* Philippine May CPI rises 3.2% y/y, above f'cast
* Indonesia, Malaysia closed for holidays
By Niyati Shetty
June 6 (Reuters) - Most Southeast Asian markets were flat on
Thursday in lacklustre trade as persistent concerns about global
economic activity and escalating trade wars weigh on investor
sentiment.
Investors were cautious after the International Monetary
Fund on Wednesday warned that the Sino-U.S. tariffs could cut
2020 global gross domestic product by 0.5%, or about $455
billion. The estimate does not include the impact of a looming U.S.
trade war with Mexico, which would further depress global
growth.
International trade tensions have ramped up over the last
month as U.S. President Donald Trump's administration rekindled
a bitter trade war with China, and threatened 5% tariffs on
goods from Mexico starting on Monday.
The Singapore bourse .STI was marginally lower with index
heavyweights DBS Group Holdings Ltd DBSM.SI and Jardine
Strategic Holdings Ltd JSH.SI declining 0.4% and 0.6%,
respectively.
Vietnam stocks .VNI fell as much as 0.2%, hurt by
utilities and consumer staple shares. Petrovietnam Gas Joint
Stock Corp GAS.HM lost 1.7% and Vietnam Dairy Products
VNM.HM slipped 0.7%.
Thai shares .SETI recovered from early falls as losses in
energy stocks offset gains in real estate. Oil and gas firm PTT
PCL PTT.BK lost 0.5% while Land and Houses PCL LH.BK added
6.4%.
Losses were limited in the region due to expectations of
monetary policy easing after top U.S. officials moved away from
their "patient" stance and warned that the global tariff dispute
may force them to respond appropriately. Philippine equities .PSI pared early gains and were flat
at 0338 GMT amid a slowing economy and expectations of lack of
price pressure this year will likely mean further policy easing.
Data on Wednesday showed, that the country's annual
inflation rate rose 3.2% from a year earlier in May, speeding up
for the first time in eight months. The Bangko Sentral ng Pilipinas chief, however, said the
faster-than-expected inflation is only one data point and "does
not constitute a trend".
"The central bank appears unfazed by the latest print,
suggesting that more rate cuts would be on the way," ING said in
a note to clients.
Markets in Indonesia and Malaysia are closed for holidays on
Thursday.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0338 GMT
Market Current Previous close Pct Move
Singapore 3139.72 3142.37 -0.08
Bangkok 1648.74 1648.46 0.02
Manila 7944.86 7945.37 -0.01
Ho Chi Minh 949.68 951.41 -0.18
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3139.72 3068.76 2.31
Bangkok 1648.74 1563.88 5.43
Manila 7944.86 7,466.02 6.41
Ho Chi Minh 949.68 892.54 6.40