SE Asia Stocks-Most fall after new U.S. tariffs heighten trade tension
* Thai shares fall most in four months * Malaysia slips after weak June export data * Singapore lower for third straight session By Anushka Trivedi Aug 2 (Reuters) - Most Southeast Asian markets fell on Friday after U.S. President Donald Trump vowed to levy 10% tariff on remaining $300 billion worth of Chinese goods, sparking fears of an escalation in the prolonged trade row. September onwards, nearly all of China's exports to the United States will be taxed, which "significantly raises the intensity of the trade war with negative implications for world growth, global manufacturing and business investment," Westpac said in note. Trump's announcement came shortly after lead negotiators from both sides concluded dialogues in Shanghai without any significant progress and marks an abrupt end to a truce in the trade war struck in June. Singapore stocks, counted among the most sensitive to trade war developments, declined nearly 1% to lead losses in Southeast Asia. The city-state's financial stocks took a beating, with lender Oversea-Chinese Banking Corp Ltd and rival United Overseas Bank Ltd slipping despite reporting an uptick in quarterly profit as analysts expect a faltering economy to put strain the sector. The index lost 3.1% during the week. Thai shares tumbled to their worst session in four months after an overnight plunge in oil prices battered energy stocks. For the week, the benchmark lost 2%. Malaysia's main index followed suit to close at its lowest in two months after June exports defied market expectations to slip by 3.1%. Demand for manufactured goods weakened for the period, with exports to China, one of Malaysia's biggest trade partners, dropping 12% year-on-year amid lower shipments of electronic products. Telco Maxis Bhd was the biggest drag on the index as it slumped 4.9% on reporting a steep drop in its quarterly net profit. The Malaysian benchmark fell 1.3% this week and logged its fourth straight weekly loss. Bucking the regional trend, Philippines added 0.4% after sliding as much as 1.1% in the session, with consumer stocks dominating the benchmark. But, the index closed 0.7% lower for the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3261.11 3291.75 -0.93 Bangkok 1684.71 1699.75 -0.88 Manila 8129.93 8098.16 0.39 Jakarta 6340.18 6381.542 -0.65 Kuala Lumpur 1626.76 1639.07 -0.75 Ho Chi Minh 991.1 997.39 -0.63 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3261.11 3068.76 6.27 Bangkok 1684.71 1563.88 7.73 Manila 8129.93 7,466.02 8.89 Jakarta 6340.18 6,194.50 2.35 Kuala Lumpur 1626.76 1690.58 -3.78 Ho Chi Minh 991.1 892.54 11.04 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)
