* Philippines closes at over 4-1/2-month low
* India, Malaysian stocks most expensive in Asia - Refinitiv
* Indonesia falls for fifth consecutive session
By Shreya Mariam Job
Oct 3 (Reuters) - Southeast Asian stock markets fell on
Thursday, as the United States widened its trade war with
tariffs on European Union goods, adding to fears over a global
economic slowdown.
The World Trade Organization gave Washington a green light
to impose tariffs on $7.5 billion worth of EU goods annually,
which threatens to ignite a tit-for-tat transatlantic trade war.
The global economy is already reeling from the Sino-U.S.
trade war and with the new front to tariff dispute, demand and
slowdown woes are expected to deepen.
Philippine shares .PSI declined 0.9% to their lowest close
in more than 4-1/2 months, weighed down by real estate and
financial stocks.
Ayala Land ALI.PS shed 4.3% to a near six-month closing
low, while Metropolitan Bank and Trust Co MBT.PS dipped 1.7%.
Shares in trade-reliant Singapore .STI dipped 0.5% on the
back of losses in industrials and financials.
Jardine Strategic Holdings Ltd JSH.SI slumped 1.7% to an
over three-year closing low, while DBS Group Holdings Ltd
DBSM.SI , the city-state's biggest listed lender, slipped 0.8%.
Meanwhile, financials dragged Malaysian shares .KLSE
0.7%lower, with Public Bank Bhd PUBM.KL extending losses into
a third session to close at its lowest in more than three years.
India and Malaysian equities were the most expensive in Asia
on Oct. 2, based on their price-to-earnings valuation metrics,
according to Refinitiv. Malaysia's price-to-earnings ratio was
15.66, the second highest in Asia. Indonesian shares .JKSE closed lower for the fifth
consecutive session, dragged down by financials. Bank Mandiri
BMRI.JK and Bank Rakyat Indonesia BBRI.JK shed 1.9% and
3.1%, respectively.
Indonesian President Joko Widodo said he would introduce
sweeping changes to labour rules by the end of the year and open
up more sectors of the economy to foreign investment, Bloomberg
reported. However, shares ended the day in the red, pressured by
sentiment in the broader market.
"We see foreign net sell in Indonesian equities has not
slowed down. In fact, today, there is more than IDR 650 billion
of foreign net outflow," said Anugerah Zamzami Nasr, an equity
research analyst at Phillip Sekuritas Indonesia.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3087.97 3103.45 -0.50
Bangkok 1610.69 1613.64 -0.18
Manila 7545.55 7610.68 -0.86
Jakarta 6038.529 6055.425 -0.28
Kuala Lumpur 1564.12 1574.9 -0.68
Ho Chi Minh 989.67 991.19 -0.15
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3087.97 3068.76 0.63
Bangkok 1610.69 1563.88 2.99
Manila 7545.55 7,466.02 1.07
Jakarta 6038.529 6,194.50 -2.52
Kuala Lumpur 1564.12 1690.58 -7.48
Ho Chi Minh 989.67 892.54 10.88