October 28, 2019 / 10:15 AM / 3 months ago

SE Asia Stocks-Most tick up on trade deal hopes, Philippines gains most

    * U.S., China "close to finalising" some parts of trade
    * Thailand cuts 2019 economic growth forecast to 2.8% 
    * Philippines leads regional gains 

    By Sameer Manekar
    Oct 28 (Reuters) - Most Southeast Asian stock markets edged
higher on Monday fuelled by hopes that a partial Sino-U.S. trade
deal was on track to be signed between Washington and Beijing in
    Officials from the United States and China said they were
"close to finalising" some parts of a trade agreement next month
after high-level telephone discussions on Friday.
    However, the unpredictable nature of developments during
trade talks in the past kept investors on edge. 
    "It’s not the all-encompassing deal that would really sort
things out between the world’s two biggest economies. But it is
a clear indication that – at least for the moment – hostilities
are in hiatus,"  Greg McKenna, strategist and founder at
Australia-based McKenna Macro, wrote in a note.  
    Focus this week will centre on the U.S. Federal Reserve
policy decision on Oct. 30, where a rate cut is expected,
according to a Reuters poll.
    Philippines stocks led gains in the region, adding
0.3%, with heavyweights BDO Unibank and Metropolitan
Bank and Trust advancing 2.8% and 3.1%, respectively.
    Indonesia's benchmark index rose 0.2%, recovering
from its biggest fall in over a month in the previous session.
    Consumer firms were the biggest gainers on the index, with
Unilever Indonesia and Tifico Fiber Indonesia
 rising 0.8% and 15.1%.     
    Thai stocks advanced 0.2%, recovering from a nearly
1% drop earlier in the session.
    Thailand's finance ministry cut its 2019 economic growth
forecast to 2.8% from 3.0% projected in August, due mainly to
declining exports. 
    A senior commerce ministry official said Thailand will
pursue negotiations with the United States over its suspension
of duty-free preferences on imports of Thai goods, which could
lead to Thai exporters possibly incurring losses of up to 1.8
billion baht ($59.68 million) per year.
    Meanwhile, the country's largest industrial conglomerate
Siam Cement PCL gained 1.4%. The company announced
plans on Monday for the initial public offering of its packaging
    Singapore and Malaysia markets were closed for a holiday.

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 Market                 Current   Previous close  Pct Move
 Bangkok                1596.48   1593.28         0.20
 Manila                 7946.53   7922.5          0.30
 Jakarta                6265.384  6252.345        0.21
 Ho Chi Minh            996.48    996.57          -0.01
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3185.53   3068.76         3.81
 Bangkok                1596.48   1563.88         2.08
 Manila                 7946.53   7,466.02        6.44
 Jakarta                6265.384  6,194.50        1.14
 Kuala Lumpur           1570      1690.58         -7.13
 Ho Chi Minh            996.48    892.54          11.65

 (Reporting by Sameer Manekar in Bengaluru)
Nuestros Estándares:Los principios Thomson Reuters
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