August 27, 2019 / 4:46 AM / a month ago

SE Asia Stocks-Most gain on trade truce hopes; Philippines drops

    * Donald Trump signalled a possible reconciliation with
China
    * Philippines touches a nearly two-week low
    * Industrial stocks help Singapore index gain

    By Soumyajit Saha
    Aug 27 (Reuters) - Most Southeast Asian stocks edged higher
on Tuesday as Washington and Beijing struck a conciliatory tone,
calming markets that roiled after a fresh round of trade
tariffs, while Philippines dropped in catch-up trade.
    Supporting the market mood, U.S. President Donald Trump on
Monday hailed positive gestures from China as signs of an
imminent trade deal. China's top trade negotiator and Vice
Premier Liu He also called for "calm" negotiations to resolve
the dispute.
    Indonesian stocks recovered from previous session's
losses to touch a nearly two-week high, underpinned by
financials. 
    Lender Bank Rakyat Indonesia (Persero) rose 1.2%,
while investment holding Sinar Mas Multiartha surged
as much as 19.9%.
    Equity markets may have found traction for now but the
longer-term outlook for risk assets, buffeted repeatedly by
trade concerns, remained shaky. 
    "Whether to hang on or hang up, on the breath of relief
(more than optimism) from the "call" may be irrelevant once the
next Twitter feed comes through," Mizuho Bank said in a note to
clients. 
    "The bigger picture is that deep-seated issues are unlikely
to be resolved on the flick of a switch or tweet," the note
added.
    Philippine shares, which resumed trading after a
holiday, dived over 2% to touch their lowest in almost two
weeks. 
    Real estate company Ayala Land was down 2.5%, while
lender BDO Unibank lost 2.2%.
    The lack of positive catalysts in the Philippine market,
coupled with negative sentiments in the property sector after
China's plans to curb the Philippine offshore gaming operations
were partly behind the downturn in the benchmark, said Rachelle
Cruz, research analyst, AP Securities.
    Singapore's benchmark index also advanced, lifted by
conglomerates Jardine Matheson Holdings and Jardine
Strategic Holdings that climbed 2% and 0.4%,
respectively.
    Vietnam shares traded higher, with heavyweights
Vingroup JSC hitting its highest in nearly a week, and
Vinhomes JSC gaining 0.8%.
    The Thai benchmark index flitted between positive
and negative territory, as gains in energy and industrial
sectors offset losses in telco stocks.
    Meanwhile, Thailand's manufacturing production index (MPI)
in July dropped 3.23% from a year earlier, a greater fall than
expected, dragged down by lower production of cars, petroleum
and steel. 

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0430 GMT
 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3071.6    3065.33         0.20
 Bangkok                1623.9    1622.73         0.07
 Manila                 7761.54   7889.41         -1.62
 Jakarta                6260.216  6214.51         0.74
 Kuala Lumpur           1597.19   1600.53         -0.21
 Ho Chi Minh            985.75    982.88          0.29
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3071.6    3068.76         0.09
 Bangkok                1623.9    1563.88         3.84
 Manila                 7761.54   7,466.02        3.96
 Jakarta                6260.216  6,194.50        1.06
 Kuala Lumpur           1597.19   1690.58         -5.52
 Ho Chi Minh            985.75    892.54          10.44
 
 (Reporting by Soumyajit Saha, Editing by Sherry Jacob-Phillips)
  
Nuestros Estándares:Los principios Thomson Reuters
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