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SE Asian stocks subdued on slowdown, trade worries

| Updated: April 13, 2019 12:10:00


File photo (Collected) File photo (Collected)

Southeast Asian markets subdued on Wednesday as another downgrade to global economic growth by the IMF and a US threat to slap tariffs on hundreds of European goods dampened investor sentiment.

Philippine stocks rose nearly 1.0 per cent to a more than two-week high.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, a day after it hit its highest since Aug. 1.

Philippine shares extended gains into a third session, boosted by industrials and real estate stocks.

SM Investment Corp firmed 1.7 per cent, while Bank of the Philippine Islands added 1.9 per cent.

The Philippine stock market was closed on Tuesday for a holiday, reports Reuters.

Indonesian shares declined slightly with losses concentrated in telecom and financial stocks.

Separately, China's government is to cap coal imports this year at 2018 levels, four sources with direct knowledge of the matter told Reuters on Tuesday, to support domestic producers.

Shares of coal miners Dwi Guna Laksana Tbk PT and SMR Utama Tbk Pt dropped as much as 4.3 per cent and 2.7 per cent, respectively.

Vietnam shares fell for a second straight session, hurt by financial and real estate stocks.

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