* U.S. Trade Representative said a deal was "totally done"
* Indonesia pares gains after larger-than-expected trade
deficit
* The Philippine index leads losses in the region
By Shruti Sonal
Dec 16 (Reuters) - Most Southeast Asian stock markets
slipped on Monday as weary investors sought clarity beyond the
initial euphoria of the Sino-U.S. "phase-one" deal, while data
from China, the region's biggest trading partner, pushed
slowdown fears to the fore.
The "phase one" agreement suspended a threatened round of
U.S. tariffs on a $160 billion list of Chinese imports that was
scheduled to take effect on Sunday. The United States also
agreed to halve the tariff rate, to 7.5%, on $120 billion worth
of Chinese goods. The initial cheer of an interim trade deal faded over the
weekend as investors did not find the details "very compelling",
analysts said.
"Ultimately, phase-one deal fell short of market
expectations and is probably not enough to fully restore
business confidence or generate a meaningful recovery in exports
or investment," Stephen Innes, Asia Pacific market strategist at
AxiTrader, said in a note.
Sentiment took a further beating after data implied that
China's new home prices grew at their weakest pace in nearly two
years in November while property investment had also eased in
the world's second-largest economy. Dropping the most in the region, the Philippine benchmark
.PSI shed over 0.9%, dented by utilities and industrials.
Index heavyweights Megaworld Corp MEG.PS and Ayala Corp
AC.PS dived 2.8% and 3.2%, respectively.
Malaysian equities .KLSE were set to snap a three-day
winning streak, as index heavyweight Petronas Gas PGAS.KL fell
up to 1.5% and was the biggest percentage loser in the index.
Last week, Prime Minister Mahathir Mohamad told Reuters that
Malaysia is considering selling stakes in energy giant Petronas
to provinces where the company's oil and gas fields are located
and said the government could also cut stakes in smaller units
of Petronas. Indonesian stocks .JKSE pared early gains after data
showed that trade deficit for November in Southeast Asia's
largest economy was its biggest in seven months. Exports for the month fell 5.67% on-year, compared with a
1.18% drop estimated by a Reuters poll.
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SOUTHEAST ASIAN STOCK MARKETS As at 0450 GMT
Market Current Previous close Pct Move
Singapore 3214.85 3214.05 0.02
Bangkok 1561.22 1573.91 -0.81
Manila 7804.33 7877.63 -0.93
Jakarta 6223.03 6197.318 0.41
Kuala Lumpur 1570.61 1571.16 -0.04
Ho Chi Minh 962.48 966.18 -0.38
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3214.85 3068.76 4.76
Bangkok 1561.22 1563.88 -0.17
Manila 7804.33 7,466.02 4.53
Jakarta 6223.03 6,194.50 0.46
Kuala Lumpur 1570.61 1690.58 -7.10
Ho Chi Minh 962.48 892.54 7.84