* Singapore shares hit 1-1/2 month low
* Thailand posts second straight weekly gain
* Philippine, Singapore posts third consecutive weekly loss
By Pranav A K
May 22 (Reuters) - Southeast Asian stock markets fell on
Friday as Sino-U.S. tensions were exacerbated after China said
it would impose new national security legislation on Hong Kong
following last year's pro-democracy unrest.
U.S. President Donald Trump warned that Washington would
react "very strongly" against China's attempt to gain more
control over the former British colony. "The very real threat now, is the return of mass protests to
the streets of Hong Kong, a downgrade in trade status with the
U.S., and potentially an exit of large companies from the SAR
(special administrative region)," said Jeffrey Halley, senior
market analyst at OANDA.
"Overhanging this, are concerns that China and the United
States are about to engage in a new round of trade words. In all
honesty, the timing could not be worse by China..."
Adding to the downbeat mood, China abandoned its annual
growth target for the first time and pledged more government
spending as the COVID-19 pandemic hammers the world's
second-biggest economy. Trade-sensitive Singapore shares .STI fell 2.2% to hit its
lowest level since April 6. The index posted its third
consecutive weekly loss.
The region's second-largest lender Oversea-Chinese Banking
Corp OCBC.SI , fell 4.5% and conglomerate Jardine Matheson
Holdings JARD.SI dropped 4.2%.
Thailand stocks .SETI closed 1.3% lower as energy stocks
were weighed by a 5% plunge in oil prices. Still, the benchmark index posted its second consecutive
weekly gain. O/R
The country extended its state of emergency over the
coronavirus until the end of June to keep infections under
control. The Manila bourse .PSI ended 1.2% down, snapping three
straight sessions of gains. The index dropped for a third
consecutive week.
Malaysian shares .KLSE fell 1.1% after seven straight
sessions of gains. For the week, the index clocked its biggest
percentage gain since May 1.
Financial markets in Indonesia were closed for a public
holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 2499.83 2555.34 -2.17
Bangkok 1303.97 1320.69 -1.27
Manila 5539.19 5604.49 -1.17
Kuala Lumpur 1436.76 1452.11 -1.06
Ho Chi Minh 852.74 862.73 -1.16
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2499.83 3222.83 -22.43
Bangkok 1303.97 1579.84 -17.46
Manila 5539.19 7,815.26 -29.12
Kuala Lumpur 1436.76 1588.76 -9.57
Ho Chi Minh 852.74 960.99 -11.26