* Philippines top loser; manufacturing activity contracts -
survey
* Singapore posts biggest intraday drop since March 30
* Thailand closed for national holiday
By Nikhil Subba
May 4 (Reuters) - Southeast Asian stock markets fell sharply
on Monday as risk sentiment turned sour after U.S. officials
tried to pin blame for the coronavirus pandemic on China,
stoking worries of fresh tensions between the world's top two
economies.
U.S. Secretary of State Mike Pompeo said on Sunday there was
"a significant amount of evidence" that the new coronavirus
emerged from a Chinese laboratory, doubling down on Washington's
pressure on China over the virus' origin as U.S. deaths and
economic damage mount. The accusation came after Donald Trump's threat late last
week of retaliatory measures against China as punishment for the
outbreak, once again sparking tariff fears that rattled markets
through much of the last two years. "Trade war clouds once again loom ominously on the horizon
as the hawks in the U.S. administration are poking the trade war
hornet's nest, while putting China in the crosshairs accusing
the Wuhan lab as the epicentre of COVID-19," Stephen Innes,
chief market strategist at AxiCorp, said in a note.
"Rekindling a dormant U.S.-China trade war will likely make
any economic improvement exponentially more difficult."
In Southeast Asia, Philippine shares .PSI slumped as much
as 3.5% in their biggest intraday fall since April 16, after a
survey showed manufacturing activity contracted in April.
Property developer SM Investments Corp SM.PS declined up
to 5.8%, while food and beverage company Universal Robina Corp
URC.PS fell 3.5%.
Singapore shares .STI tumbled as much as 3.3%, their
sharpest intraday drop since March 30.
Industrial conglomerate Sembcorp Industries SCIL.SI
dropped nearly 5%, while Singapore Telecommunications STEL.SI
slid more than 4%.
Malaysian shares .KLSE shed as much as 2.3%, their worst
in six weeks, ahead of March trade data.
Telecommunications conglomerate Axiata Group AXIA.KL fell
4.8%, while Digi.com DSOM.KL lost more than 3%.
Meanwhile, the Thai stock market .SETI was closed for a
national holiday.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0331 GMT
Change on the day
Market Current Previous Pct Move
close
Singapore 2560.81 2624.23 -2.42
Manila 5532.59 5700.71 -2.95
Jakarta 4611.709 4716.403 -2.22
Kuala Lumpur 1379.06 1407.78 -2.04
Ho Chi Minh 767.74 769.11 -0.18
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2560.81 3222.83 -20.54
Bangkok 1301.66 1579.84 -17.61
Manila 5532.59 7,815.26 -29.21
Jakarta 4611.709 6,299.54 -26.79
Kuala Lumpur 1379.06 1588.76 -13.20
Ho Chi Minh 767.74 960.99 -20.11