Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Southeast Asia stocks - Most end lower on trade deal uncertainty

share with twitter share with LinkedIn share with facebook
10/15/2019 | 06:40am EDT
Man sits in front of an electronic board showing stock information at a brokerage house in Hangzhou

(Reuters) - Most Southeast Asian stock markets ended lower on Tuesday, with Philippines falling the most, as optimism over a Sino-U.S. trade deal faded after Chinese demanded further talks, while investors also sought more details on the partial deal struck last week.

China wants more talks before the end of October to hammer out the details of U.S. President Donald Trump's proposed deal before Chinese President Xi Jinping signs it, Bloomberg reported on Monday.

Markets around the globe had earlier cheered reports of a "Phase 1" trade deal between the United States and China, however a dearth of details around the agreement has curbed enthusiasm.

"The Asia-Pacific Economic Cooperation meeting next month, where Trump and Xi will be meeting, will be a key event to watch out for," Joel Ng, an analyst at KGI Securities said.

"If they don't have a deal, then it is likely that December 15 tariffs come into effect, and that will be really negative for the markets."

The long-drawn Sino-U.S. trade war has largely weighed on Southeast Asian economies, which count China as their top trade partner.

Philippine stocks <.PSI> snapped a three-day winning streak to post its worst session in nearly a week, as weakness in financial and consumer sectors weighed.

Index heavyweight SM Prime Holdings and SM Investments Corp were among the biggest drags on the Manila index, shedding 2.8% and 1.5% each.

Singapore's Straits Times index <.STI> declined 0.3%, dragged by financials and industrial firms.

Capitaland Mall Trust and Singapore Technologies Engineering lost 1.1% and 1.2%, respectively.

Malaysian stocks <.KLSE> edged lower after three consecutive sessions of gains. Mobile communication service provider Digi.com Bhd and IHH Healthcare slipped 1.9% and 2.4% each.

Bucking the trend, Indonesian stocks <.JKSE> advanced 0.5%, buoyed by materials and consumer staples firms.

Data released earlier in the day showed that Southeast Asia's largest economy swung back to a trade deficit in September as the pace of the decline in imports was slower than expected.

"With Indonesia's inflation within the target (3.39% in September) and growth momentum constrained, we expect the central bank to consider cutting policy rates further to give the economy an added boost," ING said in a note.

Pulp and paper products maker PT Indah Kiat Pulp & Paper and tobacco firm PT Japfa Comfeed Indonesia jumped 11.6% and 1.9%, respectively.

(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)

By Sameer Manekar

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED -0.93% 128.4 End-of-day quote.230.50%
CAPITALAND MALL TRUST 1.05% 1.93 End-of-day quote.-21.54%
DIGI.COM 1.51% 4.04 End-of-day quote.-9.42%
IHH HEALTHCARE 0.20% 4.96 End-of-day quote.-9.32%
ING GROEP N.V. 0.73% 6.38 Delayed Quote.-40.31%
LETS HOLDINGS GROUP CO., LTD. -0.21% 9.5 End-of-day quote.57.28%
LINE CORPORATION 0.00% 5370 End-of-day quote.0.37%
LOOK HOLDINGS INCORPORATED 0.72% 843 End-of-day quote.-32.67%
PT INDAH KIAT PULP & PAPER TBK 0.29% 8600 End-of-day quote.11.69%
PT JAPFA COMFEED INDONESIA TBK 0.44% 1140 End-of-day quote.-25.73%
SINGAPORE TECHNOLOGIES ENGINEERING LTD 0.56% 3.61 End-of-day quote.-8.38%
SM INVESTMENTS CORPORATION 3.47% 894 End-of-day quote.-14.29%
SM PRIME HOLDINGS, INC. 3.12% 31.4 End-of-day quote.-25.42%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:50pMEG ENERGY : Announces Third Quarter of 2020 Results and Conference Call
05:46pUK government extends price cap on energy bills to end of 2021
05:41pConocoPhillips to buy Concho Resources for $9.7 billion in 2020's top shale deal
05:28pCDC issues 'strong recommendation' for mask mandate on all U.S. airplanes, trains
05:28pCdc issues new 'strong recommendation' for all u.s. airplane, train passengers and employees to wear masks to prevent spread of covid-19
05:27pUtilities Down On Defensive Bias -- Utilities Roundup
05:25pCommunications Services Down As Stalled Stimulus Talks Weigh On Consumer Prospects -- Communications Services Roundup
05:21pTech Down As Stimulus Nerves Offset Deal Activity -- Tech Roundup
05:17pFinancials Down On Stimulus-Deal Fears -- Financials Roundup
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
Latest news "Economy & Forex"