* Indonesian market closed for holiday
* Philippines hits over 3-week closing high
* Thai economy expected to grow faster in Q2 - finance
ministry
By Shreya Mariam Job
May 30 (Reuters) - Singapore shares extended falls on
Thursday to a near five-month closing low with financials
leading the decline, while Malaysian stocks closed higher for a
fourth straight session.
Broader Asia tracked Wall Street losses as fears of a
prolonged trade war between the United States and China stoked
concerns about its impact on global economic growth.
A senior Chinese diplomat said provoking trade disputes was
"naked economic terrorism", ramping up the rhetoric against the
United States. His comments followed reports from Chinese newspapers that
Beijing could use rare earths to strike back at Washington after
U.S. President Donald Trump remarked he was "not yet ready" to
make a deal with China over trade.
"At present, it seems that both the US and China have not
faced enough weakness to the economy to warren an immediate end
to the trade war," Phillip Futures said in a note.
Singapore shares .STI fell for a third straight session
and closed at their lowest since Jan. 8.
DBS Group Holdings Ltd DBSM.SI dropped 1%, while smaller
banking peers Oversea-Chinese Banking Corp OCBC.SI and United
Overseas Bank Ltd UOBH.SI shed 1.4% and 0.9%, respectively.
Malaysian shares .KLSE rose 0.8% on the back of financial
and telecom stocks.
Malaysian equities are largely considered as "defensive"
amid trade tensions, given their resilience in the past.
Public Bank Bhd PUBM.KL and Axiata Group Bhd AXIA.KL
advanced 2.6% and 3.3%, respectively.
Philippine stocks .PSI pared early gains to close 0.5%
higher, posting a more than three-week closing high. Financials
were among the top boosts with BDO Unibank BDO.PS rising 2.4%,
while Bank of the Philippine Islands BPI.PS added 2.5%.
The Philippines is a likely beneficiary of the Sino-U.S.
trade war as firms looking to move out of China to avoid tariff
hikes find the budding economy an attractive alternative, say
analysts.
Meanwhile, Thai shares .SETI inched higher on the back of
utility and industrial stocks.
Thailand's economy is expected to grow at a faster pace in
the second quarter than in the first three months of the year as
domestic consumption continues to increase and tourism improves,
a finance ministry official said. The Indonesian stock market .JKSE was closed for a
holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3143 3163.28 -0.64
Bangkok 1623.2 1619.36 0.24
Manila 7836.55 7797.75 0.50
Kuala Lumpur 1636.5 1623.67 0.79
Ho Chi Minh 969.34 971.54 -0.23
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3143 3068.76 2.42
Bangkok 1623.2 1563.88 3.79
Manila 7836.55 7,466.02 4.96
Kuala Lumpur 1636.5 1690.58 -3.20
Ho Chi Minh 969.34 892.54 8.60