SE Asia Stocks-Most fall on weak China data amid global growth worries
* Investors to play defensive amid growth worries - ING * U.S. agency to impose duties on certain Vietnamese exports * Philippines bucks trend, inches higher By Rashmi Ashok July 3 (Reuters) - Most Southeast Asian stock markets fell on Wednesday as worries around slowing global growth mounted after the release of weak economic data from China, sending investors scurrying away from risky assets. Following the disappointing manufacturing data from within the region, a private survey showed that growth in China's services sector slowed to a four-month low in June as new orders from overseas customers fell. China is the region's largest trading partner and a slump in its economy has significant potential to dent Southeast Asian economies. Markets would adopt a risk-off tone through the session, "with investors likely to stay defensive as global growth concerns intensify", ING economists said in a note. Meanwhile, the U.S. Commerce Department said on Tuesday it would impose duties of up to 456% on certain steel produced in South Korea or Taiwan that are then shipped to Vietnam for minor processing and finally exported to the United States. The move highlights the possibility "that the trade war could be a long drawn out episode," ING's note added. Vietnamese stocks fell 0.3% as heavyweight real estate stocks Vinhomes JSC and Vingroup JSC slid 0.9% and 0.5%, respectively. Singapore's index also slipped. Singapore rig builder Sembcorp Marine said on Wednesday that authorities had executed a search warrant on its shipyard in Brazil as part of an ongoing graft investigation. Its parent company, Sembcorp Industries, was the second largest percentage loser on Singapore's benchmark index, falling as much as 2.8%. Malaysian stocks fell after two straight sessions of gains. Among the largest stocks on the index, a fall in electric utilities provider Tenaga Nasional Bhd and lender CIMB Group Holdings weighed on the index. Indonesian stocks also fell, dragged by lenders. Bank Danamon Indonesia Tbk fell 1.5%, while Bank Negara Indonesia (Persero) Tbk lost 0.8%. However, Philippine stocks inched higher, helped by gains on stocks such as Ayala Land Inc and Aboitiz Equity Ventures Inc which rose 0.4% and 1.4%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS at 0318 GMT Change on the day Market Current Previous close Pct Move Singapore 3356.04 3370.8 -0.44 Bangkok 1733.13 1732.23 0.05 Manila 8104.13 8093.6 0.13 Jakarta 6357.924 6384.898 -0.42 Kuala Lumpur 1685.89 1691 -0.30 Ho Chi Minh 958.73 961.98 -0.34 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3356.04 3068.76 9.36 Bangkok 1733.13 1563.88 10.82 Manila 8104.13 7,466.02 8.55 Jakarta 6357.924 6,194.50 2.64 Kuala Lumpur 1685.89 1690.58 -0.28 Ho Chi Minh 958.73 892.54 7.42 (Reporting by Rashmi Ashok in Bengaluru; editing by Uttaresh.V)
