* Malaysia set to post five straight gains
* Indonesia on track for biggest monthly loss in 14 months
* Philippines rises to over three week high
By Shreya Mariam Job
May 31 (Reuters) - Singapore stocks fell on Friday, and is
set for its biggest monthly loss in more than three years,
symbolising a tough month for most equity markets in the region
as U.S.-China trade tensions reignited.
The benchmark index in Singapore slid 0.6% as investors
turned cautious of a possible slowdown in global growth.
"Singapore is one of the most exposed countries to any
slowdown in global trade. Our gross trade is 400% of GDP," Paul
Chew Kuan Leng, head of research at Phillip Securities Research
said.
U.S. President Donald Trump's move to slap tariffs on Mexico
garnered fears that the United States, and maybe the whole
world, was slipping into recession. Adding to the worries was China's factory activity in May,
which slumped into a deeper contraction than markets'
expectations, heaping pressure on Beijing to roll out more
stimulus to support an economy hit hard by a bruising trade war
with the United States. Financial stocks drove losses, with the city-state's largest
lender DBS Group Holdings Ltd DBSM.SI shedding as much as 1.3%
to hit its lowest level since Feb. 11.
Southeast Asia's largest economy — Indonesia — shrugged off
disappointing China data and trade tension woes with its
benchmark stock index .JKSE rising as much as 1.4% to hit a
more that two-week high. However, for the month the index
dropped 4.5%.
As political uncertainty eases, DBS remains positive on
Indonesian equities boosted "by confidence placed in Bank
Indonesia (BI) and strengthening in the rupiah," as said in a
note.
Shares of Bank Central Asia Tbk PT BBCA.JK gained 2.1%,
while those of and Bank Negara Indonesia Tbk PT BBNI.JK rose
2.2%.
Philippine stocks .PSI extended gains into the fourth
consecutive session, rising to a more than three-week high,
underpinned by real estate stocks and industrials. For May, the
index is set to post a 0.5% loss.
Some analysts say Philippines may be considered an
attractive alternative for firms moving out of China to avoid
raised tariffs.
Ayala Land Inc ALI.PS and JG Summit Holdings Inc
JGS.PS advanced 2.2% and 2.3%, respectively.
Malaysian stocks .KLSE gained 0.5% and were set to post a
five-day winning streak, to aid a marginal monthly gain. Tenaga
Nasional Bhd TENA.KL and CIMB Group Holdings Bhd CIMB.KL
gained 1.1% and 1.9%, respectively.
Thai .SETI and Vietnam stocks .VNI dipped slightly and
were set to post a monthly loss.
Broader Asian shares, meanwhile, slid at first but soon drew
month-end bargain hunting with MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS rising 0.3%.
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SOUTHEAST ASIAN STOCK MARKETS AS at 0432 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3125.21 3143 -0.57
Bangkok 1620.24 1621.57 -0.08
Manila 7916.01 7836.55 1.01
Jakarta 6160.071 6104.106 0.92
Kuala Lumpur 1644.5 1636.5 0.49
Ho Chi Minh 966.56 969.34 -0.29
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3125.21 3068.76 1.84
Bangkok 1620.24 1563.88 3.60
Manila 7916.01 7,466.02 6.03
Jakarta 6160.071 6,194.50 -0.56
Kuala Lumpur 1644.5 1690.58 -2.73
Ho Chi Minh 966.56 892.54 8.29