Most fall as fears of more U.S. tariffs keep investors on edge

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(July 4): Most Southeast Asian stock markets fell on Wednesday, tracking Asian peers on caution ahead of the Friday deadline for further U.S. tariffs on China, with Philippine shares snapping a three-session gaining streak on profit-taking.

The Philippine index fell 0.4%, as investors booked profits in recent outperformers. Index heavyweight SM Investments Corp, the top gainer in the previous session, fell 0.4% while Jollibee Foods dipped 2.5%.    

"Philippine equities were up for the last three days, so there is some profit-taking and (the market is) also taking its cues from the decline in the Dow Jones," said Manny Cruz, analyst at Asiasec Equities Inc. 

Wall Street slipped on Tuesday, while Asian shares, ex-Japan were about 0.5% lower at 0341 GMT on Wednesday. 

Philippine annual inflation data, due Thursday, will be closely watched. Inflation likely quickened for a sixth straight month in June, as per a Reuters poll.

"I think inflation has already been factored in ... as long as it's within the target of the central bank," Cruz added. 

Indonesian shares hit a more than fifteen-month low, as material stocks weighed on the benchmark.

Paper manufacturers Indah Kiat Pulp & Paper and Pabrik Kertas Tjiwi Kimia, down 7.4% and 8.1% respectively, were the biggest drag on the index.

An index of the country's 45 most liquid stocks was up 0.4%.

Singapore stocks fell for a third straight session, with consumer staples and financials dragging the index. Lender Oversea-Chinese Banking Corp slipped 0.6%, while Thai Beverage declined nearly 3%.

Vietnam's Ho-Chi-Minh index declined for a third session and lost over 1% in early trade. The index had shed more than 4% in the previous session.

SOUTHEAST ASIAN STOCK MARKETS
CHANGE AS AT 0418 GMT

Market Current Previous close Pct Move
Singapore 3231.73 3235.9 -0.13
Bangkok 1623.45 1626.62 -0.19
Manila 7236.14 7267.34 -0.43
Jakarta 5627.042 5633.937 -0.12
Kuala Lumpur 1686.8 1680.37 0.38
Ho Chi Minh 903.81 906.01 -0.24

Change on year

Market Current End 2017 Pct Move
Singapore 3231.73 3402.92 -5.03
Bangkok 1623.45 1753.71 -7.43
Manila 7236.14 8558.42 -15.45
Jakarta 5627.042 6355.654 -11.46
Kuala Lumpur 1686.8 1796.81 -6.12
Ho Chi Minh 903.81 984.24 -8.17