* Singapore slips most in over six weeks
* Thai stocks finish 1.7% lower
* Vietnam falls most in over one month
By Sameer Manekar
Jan 6 (Reuters) - Southeast Asian equities ended lower on
Monday on growing fears over escalating U.S.-Iran tensions,
which led to a spike in oil prices and a decrease in risk
appetite of investors.
U.S. President Donald Trump on Sunday warned of "major
retaliation" if Iran strikes back for the killing of its
military commander Qassem Soleimani last week. Oil prices rose a further 2% on Monday, pushing Brent above
$70 a barrel, after Trump on Sunday threatened to impose
sanctions on Iraq after its parliament passed a resolution
calling for an end to all foreign troop presence. O/R
"A severe escalation of tensions in the Middle East, or even
outright hostilities, has the potential to easily subsume any
benefits gained from the interim U.S.-China trade agreement,"
Jeffrey Halley, an analyst at OANDA, said in a note.
"The price actions of Friday and this morning (Monday)
suggest that early casualties will be emerging markets and
regional Asia," he added, highlighting Asia's dependence on oil
imports.
Thai stocks .SETI led the declines in the region, ending
1.7% lower, with Kasikornbank Pcl KBANK.BK and Siam Cement Pcl
SCC.BK among the top drags, losing 5.9% and 3.6%,
respectively.
Financials weighed on the Indonesian equities .JKSE , with
Bank Central Asia BBCA.JK and Bank Mega Tbk MEGA.JK shedding
1% and 10.2%, respectively.
Financials and consumer firms were among the top losers on
Malaysia's benchmark index .KLSE , which fell 0.9%.
Heavyweights Malayan Banking MBBM.KL and Sime Darby
Plantation SIPL.KL shed 1.1% and 2.2%, respectively.
Singapore's benchmark index .STI slipped the most in over
six weeks. Heavyweights DBS Group Holdings DBSM.SI and Jardine
Strategic Holdings JSH.SI shed 0.5% and 0.9% each.
The Philippine bourse .PSI trimmed its losses to finish
0.5% lower, with property developer SM Prime Holdings SMPH.PS
and consumer food firm Universal Robina Corp URC.PS losing
1.4% and 1%.
President Rodrigo Duterte signed a 4.1 trillion peso ($79.97
billion) budget for this year, up 12% from last year, to ensure
timely funding for an infrastructure overhaul in the country.
The Vietnamese index .VNI fell most in over one month,
with financials and real estate stocks being the top losers.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3218.86 3238.82 -0.62
Bangkok 1568.5 1594.97 -1.66
Manila 7797.87 7839.79 -0.53
Jakarta 6257.403 6323.466 -1.04
Kuala Lumpur 1597.76 1611.38 -0.85
Ho Chi Minh 955.79 965.14 -0.97
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3218.86 3222.83 -0.12
Bangkok 1568.5 1579.84 -0.72
Manila 7797.87 7,815.26 -0.22
Jakarta 6257.403 6,299.54 -0.67
Kuala Lumpur 1597.76 1588.76 0.57
Ho Chi Minh 955.79 960.99 -0.54