* Trump offers no detail on Phase 1 deal, threatens more
tariffs
* Singapore and Philippines each drop as much as 1%
Nov 13 (Reuters) - Most Southeast Asian stock markets lost
ground on Wednesday, after U.S. President Donald Trump offered
no new details on trade talks with China and warned Beijing of
more tariffs if an interim deal was not struck.
In a closely watched speech at the Economic Club of New
York, Trump said the signing of an initial trade deal was close,
but did not offer further details on dates or the terms of the
agreement. He also warned of additional tariffs if China did not
agree to a deal.
Trump's speech "contained little new to judge the imminence
of a trade deal with China, and it provided little evidence of
the substance of any such deal," Robert Carnell, chief economist
and head of research for Asia-Pacific at ING, said in a note.
Investors responded by dumping equities, with Philippine
shares .PSI dropping 1% to a more than two-week low, the most
in Southeast Asia.
Property developer SM Prime Holdings Inc SMPH.PS fell
1.6%, while electric utilities trader Aboitiz Equity Ventures
Inc AEV.PS gave up 1.6%.
Singapore's main index .STI traded 0.6% lower, dragged by
financials stocks.
Lenders Oversea-Chinese Banking Corp Ltd OCBC.SI and DBS
Group Holdings DBSM.SI fell more than 0.8% each, while
Singapore Telecommunications Ltd STEL.SI lost 1.8%.
Broad based losses pushed Malaysian stock index .KLSE 0.4%
lower, with telco Axiata Group AXIA.KL the top percentage
loser, down 1.8%.
Resorts and cruise line operator Genting GENT.KL slipped
1.1%, while chemicals maker Petronas Chemicals Group PCGB.KL
fell 0.4%.
Thailand's benchmark index .SETI slid 0.3%, weighed down
by industrials stocks.
Indonesian shares .JKSE edged lower as a 1.2% drop in
telecom major Telekomunikasi Indonesia's TLKM.JK outweighed
gains in industrial stocks.
Vietnamese stocks .VNI were little changed, as gains in
financials offset losses in other sectors.
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SOUTHEAST ASIAN STOCK MARKETS at 0303 GMT
Market Current Previous close Pct Move
Singapore 3241.85 3267.8 -0.79
Bangkok 1621.87 1626.2 -0.27
Manila 7937.83 8012.34 -0.93
Jakarta 6180.892 6180.992 0.00
Kuala Lumpur 1603.94 1609.73 -0.36
Ho Chi Minh 1019.42 1018.33 0.11
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3241.85 3068.76 5.64
Bangkok 1621.87 1563.88 3.71
Manila 7937.83 7,466.02 6.32
Jakarta 6180.892 6,194.50 -0.22
Kuala Lumpur 1603.94 1690.58 -5.12
Ho Chi Minh 1019.42 892.54 14.22