* Singapore's index set for third consecutive weekly loss
* Thailand shares set for second straight day in the red
* Indonesia closed for public holiday
By Pranav A K
May 22 (Reuters) - Southeast Asian stock markets slid on
Friday, with Singapore losing the most, as the United States and
China sparring over a new Hong Kong security law kept investors
away from riskier assets and led to a sharp selloff across
global equities.
Tensions flared between the world's two biggest economies as
U.S. President Donald Trump warned Washington would react "very
strongly" if Beijing imposed national security laws on Hong Kong
after last year's pro-democracy protests. Hong Kong's Hang Seng index .HSI fell 3.7% to a seven-week
low, as MSCI's broadest index of Asia-Pacific shares outside
Japan .MIAPJ0000PUS dropped 1.2%.
"Traders around the world are playing the waiting game to
see details of the new Hong Kong law to gauge how severe the
terms are. And more specifically, The White House response to
decide whether Hong Kong's special economic status will be
affected," said Stephen Innes, chief market strategist at
financial services firm AxiCorp.
Shares in Singapore .STI , a bellwether for global trade,
fell 1.8% to their lowest level since April 24 and the index was
poised for its third consecutive weekly loss. The region's
second-largest lender Oversea-Chinese Banking Corp OCBC.SI ,
dropped 4.2% to a month-low.
Shares in trade-reliant Thailand .SETI dropped 0.9%, ahead
of the country's April trade data. However, the benchmark stock
index is set to post its second straight weekly gain.
Brokerage OB Kay Hian Securities Thailand UOBKH.BK was the
top loser, tumbling 8.8%, while chemicals company Indorama
Ventures IVL.BK lost 4%.
The Philippines' index .PSI was down 0.9%, set to snap two
consecutive weekly gains, as utilities took a beating.
Malaysian shares .KLSE also fell, but were headed for
their biggest weekly percentage gain since April 17.
Financial markets in Indonesia were closed for the Idul
Fitri festival.
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SOUTHEAST ASIAN STOCK MARKETS AS OF 0326 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 2508.56 2555.34 -1.83
Bangkok 1307.82 1320.69 -0.97
Manila 5554.14 5604.49 -0.90
Kuala Lumpur 1448.86 1452.11 -0.22
Ho Chi Minh 858.92 862.73 -0.44
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 2508.56 3222.83 -22.16
Bangkok 1307.82 1579.84 -17.22
Manila 5554.14 7,815.26 -28.93
Kuala Lumpur 1448.86 1588.76 -8.81
Ho Chi Minh 858.92 960.99 -10.62