SE Asia Stocks-Singapore slides to near 5-month low; Malaysia extends gains
* Indonesian market closed for holiday * Philippines hits over 3-week closing high * Thai economy expected to grow faster in Q2 - finance ministry By Shreya Mariam Job May 30 (Reuters) - Singapore shares extended falls on Thursday to a near five-month closing low with financials leading the decline, while Malaysian stocks closed higher for a fourth straight session. Broader Asia tracked Wall Street losses as fears of a prolonged trade war between the United States and China stoked concerns about its impact on global economic growth. A senior Chinese diplomat said provoking trade disputes was "naked economic terrorism", ramping up the rhetoric against the United States. His comments followed reports from Chinese newspapers that Beijing could use rare earths to strike back at Washington after U.S. President Donald Trump remarked he was "not yet ready" to make a deal with China over trade. "At present, it seems that both the US and China have not faced enough weakness to the economy to warren an immediate end to the trade war," Phillip Futures said in a note. Singapore shares fell for a third straight session and closed at their lowest since Jan. 8. DBS Group Holdings Ltd dropped 1%, while smaller banking peers Oversea-Chinese Banking Corp and United Overseas Bank Ltd shed 1.4% and 0.9%, respectively. Malaysian shares rose 0.8% on the back of financial and telecom stocks. Malaysian equities are largely considered as "defensive" amid trade tensions, given their resilience in the past. Public Bank Bhd and Axiata Group Bhd advanced 2.6% and 3.3%, respectively. Philippine stocks pared early gains to close 0.5% higher, posting a more than three-week closing high. Financials were among the top boosts with BDO Unibank rising 2.4%, while Bank of the Philippine Islands added 2.5%. The Philippines is a likely beneficiary of the Sino-U.S. trade war as firms looking to move out of China to avoid tariff hikes find the budding economy an attractive alternative, say analysts. Meanwhile, Thai shares inched higher on the back of utility and industrial stocks. Thailand's economy is expected to grow at a faster pace in the second quarter than in the first three months of the year as domestic consumption continues to increase and tourism improves, a finance ministry official said. The Indonesian stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3143 3163.28 -0.64 Bangkok 1623.2 1619.36 0.24 Manila 7836.55 7797.75 0.50 Kuala Lumpur 1636.5 1623.67 0.79 Ho Chi Minh 969.34 971.54 -0.23 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3143 3068.76 2.42 Bangkok 1623.2 1563.88 3.79 Manila 7836.55 7,466.02 4.96 Kuala Lumpur 1636.5 1690.58 -3.20 Ho Chi Minh 969.34 892.54 8.60 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)
