SE Asia Stocks-Most fall on trade war fears

* Philippines recovers from early plunge to close slightly

lower

* Thailand, Singapore decline 1 pct each, biggest losers

By Aditya Soni

March 2 (Reuters) - Most Southeast Asian stock markets fell

on Friday, in line with broader Asia, as U.S. President Donald

Trump's plan to press hefty tariffs on steel and aluminium

imports sparked fears of a global trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan

sank 1.1 percent after Wall Street posted steep

losses overnight.

"Given uncertainty whether the move presages a path of

increased tariff application for the US, we expect risk

sentiment to remain fragile for now," Mizuho Bank said in a

note.

The diversion of supply from the U.S. market will likely

lower global steel prices, which should help the ASEAN economies

as they are among the world's largest importers of steel, said

Mizuho.

Philippine shares fell as much as 1.5 percent before

cutting losses to close slightly lower. However, they posted

their lowest close in 10 weeks.

Industrials accounted for about half the drop, with JG

Summit Holdings Inc sliding 5 and LT Group Inc

falling 3.1 percent.

Singapore shares dropped 1 percent, dragged mostly by

financials. DBS Group Holdings Ltd, the city-state's

biggest stock by market capitalisation, dipped 1.4 percent to a

more than two-week closing low, while United Overseas Bank Ltd

slipped 1 percent.

Thai shares declined 1 percent, their biggest in

more than three weeks. Data released earlier showed that the

country's annual inflation rate eased in February, missing

forecasts and keeping below the central bank's goal.

This would give policymakers leeway to keep monetary policy

loose to aid economic growth.

Indonesian shares dropped 0.4 percent and Malaysia

slipped 0.3 percent, with consumer stocks under the cosh

in both markets.

India, the world's biggest edible oil importer, raised

import tax on crude and refined palm oil to the highest level in

more than a decade.

India primarily imports palm oil from Indonesia and

Malaysia, both of which are two of the world's biggest exporters

of the vegetable oil.

Indonesian plam oil producer Salim Ivomas Pratama Tbk PT

slumped 7.2 percent, in its biggest one-day drop in

more than two-and-a-half years, while Astra Agro Lestari Tbk PT

declined 0.8 percent.

Malaysia's Sime Darby Bhd fell 2.2 percent, while

Genting Bhd slipped 1.3 percent.

For the week, Singapore dropped 1.5 percent, Indonesia shed

0.6 percent and Vietnam gained 1.7 percent.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS: Change on Day

Market Current Previous close Pct Move

Singapore 3479.2 3513.85 -0.99

Bangkok 1811.98 1830.13 -0.99

Manila 8458.57 8465.77 -0.09

Jakarta 6582.316 6606.053 -0.36

Kuala Lumpur 1856.07 1860.86 -0.26

Ho Chi Minh 1121.21 1115.79 0.49

Change on year

Market Current End prev yr Pct Move

Singapore 3479.2 3402.92 2.24

Bangkok 1811.98 1753.71 3.32

Manila 8458.57 8,558.42 -1.17

Jakarta 6582.316 6,355.65 3.57

Kuala Lumpur 1856.07 1796.81 3.30

Ho Chi Minh 1121.21 984.24 13.92

(Reporting by Aditya Soni in Bengaluru; Editing by Subhranshu

Sahu)