* Vietnam snaps three sessions of losses
* Energy and banking stocks lift Thai index
* Inversion of U.S. yield curve stokes recession fears
By Soumyajit Saha
Aug 28 (Reuters) - Southeast Asian stock markets traded in a
tight range on Wednesday as deeper worries about global economy
dampened sentiment, while investors sought further clarity on
the developments in the Sino-U.S. trade dispute.
Trading volumes were a fraction of their monthly average
after an deepening inversion in the U.S. yield curve sent market
participants dashing for safe-haven assets such as gold and
stoked fears of a recession. The U.S. yield curve inversion, a portent for several past
U.S. recessions, sent Wall Street stocks tumbling down on
Tuesday. "The suggestion (of a recession) is not outlandish," Mizuho
Bank said in a note to clients.
"After all, the U.S.-China trade conflict resolution
prospects have dimmed and resultant recession risks have risen
significantly after China's MoF openly called out Trump;
exceptionally antagonistic for the China-U.S. engagement," the
note added.
China's foreign ministry on Tuesday denied any recent phone
calls with U.S. officials, effectively refuting Washington's
claim that there had been contact. Thai stocks .SETI recovered from previous session's
losses, helped by gains in the energy and financial sector.
Gas explorer and distributor PTT PCL PTT.BK was up 1.2%,
while lender Kasikornbank KBANK.BK advanced 1.9%. The energy
sector was lifted by higher oil prices after an inventory report
showed U.S. stockpiles fell more than expected, helping ease
worries about economic slowdown. O/R
Indonesian shares .JKSE lost momentum on Wednesday after
the index rallied 1% in the previous session to close at a
one-week high.
Sentiment got a lift as gains in financial and consumer
sectors helped the Vietnam index .VNI snap three sessions of
losses.
Heavyweights Joint Stock Commercial Bank for Foreign Trade
of Viet Nam VCB.HM jumped 1%, while beverage maker Saigon Beer
Alcohol Beverage Corp SAB.HM rose 1.3%.
Malaysian shares .KLSE were flat after hitting their
lowest close in four years in the previous session, while
trading in the Philippine benchmark index .PSI was subdued.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 04:33 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3071.79 3067.52 0.14
Bangkok 1617.84 1615.47 0.15
Manila 7752.61 7747.38 0.07
Jakarta 6288.971 6278.171 0.17
Kuala Lumpur 1589.47 1590.84 -0.09
Ho Chi Minh 977.99 976.79 0.12
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3071.79 3068.76 0.10
Bangkok 1617.84 1563.88 3.45
Manila 7752.61 7,466.02 3.84
Jakarta 6288.971 6,194.50 1.53
Kuala Lumpur 1589.47 1690.58 -5.98
Ho Chi Minh 977.99 892.54 9.57