JavaScript is off. Please enable to view full site.

SE Asia Stocks-Vietnam leads declines as most markets slide on trade tensions

SE Asia Stocks-Vietnam leads declines as most markets slide on trade tensions

Thursday, November 21, 2019, 10:27 GMT+7
SE Asia Stocks-Vietnam leads declines as most markets slide on trade tensions
People walk past the stock exchange centre in Hanoi, Vietnam January 26, 2018. Photo: Reuters

Most Southeast Asian markets slipped on Wednesday on fears that strained Sino-U.S. relations could derail trade negotiations after U.S President Donald Trump threatened fresh tariffs and the U.S. Senate passed a bill backing Hong Kong protesters.

President Trump on Tuesday said that tariffs on Chinese imports would be increased if the two nations fail to reach a trade deal.

People familiar with the talks say that Trump has decided that any tariff rollbacks from the United States would require deeper concessions from China.

The U.S. Senate, meanwhile, has passed a bill aimed at protecting human rights of pro-democracy protesters in Hong Kong, drawing a rebuke from Beijing, which asked the United States to stop interfering in China's internal affairs.

"Such a move threatens to drive a wedge into ongoing U.S.-China negotiations while potentially raising the barrier to a trade deal," FXTM market analyst Han Tan said in a note, referring to the bill.

Leading declines, Vietnamese shares fell 0.8% to their lowest close since Oct. 31, with financials weighing on the index.

A steep drop in oil prices drove the Thai index 0.7% lower, with heavyweight energy company PTT PCL shedding as much as 2.3% to close at its lowest in more than two months.

Philippines stocks clawed back losses to end 0.2% down, hurt by miner Semirara Mining and Power Corp, which fell 6.6% for its biggest daily drop since November last year.

Its majority owner DMCI Holdings shed 8.4% to its lowest closing level in nearly eight years.

Semirara flagged significant loss in production potential because of a Department of Energy directive asking it to suspend all mining activities in relation to a coal contract, citing a mudflow incident in October.

Malaysian shares shed 0.3%, with power utility Tenaga Nasional falling 0.7% and telecoms company Axiata Group down 1.4%.

The index pared losses after data showed Malaysia's consumer prices grew by 1.1% in October, slightly higher than a 1% increase forecast by Reuters.

Mild inflation in recent times and sluggish economic growth in the third quarter, combined with a slump in exports and mining, have fuelled expectations of a rate cut by Malaysia's central bank early next year.



Read more

Bangladesh ferry disaster death toll climbs to 61

The death toll from the sinking of an overcrowded ferry carrying Hindu devotees in northern Bangladesh climbed to 61 on Tuesday, with many passengers still missing two days after the disaster

1 day ago



‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news