Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

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

Southeast Asia stocks: Fall as U.S-China tension spark jitters; Indonesia leads losses

05/04/2020 | 06:21am EST
A stockbroker speaks on the phone inside the Philippine Stock Exchange (PSE) in Makati city, metro Manila

By Nikhil Subba

Southeast Asian stocks slipped on Monday as a flare-up in U.S.-China tensions over the origin of coronavirus spooked investors globally, while Indonesia fell the most after disappointing inflation data.

Data from the statistics bureau of Indonesia, the region's largest economy showed that the country's inflation rate cooled more than expected in April, as curbs to contain the spread of the novel coronavirus continued to muffle demand.

Statistics bureau chief Suhariyanto said the inflation pattern was unusual, as traditionally the inflation rate rises in the period that coincides with the start of the Ramadan fasting month.

Leading losses in the region, Indonesia's benchmark index closed 2.4% down, marking its worst day since April 16.

Telecommunications conglomerate Telekomunikasi Indonesia (Pereso) dropped almost 7% at close, while natural gas transportation and distribution company Perusahaan Gas Negara declined over 5%.

Meanwhile, risk sentiment in the session took a battering after U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the new coronavirus emerged from a Chinese laboratory.

The accusation came after Donald Trump's threat late last week of retaliatory measures against China as punishment for the outbreak, once again sparking tariff fears that rattled markets through much of the last two years.

"Rekindling a dormant U.S.-China trade war will likely make any economic improvement exponentially more difficult," Stephen Innes, chief market strategist at AxiCorp, said in a note.

Export-reliant Singapore, which is highly exposed to the U.S.-China tariff tussle, saw its benchmark index settle 2.3% lower. Industrial conglomerate Sembcorp Industries' tumbled 5%, while Singapore Telecommunications' fell 3.5%.

The stock markets in the Philippines' and Malaysia both closed around 2.2% lower, following coronavirus-weakened economic data on Monday.

Philippine property developer SM Investments Corp ended 2.7% down, while Malaysian telecommunications conglomerate Axiata Group finished 3.8% down.

The Thai stock market was closed on Monday for a national holiday.

(Reporting by Nikhil Subba; Editing by Rashmi Aich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -7.05% 17.28 Delayed Quote.238.00%
AXIATA GROUP 3.78% 3.84 End-of-day quote.-7.25%
JUST GROUP PLC 2.93% 57.9 Delayed Quote.-28.80%
LINE CORPORATION -0.19% 5370 End-of-day quote.0.37%
PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK -0.90% 3300 End-of-day quote.-16.88%
PT PERUSAHAAN GAS NEGARA TBK 1.04% 1455 End-of-day quote.-32.95%
SEMBCORP INDUSTRIES LTD 1.64% 1.86 End-of-day quote.-18.78%
SET 1.44% 1438.32 Real-time Quote.-10.25%
SINGAPORE TELECOMMUNICATIONS LIMITED 0.43% 2.32 End-of-day quote.-30.12%
SM INVESTMENTS CORPORATION 1.65% 1047 End-of-day quote.0.38%
THE NEW HOME COMPANY INC. 1.07% 5.67 Delayed Quote.20.39%
WILL GROUP, INC. 0.40% 994 End-of-day quote.-20.61%
Latest news "Economy & Forex"
05:39pWORLD BANK : Announces $14 Million Bond Payment for Methane and Nitrous Oxide Reduction
PU
05:34pTrump administration adds China's SMIC and CNOOC to Defense blacklist
RE
05:30pBritain to target at least 68% cut in emissions by 2030 from 1990 levels - government
RE
05:27pSuarez set for Atletico return after negative COVID-19 test
RE
05:23pUtilities Down As Investors Rotate Into Other Sectors -- Utilities Roundup
DJ
05:23pS&C ELECTRIC : Decarbonization Grows as a Goal, But Can Our Grid Infrastructure Support It?
PU
05:22pCommunications Services Down Amid HBO Max Distribution Plan - Communications Services Roundup
DJ
05:20pTech Slips As Investors Rotate Into Other Sectors -- Tech Roundup
DJ
05:18pFinancials Up, But Gains Moderate After Pfizer Warning -- Financials Roundup
DJ
05:17pConsumer Cos Tick Higher On Vaccine Optimism -- Consumer Roundup
DJ
Latest news "Economy & Forex"