Most SE Asia stocks fall in line with broader Asia; Indonesia climbs 1 pct

By Reuters   November 13, 2018 | 06:34 pm PT
Most SE Asia stocks fall in line with broader Asia; Indonesia climbs 1 pct
People walk past the Hanoi Stock Exchange in Hanoi, Vietnam. Photo by Reuters
Most Southeast Asian stock markets fell on Tuesday, tracking broader Asia after a selloff on Wall Street overnight.

The South China Morning Post reported, citing sources from both sides, that China's top trade negotiator Liu He may visit Washington to prepare for the talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month.

Philippine shares declined 1.2 percent, extending falls into a third session, dragged by industrial and real estate stocks. SM Prime Holdings declined 2.3 percent, while JG Summit Holdings fell 6.9 percent.

Singapore shares declined for a third consecutive session, dragged by financials. DBS Group Holdings, the city-state's largest lender, slipped 0.9 percent, while rival United Overseas Bank Ltd fell 1.2 percent.

Malaysian shares extended falls into a third session, with IOI Corp Bhd shedding 3.1 percent to a near 11-month closing low and IHH Healthcare Bhd declining 2.8 percent to its lowest close since July 2014.

Trade tensions between the United States and China will create a "domino effect" and prompt other countries to turn protectionist, said Malaysian Prime Minister Mahathir Mohamad.

Vietnam shares declined 1.4 percent, dragged by financial and real estate stocks. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) fell 3.7 percent, while real estate investor Vingroup JSC ended 2.7 percent lower.

Indonesian shares were the top gainers in Southeast Asia with a rise of 1 percent. Consumer staples and financials led the gains with United Tractors Tbk PT and Bank Central Asia Tbk PT rising 5.5 percent and 1.6 percent respectively.

Thai shares climbed 0.3 percent, helped by consumer staples.

Glass container manufacturer Berli Jucker PCL rose 1.4 percent, while convenience stores operator CP All PCL climbed 2.6 percent to a more than one-month closing high.

"Stocks are rising on internal factors like government improving infrastructure and linking of our three airports," said Teerada Charnyingyong, an analyst with Phillip Capital Thailand."The government also announced measures to stimulate spending by promoting the tourism sector."

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