SE Asia Stocks-Most markets fall as U.S. tariffs kick in; S'pore down 2 pct

* Singapore posts 14-month closing low

* Thailand snaps three weeks of decline

By Sumeet Gaikwad

July 6 (Reuters) - Most Southeast Asian stock markets fell

on Friday, with Singapore declining 2 percent to a 14-month

closing low, as Washington's tariffs on Chinese goods took

effect, escalating fears of a full-blown trade war between the

world's top two economies.

U.S. tariffs on $34 billion of Chinese imports took effect

at 0401 GMT, with Beijing saying it had no choice but to respond

in kind.

"I think it's becoming a game of who blinks first," said

Stephen Innes, head of trading for Asia pacific at Oanda.

A DBS analysis showed that South Korea, Malaysia, Taiwan and

Singapore are the economies most at risk in Asia, based on trade

openness and exposure to supply chains.

In Southeast Asia, Singapore shares fell to their

lowest close since May 2017, snapping two straight sessions of

gain. For the week, they dropped 2.4 percent in their fourth

straight weekly fall.

Financials were the top drag with the city state's top three

lenders shedding more than 2 percent each.

Several real estate developers also slumped, a day after a

surprise government move to tighten curbs on property in a bid

to cool the market.

"The new rates will have a larger impact on investment

demand. Hence, the outcome of the next few (project) launches

will tell us what's driving demand over the last few months,"

said Liu Jinshu, director of research at NRA Capital.

City Developments plunged 15.6 percent, while UOL

Group slumped 13.6 percent.

Malaysian shares fell 1.6 percent to their lowest

close in nearly 1-1/2-years, dragged by financial and telecom

stocks. CIMB Group Holdings and Axiata Group

were down 4 percent and 6.3 percent, respectively.

For the week, Malaysian shares declined 1.6 percent in their

fourth consecutive weekly drop.

Philippine shares fell 0.7 percent, weighed down by

industrial and real estate stocks, and posted a marginal drop

for the week.

Ayala Land slid 2.4 percent on Friday, while SM

Investments Corp was off 1.2 percent.

Meanwhile, Vietnam shares erased early losses to

close 2 percent higher, led by a rally in financials.

JSC Bank for Foreign Trade of Vietnam (Vietcombank)

rose 5.8 percent, while Vietnam JSC Bank for Industry and Trade

(Vietinbank) jumped 6.8 percent.

Vietnam shares closed 4.5 percent lower in their fourth

straight weekly decline.

Thailand closed 0.8 percent higher and posted a weekly gain

of 1.2 percent, snapping three weeks of decline.

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SOUTHEAST ASIAN STOCK MARKETS

Change on the day

Market Current Previous close Pct Move

Singapore 3191.82 3256.71 -1.99

Bangkok 1614.76 1601.42 0.83

Manila 7186.71 7233.57 -0.65

Jakarta 5694.912 5739.332 -0.77

Kuala Lumpur 1663.86 1690.65 -1.58

Ho Chi Minh 917.51 899.4 2.01

Change on year

Market Current End 2017 Pct Move

Singapore 3191.82 3402.92 -6.20

Bangkok 1614.76 1753.71 -7.92

Manila 7186.71 8558.42 -16.03

Jakarta 5694.912 6355.654 -10.40

Kuala Lumpur 1663.86 1796.81 -7.40

Ho Chi Minh 917.51 984.24 -6.78

(Reporting by Sumeet Gaikwad in Bengaluru; Editing by

Subhranshu Sahu)