* Malaysia drops to its lowest since May 31
* Philippines leads losses in region
* Vietnam on track for a third straight loss
By Shreya Mariam Job
June 13 (Reuters) - Most Southeast Asian stocks dropped on
Thursday, in line with broader Asia, as hopes of Washington and
Beijing making headway on the sidelines of G20 summit faded,
crimping risk sentiment.
Trump declined to set a deadline on Wednesday for levying
tariffs on another $325 billion of Chinese goods and called the
relationship with Beijing good but "testy" after China walked
back commitments for a trade deal. "Markets, however, are maybe responding less to the
day-by-day switch in message, than to the ongoing grind that the
existing situation is exerting," ING said in a note, referring
to the Sino-U.S. trade standoff.
Hopes that the United States and China will clinch a deal on
the sidelines of a Group of 20 summit meeting in Osaka on June
28-29 have been fading, also hurting sentiment and driving bond
yields down.
Meanwhile, a slump in oil prices also weighed on markets
with prices dropping as much as 4% in the previous session to
nearly five-month lows on the back of a further buildup in U.S.
crude stockpiles and worries about lower demand growth. O/R
Leading the declines in the region, Philippine stocks .PSI
resumed trade after a market holiday to drop 0.8%.
Real estate and industrial stocks were battered, with Ayala
Land Inc ALI.PS and SM Investment Corp SM.PS dropping 1.8%
and 1.5% respectively.
The Malaysian benchmark stock index .KLSE , which hit its
lowest since May 31, was dented by losses in utility and
healthcare shares.
The biggest laggard on the index - state utility firm Tenaga
Nasional Bhd TENA.KL - saw its worst session in a month, while
IHH Healthcare Bhd IHHH.KL dropped 1.8%.
Singapore stocks .STI extended declines to a second
session, with industrials weighing on the index.
The city-state's retail sales fell 1.8% in April compared
with a year-ago period, signalling a decline in consumer
spending, data showed on Wednesday.
Vietnam stocks .VNI fell 0.5% with real estate company
Vinhomes JSC VHM.HM and Petrovietnam Gas JSC GAS.HM dropping
2.5% and 1.5%, respectively.
Thai stocks .SETI edged lower.
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SOUTHEAST ASIAN STOCK MARKETS AS at 0414 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3202.18 3207.74 -0.17
Bangkok 1668.5 1671.11 -0.16
Manila 7970.35 8030.98 -0.75
Jakarta 6279.098 6276.177 0.05
Kuala Lumpur 1641.67 1650.74 -0.55
Ho Chi Minh 949.58 954.17 -0.48
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3202.18 3068.76 4.35
Bangkok 1668.5 1563.88 6.69
Manila 7970.35 7,466.02 6.76
Jakarta 6279.098 6,194.50 1.37
Kuala Lumpur 1641.67 1690.58 -2.89
Ho Chi Minh 949.58 892.54 6.39