world's two top economies has adversely affected markets in the region over the past year. Philippine shares fell the most in almost nine months, dragged by financial and property stocks. Property developer SM Prime Holdings lost 4.3%, while lender Metropolitan Bank and Trust dropped 4%. Indonesian shares closed at their lowest in more than two months, with financials accounting for most of the loss. Lenders Bank Rakyat Indonesia (Persero) and Bank Mandiri (Persero) fell 4% and 3.3%, respectively. Indonesia's economic growth in the second quarter roughly matched expectations, but was lower than the previous quarter and the weakest in two years. An index of Jakarta's 45 most liquid stocks dropped 3.2%. Singapore shares fell the most in almost three months, with conglomerate Jardine Matheson Holding shedding 5.7%, while investment holding co DBS Group Holdings declined 3.7%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3194.51 3261.11 -2.04 Bangkok 1665.99 1684.71 -1.11 Manila 7890.02 8129.93 -2.95 Jakarta 6175.703 6340.18 -2.59 Kuala Lumpur 1610.41 1626.76 -1.01 Ho Chi Minh 973.15 991.1 -1.81 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3194.51 3068.76 4.10 Bangkok 1665.99 1563.88 6.53 Manila 7890.02 7,466.02 5.68 Jakarta 6175.703 6,194.50 -0.30 Kuala Lumpur 1610.41 1690.58 -4.74 Ho Chi Minh 973.15 892.54 9.03 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
