Most fall ahead of U.S. tariff deadline; Indonesia at over 1-yr low

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(July 3): Most Southeast Asian stock markets fell on Tuesday, as a rout in Chinese shares ahead of a U.S. deadline for further tariffs on exports from the world's second-largest economy soured risk sentiment across the region.

Asia-Pacific MSCI index ex-Japan dropped over 1% in early trade.

Indonesian shares fell nearly 2% to a more than one-year low, extending losses for a second day, on broad-based selling. Telekomunikasi Indonesia fell 1.3% and Perusahaan Gas Negara's slid nearly 9.5%, and were the biggest drags on the benchmark. 

An index of the country's 45 most liquid stocks was down 1.5%.

On July 6, the United States is expected to impose tariffs on US$34 billion worth of goods from China, the epicentre of a heated trade dispute between Washington and major economies that has convulsed financial markets.

"I think we are going to see markets consolidate, because that's (U.S. tariffs) the great unknown," said Stephen Innes, head of trading for Asia pacific at Oanda.

A lot of position-driven trading (depending on the impact of tariffs) can be expected, he added. 

Singapore stocks fell 0.5%, dragged down by financials. The city-state's top lenders, DBS Group Holdings and Oversea-Chinese Banking Corp, slipped 0.9% and 1.1% respectively.

Malaysian stocks were down 0.4%, weighed by utilities and telecom stocks. Tenaga Nasional, down 1.8%, was the biggest drag while Sime Darby slipped about 5%.

Philippine shares were up 0.4% led by industrials and financials, ahead of inflation data due this week. The index is on track for a third straight session of gains.

SM Investments Corp added 1.6%, while BDO Unibank gained 1.4%.

Meanwhile, real estate stocks and consumer staples dragged the Vietnam index lower.

Change on the day

Market Current Previous close Pct Move
Singapore 3222.57 3238.94 -0.51
Bangkok 1612.66 1607.27 0.34
Manila 7257.42 7227.96 0.41
Jakarta 5667.767 5746.77 -1.37
Kuala Lumpur 1677.91 1685.05 -0.42
Ho Chi Minh 930.17 947.15 -1.79

Change on year

Market Current End 2017 Pct Move
Singapore 3222.57 3402.92 -5.30
Bangkok 1612.66 1753.71 -8.04
Manila 7257.42 8558.42 -15.20
Jakarta 5667.767 6355.654 -10.82
Kuala Lumpur 1677.91 1796.81 -6.62
Ho Chi Minh 930.17 984.24 -5.49