SE Asia Stocks-Most track broader Asia lower as trade optimism fades
* Malaysia drops to its lowest since May 31 * Philippines leads losses in region * Vietnam on track for a third straight loss By Shreya Mariam Job June 13 (Reuters) - Most Southeast Asian stocks dropped on Thursday, in line with broader Asia, as hopes of Washington and Beijing making headway on the sidelines of G20 summit faded, crimping risk sentiment. Trump declined to set a deadline on Wednesday for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but "testy" after China walked back commitments for a trade deal. "Markets, however, are maybe responding less to the day-by-day switch in message, than to the ongoing grind that the existing situation is exerting," ING said in a note, referring to the Sino-U.S. trade standoff. Hopes that the United States and China will clinch a deal on the sidelines of a Group of 20 summit meeting in Osaka on June 28-29 have been fading, also hurting sentiment and driving bond yields down. Meanwhile, a slump in oil prices also weighed on markets with prices dropping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth. Leading the declines in the region, Philippine stocks resumed trade after a market holiday to drop 0.8%. Real estate and industrial stocks were battered, with Ayala Land Inc and SM Investment Corp dropping 1.8% and 1.5% respectively. The Malaysian benchmark stock index, which hit its lowest since May 31, was dented by losses in utility and healthcare shares. The biggest laggard on the index - state utility firm Tenaga Nasional Bhd - saw its worst session in a month, while IHH Healthcare Bhd dropped 1.8%. Singapore stocks extended declines to a second session, with industrials weighing on the index. The city-state's retail sales fell 1.8% in April compared with a year-ago period, signalling a decline in consumer spending, data showed on Wednesday. Vietnam stocks fell 0.5% with real estate company Vinhomes JSC and Petrovietnam Gas JSC dropping 2.5% and 1.5%, respectively. Thai stocks edged lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS at 0414 GMT Change on the day Market Current Previous close Pct Move Singapore 3202.18 3207.74 -0.17 Bangkok 1668.5 1671.11 -0.16 Manila 7970.35 8030.98 -0.75 Jakarta 6279.098 6276.177 0.05 Kuala Lumpur 1641.67 1650.74 -0.55 Ho Chi Minh 949.58 954.17 -0.48 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3202.18 3068.76 4.35 Bangkok 1668.5 1563.88 6.69 Manila 7970.35 7,466.02 6.76 Jakarta 6279.098 6,194.50 1.37 Kuala Lumpur 1641.67 1690.58 -2.89 Ho Chi Minh 949.58 892.54 6.39 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Sherry Jacob-Phillips)
