* Indonesian shares touch 10-week low
* Singapore shares hit nearly two-month low
By Soumyajit Saha
Aug 6 (Reuters) - The gloom across Southeast Asian stock
markets deepened on Tuesday, with Philippines slipping nearly
2%, as risk appetite took a beating after U.S.-China trade war
entered the currencies' space.
U.S. President Donald Trump on Tuesday branded China a
currency manipulator in a tweet, after the yuan dropped to its
lowest valuation in over a decade. Trump had earlier declared
10% tariffs on $300 billion of Chinese products. China's Commerce Ministry added fuel to fire after it said
local companies had stopped buying U.S. agricultural products,
defying one of Washington's major trade truce condition.
Beijing has "unleashed their version of shock and awe by
allowing the natural market's reaction for the yuan to weaken"
Stephen Innes, managing partner at VM Markets Pte said in a
note.
A rapidly weakening yuan has "sent a tsunami of risk
aversion across global markets leaving a swath of market carnage
in its wake," he added.
Financial shares weighed the most on the Philippine index
.PSI , with real estate company Ayala Land ALI.PS falling
2.4% and lender BDO Unibank BDO.PS losing 2.7%. The benchmark
index was the biggest loser in the region, falling around 2%.
Philippines' July annual inflation slowed to a two-year low
on lower food and fuel prices, but roughly matched wider
expectations and was within the central bank's projection.
The Indonesian index .JKSE fell to touch a 10-week low,
hurt by losses in the banking sector.
Bank Central Asia BBCA.JK lost 3.2%, while Bank Rakyat
Indonesia (Persero) BBRI.JK fell about 3.5%.
Singapore's benchmark .STI dropped as much as 1.6%, a
nearly two-month low, dragged by industrial and financial
stocks.
Conglomerate Jardine Matheson Holdings JARD.SI fell 3.6%,
while real estate company Hongkong Land Holdings HKLD.SI lost
2.6%.
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SOUTHEAST ASIAN STOCK MARKETS as on 0354 GMT
Market Current Previous close Pct Move
Singapore 3172.53 3194.51 -0.69
Bangkok 1662.01 1665.99 -0.24
Manila 7735.1 7890.02 -1.96
Jakarta 6127.168 6175.703 -0.79
Kuala Lumpur 1606.49 1610.41 -0.24
Ho Chi Minh 962.66 973.15 -1.08
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3172.53 3068.76 3.38
Bangkok 1662.01 1563.88 6.27
Manila 7735.1 7,466.02 3.60
Jakarta 6127.168 6,194.50 -1.09
Kuala Lumpur 1606.49 1690.58 -4.97
Ho Chi Minh 962.66 892.54 7.86