November 22, 2019 / 10:14 AM / 17 days ago

SE Asia Stocks-Most bounce back after Chinese President's comments revive trade deal hopes

    * Singapore snaps 3-session losing streak, rises over 1%
    * Philippines recovers from a 6-week low earlier in the day
    * Vietnam slips 1%, closes at over 2-month low

    By Arundhati Dutta
    Nov 22 (Reuters) - Most Southeast Asian stock markets shed
early losses to close higher on Friday, with Singapore leading
the pack after Chinese President Xi Jinping revived hopes of
reaching an interim trade deal with the United States.
    Investor sentiment turned after Xi said China wants to work
out an initial deal and has been working actively to avoid a
trade war.
    However, hopes were held in check as U.S. President Donald
Trump is soon expected to sign the bills backing pro-democracy
Hong Kong protesters into law, stoking fears that the already
fragile Sino-U.S. ties may worsen.
    "Thankfully, China appears to be blaming Congress, and not
President Trump and his coterie, for the Hong Kong Law. After
some initial grumbling, China prefers to concentrate on the more
significant issues at hand," Jeffrey Halley, senior market
analyst at Asia Pacific OANDA, wrote in a note.
    Trade-sensitive Singapore equities rebounded from an
over 1% tumble in the previous session to end 1.1% higher.
Conglomerate Jardine Matheson Holdings tacked on 2.5%
while Jardine Strategic Holdings rose 1.7%. 
    Philippines markets, which had fallen as much as 1.4%
earlier in the day to hit a six-week low, recovered in late
trade to close flat.
    Thai shares advanced 0.4%, lifted by financials.
Lenders Siam Commercial Bank and Kasikornbank
 gained 0.9% and 2.3%, respectively. 
    Malaysian stocks added 0.3%, with index heavyweight
and electricity retailer Tenaga Nasional rising 0.7%. 
    However, the Vietnamese index closed at its lowest
level in over two months and logged its biggest weekly drop in
nearly a year. 
    Joint Stock Commercial Bank for Foreign Trade of Vietnam
 and Joint Stock Commercial Bank for Investment and
Development of Vietnam lost 2.3% and 2.4%,
respectively. 


    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3225.65   3192.21         1.05
 Bangkok                1597.72   1591.86         0.37
 Manila                 7824.59   7818.89         0.07
 Jakarta                6100.242  6117.364        -0.28
 Kuala Lumpur           1596.84   1592.19         0.29
 Ho Chi Minh            977.78    987.89          -1.02
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3225.65   3068.76         5.11
 Bangkok                1597.72   1563.88         2.16
 Manila                 7824.59   7,466.02        4.80
 Jakarta                6100.242  6,194.50        -1.52
 Kuala Lumpur           1596.84   1690.58         -5.54
 Ho Chi Minh            977.78    892.54          9.55
 

 (Reporting by Arundhati Dutta; Editing by Shailesh Kuber)
  
Nuestros Estándares:Los principios Thomson Reuters
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