* New U.S. tariffs ready to launch for Trump-Xi meeting
* Indonesia likely to maintain interest rates - Reuters poll
* Malaysia and Vietnam end higher
By Nikhil Subba
May 15 (Reuters) - Most Southeast Asian stock markets
reversed course to close lower on Wednesday, as U.S.-China trade
concerns lingered, with the Indonesian index .JKSE leading the
declines after the country posted its widest monthly trade
deficit in history.
Risk appetite had recovered earlier in the day after U.S.
President Donald Trump said he had a "very good" dialogue with
China and insisted talks between the two economies had not
collapsed. "I don't think any recovery will be sustainable as China is
unlikely to bow to U.S. demands without some face-saving
measure," said Liu Jinshu, director of research, NRA Capital.
Trump could launch 25% tariffs on another $300 billion worth
of Chinese goods when he meets Xi next month. The list includes
a wide range of consumer goods, from cellphones and computers to
clothing and footwear, but it excludes pharmaceuticals, some
speciality compounds and rare-earth minerals. Indonesia's benchmark closed about 1.5% lower at a near
six-month low, after data showed that imports in April fell at a
much slower pace than expected while exports slumped, prompting
Southeast Asia's largest economy to post its widest monthly
trade deficit in history. "Imports will likely remain elevated during the Ramadan
season in May and then fall back only in June. Accordingly, the
trade balance is likely to remain in deficit in May," ANZ
analysts said in a note.
Indonesia's central bank is also forecast to keep its main
interest rate unchanged for a sixth straight policy meeting on
Thursday, as rising U.S.-China trade tensions renew pressure on
the rupiah. Philippine shares .PSI ended the session about 1% weaker,
weighed down by consumer and financial stocks, and marked their
fourth straight day of declines.
Jollibee Foods Corp JFC.PS was the top drag, slipping 3%
after the fast food restaurant chain posted a fall in quarterly
income. Singapore's Straits Times index .STI closed marginally
down, dented by consumer service and industrial stocks.
Conglomerate Jardine Matheson Holdings JARD.SI slipped about
1% to close at its lowest since April 25.
The International Monetary Fund has forecast Singapore's
2019 economic growth at 2.3%, compared with 3.2% in 2018, citing
the country's high exposure to global trade, OCBC said in a
note.
Meanwhile, Malaysia .KLSE and Vietnam stocks .VNI each
closed about 1% higher, boosted by energy shares.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Close Pct Move
Singapore 3218.77 3223.71 -0.15
Bangkok 1621.27 1633.84 -0.77
Manila 7576.71 7646.66 -0.91
Jakarta 5980.885 6071.202 -1.49
Kuala Lumpur 1611.43 1599.19 0.77
Ho Chi Minh 975.64 965.34 1.07
Change on year
Market Current End 2017 Pct Move
Singapore 3218.77 3068.76 4.89
Bangkok 1621.27 1563.88 3.67
Manila 7576.71 8558.42 -11.47
Jakarta 5980.885 6194.498 -3.45
Kuala Lumpur 1611.43 1690.58 -4.68
Ho Chi Minh 975.64 984.24 -0.87