SE Asia Stocks-Most fall on uncertainty around tariff concessions
* China tariff rollback faces opposition in White House- report * Singapore set for fifth straight weekly gain * Thailand set to post biggest weekly gain in over 1 year By Sameer Manekar Nov 8 (Reuters) - Most Southeast Asian markets on Friday retreated from the recent risk-on rally, with Singapore falling the most, as sentiment was hit by doubts over Washington's tariff rollback announcement. A Reuters exclusive report of fierce internal opposition in the White House to a possible rollback of U.S. tariffs on China diminished initial optimism over a "phase-one" deal being reached between the two. The idea of a tariff rollback was not part of the original October "handshake" deal between Chinese Vice Premier Liu He and U.S. President Donald Trump, sources told Reuters. China's commerce ministry had said on Thursday that the two sides had agreed on tariff reductions in phases. "Investors may remain cautious until they see details. The rollback of existing tariffs is a positive surprise. However, given President Trump's love of tariffs, the additional element may risk prolonging the phase one negotiation," OCBC said in a note. U.S. stock futures were down about 0.1% to 0.3% in Asian trade. Singapore's benchmark index retreated from a more than three-week high on Thursday, as industrials and financials weakened. Casino operator Genting Singapore fell as much as 3.7% on poor third-quarter earnings reported on Thursday after market hours. Industrial conglomerate Jardine Strategic Holdings and Ascendas Real Estate Investment Trust were among biggest losers, declining as much as 2.9% and 5.8%, respectively. However, the index is on track to rise for a fifth consecutive week. The Philippine bourse hit its lowest in more than a week, dragged by consumer and utilities stocks. SM Investments Corp and Aboitiz Equity Ventures were down as much as 1.8% and 1.6%, respectively. The index was set to post its fifth consecutive weekly gain. Indonesian shares extended losses into a third straight session due to a fall in communication and financial sectors. State-owned telecom firm Telekomunikasi Indonesia fell up to 2%, while Bank Central Asia is set to snap four consecutive weekly gains. An index of the country's 45 most liquid stocks lost as much as 0.8%, set for a third straight loss session. Thai stocks were down 0.3%, dragged by real estate and consumer firms, while Malaysia's benchmark index ticked lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0420 GMT Change on the day Market Current Previous close Pct Move Singapore 3259.65 3285.72 -0.79 Bangkok 1636.14 1640.88 -0.29 Manila 8020.7 8073.81 -0.66 Jakarta 6160.767 6165.624 -0.08 Kuala Lumpur 1607.77 1609.33 -0.10 Ho Chi Minh 1023.98 1024.03 0.00 Change on year Market Current End 2018 Pct Move Singapore 3259.65 3068.76 6.22 Bangkok 1636.14 1563.88 4.62 Manila 8020.7 7466.02 7.43 Jakarta 6160.767 6194.498 -0.54 Kuala Lumpur 1607.77 1690.58 -4.90 Ho Chi Minh 1023.98 892.54 14.73 (Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)
