February 20, 2019 / 4:15 AM / 3 months ago

SE Asia Stocks-Rise on deadline extension hopes; Philippines leads gains

    * High-level Sino-U.S. follow-up sessions later in the week
    * Singapore rises to over six-month high
    * Philippines gains over 1 percent

    By Shreya Mariam Job
    Feb 20 (Reuters) - Southeast Asian stock markets rose on
Wednesday, with Philippines leading the gains, as hopes for an
extension to the March 1 deadline for a deal between Washington
and Beijing were boosted by U.S. President's comments amid a
fresh bout of talks. 
    U.S. President Donald Trump on Tuesday suggested that he was
open to pushing off the trade deal deadline to complete
negotiations.  
    U.S. tariffs on $200 billion worth of imports from China,
Southeast Asia's largest trading partner, are currently
scheduled to rise to 25 percent from 10 percent if no trade deal
is reached by March 1.
    Leading the gains in the regional market, Philippine stocks
 rebounded from the previous session's losses to jump 1.2
percent on the back of industrial stocks. 
    SM Prime Holdings Inc gained as much as 2.5
percent, while Universal Robina Corp firmed up to 5.3
percent.
    "We expect the market to recover today as we think the
selling on Ayala Land, SM Prime Holdings and BDO Unibank
yesterday was overdone. Further, recent news flows, particularly
earnings results, have been generally positive," RCBC securities
said in a note.
    Meanwhile, deputy governor of the Philippine central bank
Diwa Guinigundo said on Tuesday it will act swiftly if it judges
there is not enough liquidity in the financial system to
maintain economic momentum, with economists expecting some form
of monetary easing.
    Malaysian shares extended gains into a third straight
session, helped by telecom and material stocks. 
    Maxis Bhd snapped a three-day losing spree to
advance as much as 3.1 percent. 
    Malaysia's Petronas Chemicals Group Bhd rose up to
3.5 percent after Spanish oil and gas firm Repsol said
the company with its partners - Petronas and MOECO - discovered
gas resources estimated at at least 2 trillion cubic feet, the
largest gas discovery in Indonesia in the past 18 years.

    Singapore stocks climbed to their highest in more
than six months, boosted by utilities and telecom stocks.
    Shares of Capitaland Ltd rose as much as 1.5
percent after reporting a 71.2 percent surge in fourth-quarter
profit and declaring a dividend of 12 cents per share.
    
    Indonesian shares rose 0.2 percent, driven mostly by
financial stocks, while the Vietnam index climbed 0.5
percent, helped by gains in the real estate sector. 
    The Thai index resumed trade after a holiday to edge
marginally higher, lifted by industrials and materials.
     
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As At 0357 GMT
    
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3269.89  3259.8          0.31
 Bangkok                1637.59  1635.71         0.11
 Manila                 7926.41  7833.75         1.18
 Jakarta                6509.85  6494.667        0.23
 Kuala Lumpur           1720.84  1706.56         0.84
 Ho Chi Minh            969      964.35          0.48
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3269.89  3068.76         6.55
 Bangkok                1637.59  1563.88         4.71
 Manila                 7926.41  7,466.02        6.17
 Jakarta                6509.85  6,194.50        5.09
 Kuala Lumpur           1720.84  1690.58         1.79
 Ho Chi Minh            969      892.54          8.57
                                                 
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Sherry
Jacob-Phillips)
  
Nuestros Estándares:Los principios Thomson Reuters
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