August 28, 2018 / 3:52 AM / 25 days ago

SE Asia Stocks-Rise on U.S.-Mexico trade deal; Singapore gains 1 pct

    * Philippine shares hit near three-week high
    * Malaysian shares climb to three-month top
    * Thailand up ahead of July manufacturing data

    By Sumeet Gaikwad
    Aug 28 (Reuters) - Southeast Asian stock markets edged
higher on Tuesday as concerns over global trade war eased after
the United States and Mexico made a deal to overhaul the North
American Free Trade Agreement (NAFTA).
    Investors expect Canada too would agree to the new terms to
preserve the three-nation pact, ultimately dispelling the
economic uncertainty prompted by U.S. President Donald Trump's
repeated threats to ditch the 1994 NAFTA accord.
    "The big deal is going to be U.S. and China and while I
think there's still a bit of euphoria going on about the
prospect of NAFTA going through, it's being perceived as a bit
of a stretch that China risk is all but eliminated, and I think
that's sort of holding things back," said Stephen Innes, head of
trading, Asia Pacific, at Oanda
    Singapore shares rose 1 percent to a two-week high,
helped by financials. DBS Group Holdings was the
biggest boost to the benchmark index with a gain of about 2
percent. 
    "I think today it's actually playing up its (Singapore)
stronger relation with the mainland market. The mainland markets
are getting flooded with a lot of cash right now, and I think
that's why we're seeing some opportunistic buying, some
bartering and certainly some bargain-hunting take place," said
Innes.
    Financials and industrials helped Philippine shares
climb 1 percent to a near three-week high. 
    Blue chip SM Investments Corp rose over 3 percent,
while BDO Unibank gained 1.3 percent.
    Indonesian shares rose for a fifth session in six,
led by telecom stocks with Telekomunikasi Indonesia
climbing nearly 3 percent. Astra International was the
biggest drag, declining about 2 percent. 
    Malaysian shares climbed to three-month top, helped
by financials and materials. Petronas Chemicals Group
advanced 2.2 percent and CIMB Group Holdings gained
0.5 percent. 
    Thai shares rose for a second straight session,
aided by energy stocks, ahead of July manufacturing data. PTT
 and PTT Exploration and Production added
about 1 percent each. 
    Annual manufacturing output in July is expected to have
risen at a slightly slower pace than in the previous month, a
Reuters poll showed.
    
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SOUTHEAST ASIAN STOCK MARKETS: AS AT 0350GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3259.49   3225.62         1.05
 Bangkok            1724.33   1717.24         0.41
 Manila             7843.04   7766.47         0.99
 Jakarta            6042.982  6025.968        0.28
 Kuala Lumpur       1820.68   1811.6          0.50
 Ho Chi Minh        992.44    991.92          0.05
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3259.49   3402.92         -4.21
 Bangkok            1724.33   1753.71         -1.68
 Manila             7843.04   8558.42         -8.36
 Jakarta            6042.982  6355.654        -4.92
 Kuala Lumpur       1820.68   1796.81         1.33
 Ho Chi Minh        992.44    984.24          0.83
 
 (Reporting by Sumeet Gaikwad in Bengaluru, Additional reporting
by Ambar Warrick; Editing by Subhranshu Sahu)
  
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