December 30, 2019 / 10:12 AM / 22 days ago

SE Asia Stocks-Most tepid amid holiday lull; Indonesia snaps 4-day rally

    * Malaysian equities hit over 4-month high
    * Singapore reverses early gains to end flat
    * Thailand little changed after export slump widens

    By Shruti Sonal
    Dec 30 (Reuters) - Southeast Asian markets were subdued on
Monday as investors remained cautious ahead of the New Year,
offsetting optimism about the Phase 1 Sino-U.S. trade deal,
while Indonesia snapped a four-day rally dragged down by tech
and utility stocks. 
    South China Morning Post quoted a Chinese official saying
that ­Beijing will live up to its trade deal commitments, but
the United States must also honour the one-China policy in
relation to Taiwan.
    The remarks come as ­Beijing and Washington announced a
Phase 1 trade deal earlier this month, cooling their 18-month
trade conflict that has rattled financial markets and hurt
global economic sentiments.
    However, trading remained largely subdued as "the overall
picture looked one of book squaring and profit-taking in Asia
with investors preferring to wait until next week before loading
up on the first trades of a new decade," said Jeffrey Halley, a
senior market analyst - Asia Pacific, OANDA.
    The Indonesian benchmark ended lower as it snapped
four straight sessions of gains, with technology and utilities
weighing down on the index on its last trading day of the year.
The benchmark had added 1.3% in the past four sessions and is up
1.7% for the year.
    IT firm Metrodata Electronics Tbk PT slumped over
11% to hit its lowest since Dec. 3.
    The Thai benchmark index was little changed after
data showed that its export slump widened in November.
    
    Singapore stocks reversed early gains to end flat, as
a rise in industrials was capped by losses in financials. 
    Index heavyweight Singapore Telecommunications Ltd
climbed as much as 0.9% after it said it is partnering with
ride-hailing firm Grab Holdings Inc to apply for a digital full
banking licence in Singapore.
    The move comes amid the country's biggest push for
liberalisation of its banking sector in two decades to enable
online-only banks that can operate at lower costs and offer
different services than those by traditional lenders such as DBS
Group Holdings Ltd and Oversea-Chinese Banking Corp
Ltd.
    Both DBS Group Holdings and Oversea-Chinese Banking Corp hit
their lowest in about two weeks.
    Malaysian shares hit their highest closing level
since Aug. 8 as consumer and utilities jumped.
    Philippine financial markets are closed from Monday, Dec.
30, till Wednesday, Jan. 1, for New Year holidays. 

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SOUTHEAST ASIAN STOCK MARKETS
 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3222.44   3226.53         -0.13
 Bangkok                1579.84   1578.22         0.10
 Jakarta                6299.539  6329.314        -0.47
 Kuala Lumpur           1615.67   1610.61         0.31
 Ho Chi Minh            965.03    963.51          0.16
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3222.44   3068.76         5.01
 Bangkok                1579.84   1563.88         1.02
 Jakarta                6299.539  6,194.50        1.70
 Kuala Lumpur           1615.67   1690.58         -4.43
 Ho Chi Minh            965.03    892.54          8.12
 


 (Reporting by Shruti Sonal; Editing by Rashmi Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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