* Indonesia posts over 2-month closing low
* Singapore drops most in nearly 3 months
By Soumyajit Saha
Aug 5 (Reuters) - Southeast Asian stock markets plunged on
Monday, with the Philippines shedding 3%, as an escalation of
trade tensions between the United States and China sent
investors worldwide scurrying for safe havens.
After U.S. President Donald Trump abruptly decided on
Thursday to slap 10% tariffs on $300 billion in Chinese imports,
China vowed to fight what it called an "irrational,
irresponsible act" and promised to "take whatever necessary
countermeasures to protect" its "rights". China let the yuan fall below the 7-per-dollar level for the
first time in over a decade on Monday, raising fears of a
possible currency war. Beijing "appears to have decided that, given the
increasingly dim prospects of a trade deal with the US, the
boost to China's export sector from currency depreciation is
worth attracting the ire of Trump", economic research
consultancy Capital Economics said in a note.
China is Southeast Asia's biggest trading partner, and the
protracted trade war between the world's two top economies has
adversely affected markets in the region over the past year.
Philippine shares .PSI fell the most in almost nine
months, dragged by financial and property stocks.
Property developer SM Prime Holdings SMPH.PS lost 4.3%,
while lender Metropolitan Bank and Trust MBT.PS dropped 4%.
Indonesian shares .JKSE closed at their lowest in more
than two months, with financials accounting for most of the
loss.
Lenders Bank Rakyat Indonesia (Persero) BBRI.JK and Bank
Mandiri (Persero) BMRI.JK fell 4% and 3.3%, respectively.
Indonesia's economic growth in the second quarter roughly
matched expectations, but was lower than the previous quarter
and the weakest in two years. An index of Jakarta's 45 most liquid stocks .JKLQ45
dropped 3.2%.
Singapore shares .STI fell the most in almost three
months, with conglomerate Jardine Matheson Holding JARD.SI
shedding 5.7%, while investment holding co DBS Group Holdings
DBSM.SI declined 3.7%.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3194.51 3261.11 -2.04
Bangkok 1665.99 1684.71 -1.11
Manila 7890.02 8129.93 -2.95
Jakarta 6175.703 6340.18 -2.59
Kuala Lumpur 1610.41 1626.76 -1.01
Ho Chi Minh 973.15 991.1 -1.81
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3194.51 3068.76 4.10
Bangkok 1665.99 1563.88 6.53
Manila 7890.02 7,466.02 5.68
Jakarta 6175.703 6,194.50 -0.30
Kuala Lumpur 1610.41 1690.58 -4.74
Ho Chi Minh 973.15 892.54 9.03