January 7, 2019 / 10:05 AM / 7 months ago

SE Asia Stocks-Rise on trade talk progress, dovish Fed comments

    * Singapore leads gains with 1.4 pct rise
    * Indonesia hits over 8-month closing high

    By Niyati Shetty
    Jan 7 (Reuters) - Southeast Asian stock markets rose on
Monday, with Singapore marking a three-week closing high, as the
start of Sino-U.S. trade talks raised hopes that a deal would
alleviate concerns about slowing global economic growth.
    U.S officials are meeting their Chinese counterparts in
Beijing for trade negotiations starting later on Monday. This
comes a day after U.S. President Donald Trump said that trade
talks with China were going very well and that weakness in the
Chinese economy gave Beijing a reason to work toward a deal.

    "Any development when it comes to the trade talks will be a
positive factor for overall markets, especially for markets
which have been directly affected by the trade war," said Miguel
Ong, a research analyst with AP Securities.
    However, news of a U.S. navy ship sailing in the disputed
South China Sea earlier in the day marred signs of easing
relations between the world's top two economies.
    Meanwhile, U.S. Federal Reserve Chairman Jerome Powell on
Friday took a more accommodative stance and said the Fed was
aware of the risks to the U.S. economy and would be patient and
flexible in policy decisions, boosting market sentiment across
the globe.
    Singapore shares climbed 1.4 percent, rising for a
second straight session and leading the gains in the region.
    Financials were the top gainers with DBS Group Holdings Ltd
 and Oversea-Chinese Banking Corp Ltd rising
2 percent and 1.8 percent, respectively.
    Philippine stocks pared earlier gains to close 0.3
percent higher with the consumer sector seeing significant
gains. This came after data released on Friday showed the
smallest rise in the consumer price index in seven months in
    Universal Robina Corp rose 1.6 percent, while
fast-food franchise Jollibee Foods Corp climbed 4.5
percent, making it the best performer on the index.
    Thai stocks advanced 1.1 percent, buoyed by energy
companies PTT PCL and PTT Exploration and Production
    Optimism in the market stayed afloat even as Deputy Prime
Minister Somkid Jatusripitak said the economy faced uncertainty
ahead of elections scheduled for next month, adding that the
economy grew at least 4.0-4.2 percent last year.
    After a weaker-than-expected third quarter, the central bank
in December cut its 2018 growth forecast to 4.2 percent from 4.4
percent, and raised its key policy rate for the first time in
more than seven years.  
    Indonesian stocks hit a more than eight-month
closing high, while Vietnam shares ended 1 percent
For Asian Companies click;  

 Market                 Current   Previous close  Pct Move
 Singapore              3102.8    3059.23         1.42
 Bangkok                1592.72   1575.13         1.12
 Manila                 7787.66   7761.11         0.34
 Jakarta                6287.224  6274.54         0.20
 Kuala Lumpur           1679.17   1669.78         0.56
 Ho Chi Minh            889.64    880.9           0.99
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3102.8    3068.76         1.11
 Bangkok                1592.72   1563.88         1.84
 Manila                 7787.66   7,466.02        4.31
 Jakarta                6287.224  6,194.50        1.50
 Kuala Lumpur           1679.17   1690.58         -0.67
 Ho Chi Minh            889.64    892.54          -0.32
 (Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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