* China retaliates with higher tariffs on $60 bln U.S. goods
* Philippines leads losses
By Nikhil Subba
May 14 (Reuters) - Southeast Asian stock markets plunged on
Tuesday as trade tensions between the world's two largest
economies escalated further after Beijing announced retaliatory
tariffs on U.S. imports, sparking concerns of a global economic
slowdown.
China said it would impose tariffs on $60 billion worth of
U.S. goods, despite U.S. President Donald Trump's warning to not
retaliate against additional tariffs on Chinese imports
announced by the White House on Friday. "Markets are on risk-off mode as a result of worsening trade
relations between the United States and China, following China's
retaliation," RCBC Securities analyst, Fio Dejesus, said.
Beijing's move comes after both U.S. and China were unable to
carve out a deal to reverse Trump's tariff hike, following fresh
trade talks last week which ended in a deadlock. However, President Donald Trump said on Monday he was
optimistic about resolving the U.S. trade dispute with China.
Philippines .PSI led losses in the region, dropping as
much as 1.7% to its lowest since March 4, dragged by consumer
stocks.
It held its mid-term elections on May 13, and unofficial
results showed that President Rodrigo Duterte's allies held the
top spots. Indonesia's index .JKSE shed as much as 1.7%, its lowest
since December 18, 2018, dragged by polyester fiber maker Tifico
Fiber Indonesia's TFCO.JK near 24% plunge and real estate
developer Duta Anggada Realty's DART.JK 22.4% drop.
Singapore stocks .STI slid as much as 1.1% to a
1-1/2-month low, with lender DBS Group DBSM.SI falling as much
as 2.3% to its lowest since April 1.
Malaysian stocks .KLSE fell 0.8% to its lowest since
September 7, 2015, dragged by Sime Darby Plantation SIPL.KL ,
the world's biggest oil palm planter by land holdings, which
fell as much as 5.1% to its lowest since January 3.
Thai .SETI and Vietnam shares .VNI were trading
marginally lower, both pressured by the utilities sector.
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SOUTHEAST ASIAN STOCK MARKETS AT 0428 GMT
Market Current Previous Pct Move
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Singapore 3206.62 3234.28 -0.86
Bangkok 1633.79 1640.13 -0.39
Manila 7589.92 7,742.20 -1.96
Jakarta 6061.266 6135.396 -1.21
Kuala Lumpur 1596.64 1601.09 -0.28
Ho Chi Minh 957.5 958.54 -0.11
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3206.62 3068.76 4.49
Bangkok 1633.79 1563.88 4.47
Manila 7589.92 7,466.02 1.66
Jakarta 6061.266 6,194.50 -2.15
Kuala Lumpur 1596.64 1690.58 -5.56
Ho Chi Minh 957.5 892.54 7.28