* Indonesia hits 6-month closing low, down over 1%
* Philippines retreats from previous session's gains
* Thailand down for three straight sessions
By Arundhati Dutta
Nov 28 (Reuters) - Southeast Asian markets dropped on
Thursday on dimming hopes of a Sino-U.S. trade deal after China
warned the United States of retaliation for its law backing
protesters in Hong Kong.
U.S. President Donald Trump on Wednesday signed a
legislation supporting anti-government protesters in Hong Kong.
However, some analysts say the legislation would not derail
trade negotiations, as Trump's signature was expected.
"Had the President vetoed the bill, it would certainly have
gone back to both houses where they would have overridden the
veto," Jeffrey Halley, senior market analyst at OANDA said in a
note.
Halley noted that China needed a trade agreement just as
much as the U.S did, given its lagging economy.
Economists polled by Reuters expect China's factory activity
to have contracted for the seventh straight month in November,
as domestic demand remained sluggish The spat over Hong Kong overshadowed positive economic data
from the U.S., which showed that economic growth had picked up
in the third quarter, rather than slowing as initially reported.
The Indonesian benchmark .JKSE extended declines to a
sixth session and closed at the lowest level in six months.
Heavyweight PT Bank Central Asia Tbk BBCA.JK shed 0.8%.
An index of Indonesia's 45 most liquid stocks .JKLQ45
dropped 1.6%.
Philippine stocks .PSI closed 0.9% lower, with SM
Investments Corp SM.PS dropping 1.7%.
Trade-sensitive Singapore stocks .STI closed at their
lowest level in a week. Conglomerate Jardine Matheson Holdings
JARD.SI slipped 1%.
The Thai index .SETI fell for a third straight day, with
industrials losing the most.
Airports of Thailand Pcl AOT.BK skid 3.5%, while BTS Group
Holdings Pcl BTS.BK dropped 2.1%.
Vietnamese shares .VNI fell 0.8%, as financials weighed.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3200.61 3215.53 -0.46
Bangkok 1597.68 1607.27 -0.60
Manila 7768.66 7836.89 -0.87
Jakarta 5953.06 6023.039 -1.16
Kuala Lumpur 1583.77 1587.18 -0.21
Ho Chi Minh 970.39 978.17 -0.80
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3200.61 3068.76 4.30
Bangkok 1597.68 1563.88 2.16
Manila 7768.66 7,466.02 4.05
Jakarta 5953.06 6,194.50 -3.90
Kuala Lumpur 1583.77 1690.58 -6.32
Ho Chi Minh 970.39 892.54 8.72