September 6, 2019 / 4:18 AM / 2 months ago

SE Asia Stocks-Most rise on fresh trade-talk hopes; Philippines leads gains

    * Singapore set to post 1st weekly gain in 7
    * Higher oil prices boost Thai energy stocks
    * Vietnam only market in the red

    By Shreya Mariam Job
    Sept 6 (Reuters) - Most Southeast Asian stock markets
tracked global peers higher on Friday, with Philippines leading
gains, buoyed by optimism ahead of a fresh round of trade talks
between United States and China. 
    The fresh round of talks would be the first in-person,
high-level discussions since a failed U.S.-China trade meeting
at the end of July prompted U.S. President Donald Trump to
proceed with fresh tariffs on virtually all remaining Chinese
imports so far untouched by the trade war.
    "After rounds of tariff escalation, market has pared back
expectation accordingly where resumption of talks itself may be
good enough to spur risk appetite," a Mizuho Bank note said. 
    The trade optimism has sent MSCI's broadest index of
Asia-Pacific shares outside Japan up 0.2%,
putting it on track for its best week since mid-June, with the
positive sentiment spilling into regional markets as well.
    Philippine's benchmark index traded 0.6% higher to
lead gains in the region, boosted by real estate and industrial
stocks. But it was on track to post a weekly loss.
    Shares of Robinsons Land Corp and International
Container Terminal Services Inc gained 3.9% and 2.1%,
respectively. 
    The Singapore index rose 0.5% and is set to post a
near 2% weekly gain to snap six weeks of losses. 
    Financial stocks supported gains on the benchmark index with
shares of the city state's biggest lender DBS Group Holdings Ltd
 rising 0.6%, while its smaller banking peer
Oversea-Chinese Banking Corp rose 0.7%. 
    Thai stocks also climbed higher with energy stocks
PTT PCL and PTT Exploration and Production PCL
 gained 0.6% and 2.1%.     
    The rise in energy firms was brought on by higher oil
prices, with crude benchmarks poised for multi-week gains amid a
sharp drawdown in U.S. crude inventories.
    Meanwhile, the country plans a "relocation package" of
incentives to attract foreign companies looking to move
production from China, seeking to compete with Vietnam to woo
manufacturers looking to steer clear of the Sino-U.S. trade war.
    
    Financial and energy stocks drove the Indonesian benchmark
 0.3% higher with Bank Mandiri Tbk Pt rising
1.8% and coal miner Adaro Energy Tbk Pt rising 5.2% to
its highest since July 18. 
    The Malaysian index also inched marginally higher.
    Bucking the trend, Vietnam stocks edged slightly
lower with real estate and financial stocks weighing. The
country has been the top destination for firms that were
relocating from China to avoid the backlash of the trade war.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As at 0343 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3162.99   3147.06         0.51
 Bangkok                1676.6    1669.79         0.41
 Manila                 7946.6    7898.19         0.61
 Jakarta                6326.041  6306.803        0.31
 Kuala Lumpur           1603.32   1599.75         0.22
 Ho Chi Minh            976       976.79          -0.08
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3162.99   3068.76         3.07
 Bangkok                1676.6    1563.88         7.21
 Manila                 7946.6    7,466.02        6.44
 Jakarta                6326.041  6,194.50        2.12
 Kuala Lumpur           1603.32   1690.58         -5.16
 Ho Chi Minh            976       892.54          9.35
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below