* Investors to play defensive amid growth worries - ING
* U.S. agency to impose duties on certain Vietnamese exports
* Philippines bucks trend, inches higher
By Rashmi Ashok
July 3 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday as worries around slowing global growth mounted
after the release of weak economic data from China, sending
investors scurrying away from risky assets.
Following the disappointing manufacturing data from within
the region, a private survey showed that growth in China's
services sector slowed to a four-month low in June as new orders
from overseas customers fell.
China is the region's largest trading partner and a slump in
its economy has significant potential to dent Southeast Asian
economies.
Markets would adopt a risk-off tone through the session,
"with investors likely to stay defensive as global growth
concerns intensify", ING economists said in a note.
Meanwhile, the U.S. Commerce Department said on Tuesday it
would impose duties of up to 456% on certain steel produced in
South Korea or Taiwan that are then shipped to Vietnam for minor
processing and finally exported to the United States.
The move highlights the possibility "that the trade war
could be a long drawn out episode," ING's note added.
Vietnamese stocks .VNI fell 0.3% as heavyweight real
estate stocks Vinhomes JSC VHM.HM and Vingroup JSC VIC.HM
slid 0.9% and 0.5%, respectively.
Singapore's index .STI also slipped. Singapore rig builder
Sembcorp Marine SCMN.SI said on Wednesday that authorities had
executed a search warrant on its shipyard in Brazil as part of
an ongoing graft investigation.
Its parent company, Sembcorp Industries SCIL.SI , was the
second largest percentage loser on Singapore's benchmark index,
falling as much as 2.8%.
Malaysian stocks .KLSE fell after two straight sessions of
gains. Among the largest stocks on the index, a fall in electric
utilities provider Tenaga Nasional Bhd TENA.KL and lender CIMB
Group Holdings CIMB.KL weighed on the index.
Indonesian stocks .JKSE also fell, dragged by lenders.
Bank Danamon Indonesia Tbk BDMN.JK fell 1.5%, while Bank
Negara Indonesia (Persero) Tbk BBNI.JK lost 0.8%.
However, Philippine stocks .PSI inched higher, helped by
gains on stocks such as Ayala Land Inc ALI.PS and Aboitiz
Equity Ventures Inc AEV.PS which rose 0.4% and 1.4%,
respectively.
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SOUTHEAST ASIAN STOCK MARKETS at 0318 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3356.04 3370.8 -0.44
Bangkok 1733.13 1732.23 0.05
Manila 8104.13 8093.6 0.13
Jakarta 6357.924 6384.898 -0.42
Kuala Lumpur 1685.89 1691 -0.30
Ho Chi Minh 958.73 961.98 -0.34
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3356.04 3068.76 9.36
Bangkok 1733.13 1563.88 10.82
Manila 8104.13 7,466.02 8.55
Jakarta 6357.924 6,194.50 2.64
Kuala Lumpur 1685.89 1690.58 -0.28
Ho Chi Minh 958.73 892.54 7.42