* Thai stocks hurt by losses in telecom sector
* Indonesia down ahead of trade data
By Soumyajit Saha
Aug 15 (Reuters) - Southeast Asian stock markets fell on
Thursday, tracking sharp losses in global equities, after an
inversion in the U.S. bond yield curve on Wednesday raised fears
of an impending recession.
The yield on the U.S. Treasury 10-year note US10YT=RR
temporarily fell below the two-year yield US2YT=RR for the
first time since 2007, in the latest signal that the global
economy faces severe risks. The inversion has correctly
predicted every recession barring one in the last 50
years. "The risk of the U.S. slipping into recession becomes more
prominent with latest Treasury yield curve inversion," ING said
in a note. It follows data from China on Wednesday that showed
its economy was faltering, with industrial output growth slowing
to a 17-year low. With the world's two largest economies showing signs of
slowing growth, and global central banks turning increasingly
dovish, most investors seem to be risk-averse.
Philippine stocks .PSI dropped the most in the region,
with losses centered around the financial sector. The index was
down about 2%, easing a good percent from early trade.
Property developer SM Prime Holdings SMPH.PS and lender
BDO Unibank BDO.PS were down 3.7% each.
Singapore .STI followed closely behind, down 1.2%, with
heavyweight financial stocks tugging.
Lenders Oversea-Chinese Banking Corp OCBC.SI and United
Overseas Bank UOBH.SI fell 3.8% and 3.4%, respectively.
In Thailand, stocks .SETI were hurt by the telecom sector,
with Advanced Info Services ADVANC.BK losing 3.1%.
Meanwhile, banking stocks weighed on the Malaysian index
.KLSE , with heavyweights Public Bank BHD PUBM.KL and Hong
Leong Bank BHD HLBB.KL losing 0.7% and 2% respectively.
Indonesian shares .JKSE also fell ahead trade data that is
expected to show the country return to a deficit amid global
trade weakness, according to a Reuters poll.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0417 GMT
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3100.82 3147.6 -1.49
Bangkok 1592.05 1619.45 -1.69
Manila 7703.57 7858.65 -1.97
Jakarta 6205.924 6267.335 -0.98
Kuala Lumpur 1588.07 1600.31 -0.76
Ho Chi Minh 967.34 968.91 -0.16
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3100.82 3068.76 1.04
Bangkok 1592.05 1563.88 1.80
Manila 7703.57 7,466.02 3.18
Jakarta 6205.924 6,194.50 0.18
Kuala Lumpur 1588.07 1690.58 -6.06
Ho Chi Minh 967.34 892.54 8.38