* Markets on the lookout for retaliation from Beijing
* Singapore tumbles 1.3%
By Nikhil Subba
May 13 (Reuters) - Most Southeast Asian stock markets
declined on Monday as investors feared a possible retaliation by
China after trade talks between Washington and Beijing failed to
reach a conclusion last week.
Singapore stocks .STI led losses after trade talks hit a
wall as Washington pressed hard to get China to change certain
laws while Beijing remained defiant, saying it would not swallow
any "bitter fruit" that harmed its interests. "The sudden, unexpected collapse ahead of the final step to
ink a 150-page long trade deal caught market by surprise," OCBC
analyst Tommy Xie Dongming said in a note to clients.
"Markets will tread cautiously, with the market focus still
be on any developing headlines about China's possible
retaliatory moves and next steps for trade talks from here until
Trump and Xi meet at the G20 meeting in late June," Xie Dongming
added.
Singapore's Straits Times index, whose stocks are most
exposed to global trade in the region, tumbled as much as 1.3%
to its lowest since April 1, pressured by consumer and oil
stocks.
DBS Group DBSM.SI , Southeast Asia's largest lender, fell
1.7% to its lowest since April 2, while conglomerate Jardine
Cycle & Carriage Ltd JCYC.SI fell 1.4% to its lowest since
April 16.
Malaysian stocks .KLSE fell as much as 0.4% to its lowest
since January 21, 2016. The index, which has fallen 1.4% since
Trump announced his tariff hike plan, was dragged by consumer
cyclicals and healthcare stocks.
Indonesia's benchmark .JKSE , too, traded lower, with
enamel kitchenware manufacturer Kedaung Indah Can KICI.JK
falling 20% to its lowest since February 27, while Visi
Telekomunikasi Infrastruktur GOLD.JK fell 12.24% to its lowest
since July 23, 2018.
Meanwhile, Vietnamese stocks .VNI traded marginally
higher, helped by a rally in consumer stocks.
The Philippine market was closed on Monday as the
archipelago nation observes a special non-working holiday to
hold its midterm elections, which is largely seen as referendum
on the Duterte administration.
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SOUTHEAST ASIAN STOCK MARKETS AT 0431 GMT
Market Current Previous Close Pct Move
Singapore 3235.33 3273.5 -1.17
Bangkok 1646.09 1648.69 -0.16
Jakarta 6194.147 6209.118 -0.24
Kuala Lumpur 1604.32 1610.27 -0.37
Ho Chi Minh 956.16 952.55 0.38
Change on year
Market Current End 2017 Pct Move
Singapore 3235.33 3068.76 5.43
Bangkok 1646.09 1563.88 5.26
Manila 7742.2 8558.42 -9.54
Jakarta 6194.147 6194.498 -0.01
Kuala Lumpur 1604.32 1690.58 -5.10
Ho Chi Minh 956.16 984.24 -2.85