February 18, 2019 / 10:06 AM / 3 months ago

CORRECTED-SE Asia Stocks-Most end higher on trade talk progress; Indonesia leads

 (Corrects fourth paragraph to say DBS Group Holdings is
Singapore's biggest listed company, not second biggest)
    * Singapore hits over 4-month closing high
    * Indonesia, Vietnam rise over 1 percent 

    By Shreya Mariam Job
    Feb 18 (Reuters) - Most Southeast Asian stock markets closed
higher on Monday, with Indonesia leading the pack boosted by
gains in financial and telecom sector counters, as progress in
U.S.-China trade talks raised optimism among investors.
    The world's largest economies are to resume trade talks in
Washington this week with U.S. President Donald Trump hinting at
an extension to the March 1 deadline for a deal to prevent
further tariffs on Chinese goods. 
    The Indonesian index led the gains in the region and
ended up 1.7 percent, driven by financials and telecom stocks.
Bank Central Asia and Telekomunikasi Indonesia
 firmed 2.2 percent and 3.6 percent, respectively.
    Singapore's benchmark rose 0.8 percent to an over
four-month closing high, bolstered by gains in the country's
biggest listed company DBS Group Holdings.
    Shares of the biggest lender in Southeast Asia rose 1.7
percent after the it reported a record annual profit and an 8
percent rise in quarterly profit.
    Other financial stocks also gained, with Oversea-Chinese
Banking Corp and United Overseas Bank rising
1.7 percent and 0.7 percent, respectively.
    Investors also awaited supportive measures for the economy
from the budget speech.
    "The government's budget...will likely need to incorporate
some offsetting measures to stimulate the domestic economy in
the face of mounting external weakness," a note from ING said. 
    Finance Minister Heng Swee Keat in an annual budget speech
announced an introduction of S$1.1 billion ($811.15
million)bicentennial bonus for Singaporeans. 
    The benchmark, however, seemed largely unaffected by the
larger-than-expected decline in January non-oil domestic
exports.    
    Real estate and utility stocks pushed the Vietnam benchmark
index more than 1 percent higher, with  Petrovietnam Gas
JSC  rising 3.4 percent and Vingroup JSC 
advancing 1.5 percent. 
    Philippine stocks rose 0.8 percent boosted by
industrial stocks with JG Summit Holdings Inc
strengthening 7.8 percent, while San Miguel Corp gained
7.1 percent.
    The Thai index, however, ended about 0.1 percent
down, dragged by industrials and healthcare stocks.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS 
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3265.97   3239.74         0.81
 Bangkok                1635.71   1636.94         -0.08
 Manila                 7971.33   7908.89         0.79
 Jakarta                6497.815  6389.085        1.70
 Kuala Lumpur           1692.74   1688.83         0.23
 Ho Chi Minh            961.3     950.89          1.09
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3265.97   3068.76         6.43
 Bangkok                1635.71   1563.88         4.59
 Manila                 7971.33   7,466.02        6.77
 Jakarta                6497.815  6,194.50        4.90
 Kuala Lumpur           1692.74   1690.58         0.13
 Ho Chi Minh            961.3     892.54          7.70
                                                  
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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