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Southeast Asia stocks: Falter on trade deal uncertainty, China data

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11/11/2019 | 12:26am EDT
Traders begin work on the first day of 2018 trading at the Philippine Stocks Exchange (PSE), as the benchmark index hits a new record high, in the financial district of Makati city, Metro Manila

Southeast Asian stock markets edged lower on Monday as uncertainty over whether the United States and China would end their bruising trade war lingered, while data from Beijing brought slowdown fears to the fore.

U.S. President Donald Trump on Friday contrasted reports of officials from U.S. and China agreeing to rollback existing tariffs by saying he had not agreed to such a deal, which sparked fresh doubts over whether the two sides would find a segue in their damaging tariff spat.

Meanwhile, data showed that China's producer prices, a key indicator of corporate profitability, fell the most in more than three years in October, as the manufacturing sector weakened while consumer prices grew at their fastest pace in about eight years.

This "continuous divergence between CPI and PPI further reaffirms the underlying moderating demand," Mizuho analysts said in a note.

"As the government shows higher degree of tolerance on slower growth, evidenced by the absence of resolute steps from the People's Bank of China in terms of easing measures, growth still faces risk of falling to sub-6% next year", they added.

Leading losses in the region, Thai bourse was 0.6% lower as financial and industrial stocks faltered.

Singapore stocks slipped 0.5%, with financials dominating losses on the benchmark. The city-state has a sizable exposure to China.

United Overseas Bank Ltd fell 0.5%, while DBS Group Holdings Ltd dipped 0.2%.

DBS Group, Southeast Asia's largest lender, reported a jump in quarterly profit but flagged a dull 2020 as it now expects revenue and profit next year to grow in low single digits.

Indonesia's main index fell about 0.4%, pressured by banking and telco stocks. Shares of Bank Rakyat Indonesia (Persero) Tbk PT and Telekomunikasi Indonesia Tbk PT dropped over 1% each in the session.

Malaysian shares declined ahead of monthly industrial output data, which is expected to grow by 1%, according to analysts at ING.

Palm oil producer Kuala Lumpur Kepong Bhd and lender CIMB Group Holdings Bhd were the top drags on the index as they fell 2.2% and 0.7%, respectively.

Elsewhere, Vietnam stocks traded sideways.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Change on the day

Market Current Previous close Pct Move

Singapore 3248.46 3264.3 -0.49

Bangkok 1627.76 1637.85 -0.62

Manila 8054.27 8065.76 -0.14

Jakarta 6155.597 6177.986 -0.36

Kuala Lumpur 1606.78 1609.73 -0.18

Ho Chi Minh 1021.92 1022.49 -0.06

Change so far in 2019

Market Current End 2018 Pct Move

Singapore 3248.46 3068.76 5.86

Bangkok 1627.76 1563.88 4.08

Manila 8054.27 7,466.02 7.88

Jakarta 6155.597 6,194.50 -0.63

Kuala Lumpur 1606.78 1690.58 -4.96

Ho Chi Minh 1021.92 892.54 14.50

By Anushka Trivedi


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
CHANGE INC. -1.31% 8280 End-of-day quote.469.46%
CIMB GROUP HOLDINGS 0.66% 3.05 End-of-day quote.-40.78%
DBS GROUP HOLDINGS LTD 0.51% 21.55 End-of-day quote.-16.73%
ING GROEP N.V. 2.23% 6.591 Delayed Quote.-38.33%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
KUALA LUMPUR KEPONG 0.00% 21.4 End-of-day quote.-13.71%
LETS HOLDINGS GROUP CO., LTD. 0.11% 9.04 End-of-day quote.49.67%
LONDON BRENT OIL -1.65% 41.66 Delayed Quote.-35.76%
LOOK HOLDINGS INCORPORATED 0.83% 970 End-of-day quote.-22.52%
PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK -2.59% 2630 End-of-day quote.-33.75%
PT BANK RAKYAT INDONESIA (PERSERO) TBK -0.30% 3290 End-of-day quote.-25.23%
SET -0.24% 1213.61 Real-time Quote.-23.18%
TBK CO., LTD. -1.60% 430 End-of-day quote.-5.70%
UNITED OVERSEAS BANK LIMITED 0.50% 20.08 End-of-day quote.-23.97%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
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