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SE Asia Stocks-Most decline on U.S.-China trade friction; Singapore up

By Nikhil Subba

* Malaysia, Philippines top losers, down over 1% each * Singapore edges higher ahead of manufacturing data By Nikhil Subba Sept 3 (Reuters) - Most Southeast Asian stock markets closed lower on Tuesday as the trade spat between the United States and China escalated further, with Malaysia and the Philippines shedding over 1% each. The world's two largest economies imposed fresh tariffs on each other's goods over the weekend, re-igniting worries of a global recession. U.S. President Donald Trump said U.S. and Chinese officials would meet for negotiations later this month, but they have not been able to agree on a schedule. With both sides unable to set a date for fresh trade talks, "the uncertainty about the U.S.-China trade continues to rule the markets", ING analysts said in a note to clients. Markets are "very tentative", said AP Securities analyst Rachelle Cruz, adding that market participants now awaited the next round of tariffs, expected in October, and the outcome of the U.S. Federal Reserve meeting in September. Philippine stocks closed about 1.4% lower, weighed down by industrials and consumer non-cyclicals. Conglomerate Alliance Global Group slumped nearly 4%, while infrastructure developer Metro Pacific Investments Corp declined about 2%. A survey by IHS Markit showed on Monday that growth in the manufacturing sector slowed in August from a month earlier. Malaysian stocks fell 1.3% with a survey showing manufacturing performance for August fell fractionally to its lowest since March. Petroleum products retailer Petronas Dagangan fell more than 6%, and palm oil manufacturer Sime Darby Plantation declined over 4%. Indonesian shares shed about 0.5%, weighed down by healthcare and telecom services. Meanwhile, Singapore's Straits Times Index closed the session marginally higher, boosted by utility and industrial stocks, ahead of August manufacturing data expected later in the day. The data will throw light on the city state's economy, which depends heavily on manufacturing and shipping of electronic products, against the backdrop of a global slowdown. Sembcorp Industries climbed about 3%, while Jardine Matheson Holdings ended about 1% higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3090.63 3082.96 0.25 Bangkok 1642.25 1654.11 -0.72 Manila 7804.71 7918.53 -1.44 Jakarta 6261.59 6290.546 -0.46 Kuala Lumpur 1591.52 1612.14 -1.28 Ho Chi Minh 979.36 984.06 -0.48 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3090.63 3068.76 0.71 Bangkok 1642.25 1563.88 5.01 Manila 7804.71 7,466.02 4.54 Jakarta 6261.59 6,194.50 1.08 Kuala Lumpur 1591.52 1690.58 -5.86 Ho Chi Minh 979.36 892.54 9.73 (Reporting by Nikhil Subba; Editing by Subhranshu Sahu)