NEW YORK, June 18 — Southeast Asian stock markets fell today, in line with broader Asia as a trade spat intensified between the world’s top two economies.

Fears of a global trade war also added to pressure on oil prices. US oil prices fell 1.9 per cent following a 2.7 per cent slump in the previous session.

US President Donald Trump said he was pushing ahead with hefty tariffs on US$50 billion (RM199.8 billion) of Chinese imports on Friday, prompting China to immediately respond in kind.

"Given that both sides seem to suggest that further escalation of hostilities may be possible, markets are expected to see more volatility, and industrial companies with significant proportion of revenues from overseas will be the hardest hit, " Mizuho Bank analysts said in a note.

Philippine shares slumped as much as 2.7 per cent to their lowest in since April 2017 and were headed for a third session of fall.

Holding firms, banks and industrials were the biggest losers. SM Investments Corp fell 3 per cent, JG Summit Holdings declined more than 5 per cent and International Container Terminal Services Inc dropped 2.4 per cent.

Singapore shares fell 1.7 per cent to their lowest since mid-October, dragged by financials. Heavyweight DBS Group Holdings Ltd and United Overseas Bank Ltd both declined nearly 3 per cent.

Exports grew at their fastest pace in seven months in May, boosted by an extended surge in pharmaceutical shipments, though the heated Sino-US trade dispute is clouding the outlook for the trade-dependent city state.

Thai share declined for a fourth consecutive session and hit their lowest since mid-November. PTT Exploration and Production PCL and PTT PCl fell 4.1 per cent and 2 per cent, respectively.

Malaysian shares fell up to 1.5 per cent, extending their decline into a sixth session, weighed by telecom and financial stocks.

Indonesian financial markets are closed through tomorrow, June 19, for Hari Raya Aidilfitri. — Reuters