SE Asia Stocks-Most end weaker as trade worries bite; Indonesia sinks
* New U.S. tariffs ready to launch for Trump-Xi meeting * Indonesia likely to maintain interest rates - Reuters poll * Malaysia and Vietnam end higher By Nikhil Subba May 15 (Reuters) - Most Southeast Asian stock markets reversed course to close lower on Wednesday, as U.S.-China trade concerns lingered, with the Indonesian index leading the declines after the country posted its widest monthly trade deficit in history. Risk appetite had recovered earlier in the day after U.S. President Donald Trump said he had a "very good" dialogue with China and insisted talks between the two economies had not collapsed. "I don't think any recovery will be sustainable as China is unlikely to bow to U.S. demands without some face-saving measure," said Liu Jinshu, director of research, NRA Capital. Trump could launch 25% tariffs on another $300 billion worth of Chinese goods when he meets Xi next month. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some speciality compounds and rare-earth minerals. Indonesia's benchmark closed about 1.5% lower at a near six-month low, after data showed that imports in April fell at a much slower pace than expected while exports slumped, prompting Southeast Asia's largest economy to post its widest monthly trade deficit in history. "Imports will likely remain elevated during the Ramadan season in May and then fall back only in June. Accordingly, the trade balance is likely to remain in deficit in May," ANZ analysts said in a note. Indonesia's central bank is also forecast to keep its main interest rate unchanged for a sixth straight policy meeting on Thursday, as rising U.S.-China trade tensions renew pressure on the rupiah. Philippine shares ended the session about 1% weaker, weighed down by consumer and financial stocks, and marked their fourth straight day of declines. Jollibee Foods Corp was the top drag, slipping 3% after the fast food restaurant chain posted a fall in quarterly income. Singapore's Straits Times index closed marginally down, dented by consumer service and industrial stocks. Conglomerate Jardine Matheson Holdings slipped about 1% to close at its lowest since April 25. The International Monetary Fund has forecast Singapore's 2019 economic growth at 2.3%, compared with 3.2% in 2018, citing the country's high exposure to global trade, OCBC said in a note. Meanwhile, Malaysia and Vietnam stocks each closed about 1% higher, boosted by energy shares. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3218.77 3223.71 -0.15 Bangkok 1621.27 1633.84 -0.77 Manila 7576.71 7646.66 -0.91 Jakarta 5980.885 6071.202 -1.49 Kuala Lumpur 1611.43 1599.19 0.77 Ho Chi Minh 975.64 965.34 1.07 Change on year Market Current End 2017 Pct Move Singapore 3218.77 3068.76 4.89 Bangkok 1621.27 1563.88 3.67 Manila 7576.71 8558.42 -11.47 Jakarta 5980.885 6194.498 -3.45 Kuala Lumpur 1611.43 1690.58 -4.68 Ho Chi Minh 975.64 984.24 -0.87 (Reporting by Nikhil Subba; Editing by Sherry Jacob-Phillips)
