* Philippines on track to snap three sessions of gains
* Indonesia inflation data expected
* Malaysia, Vietnam closed for a holiday
By Shreya Mariam Job
Sept 2 (Reuters) - Southeast Asian stock markets fell on
Monday, led by Singapore, as the imposition of further tariffs
by Washington and Beijing hammered investor sentiment, bucking
the optimism stemming from a surprise expansion in China's
factory activity in August.
The United States started imposing 15% tariffs on more than
$125 billion in Chinese imports on Sept. 1, while China
retaliated by imposing new duties on U.S. crude, further
escalating a protracted trade war that has damaged financial
markets. "The commencement of the latest round of Trump tariffs on
China will not be the main act today. The ongoing impact of the
trade war on Asia and global growth though will be," an OANDA
note said.
Meanwhile, China's factory activity unexpectedly expanded in
August with the Caixin/Markit Manufacturing Purchasing Managers'
Index (PMI) rising to a five-month high of 50.4, after two
months of contraction. Leading declines in the region, the benchmark index .STI
in Singapore, one of the most exposed markets to the prolonged
trade war, dipped 0.8%.
Industrial stocks weighed heavily on the index, with shares
of index heavyweight Jardine Matheson Holdings Ltd JARD.SI
falling as much as 3.4%.
Consumer and financial stocks dragged the Indonesian
benchmark index .JKSE 0.7% lower. The country's annual
inflation data is set to be released later today.
Indonesia's consumer price index likely rose 3.54% in August
from a year earlier, compared with July's 3.32%, according to a
Reuters poll. Shares of Bank Central Asia Tbk Pt BBCA.JK and Unilever
Indonesia Tbk Pt UNVR.JK dropped 1.5% each.
Meanwhile, Indonesia's Energy and Mineral Resources Minister
Ignasius Jonan said he has signed a new regulation on
restricting ore exports, and stated that nickel ore exports will
be allowed until end-December. This move has in turn helped Philippine nickel miners who
are expected to boost ore production next year. The Philippine index .PSI dropped 0.6%, on track to snap
three straight sessions of gains, with telecom stocks
contributing to most of the losses. Globe telecom Inc GLO.PS
and PLDT Inc TEL.PS dropped 2.1% and 2%, respectively.
Thai stocks .SETI dipped marginally.
Thailand's annual headline consumer price index in August
rose 0.52% from a year earlier, compared with a Reuter's poll
estimate of 0.85% rise. Financial markets in Malaysia .KLSE and Vietnam .VNI are
closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS As at 0325 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3082.29 3106.52 -0.78
Bangkok 1652.03 1654.92 -0.17
Manila 7928.25 7979.66 -0.64
Jakarta 6287.158 6328.47 -0.65
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3082.29 3068.76 0.44
Bangkok 1652.03 1563.88 5.64
Manila 7928.25 7,466.02 6.19
Jakarta 6287.158 6,194.50 1.50