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SE Asia Stocks-End firmer as China halves tariffs on some U.S. goods

Published 02/06/2020, 06:48 PM
Updated 02/06/2020, 06:56 PM
SE Asia Stocks-End firmer as China halves tariffs on some U.S. goods
JSH
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STEL
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JKSE
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KLSE
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STI
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SETI
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PSI
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SMPH
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SDGU
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* Further tariff cuts depend on bilateral developments,
China says
* The Philippine index surges as c.bank commits to 50 bps
cuts
* Singapore index hits highest close since Jan. 27

By Shruti Sonal
Feb 6 (Reuters) - Southeast Asian stocks closed firmer on
Thursday after China decided to slash tariffs on some U.S.
imports, offering relief to markets that were gripped by
slowdown worries amid the coronavirus outbreak.
Broader Asian markets clocked in strong gains on news that
China - the region's largest trading partner - plans to halve
additional tariffs levied against 1,717 U.S. goods last year,
even as it reiterated its aim to eventually scrap all tariffs
that had been levied during the trade war. Markets were already beginning to emerge from safe-haven
assets and bet on the virus being a short-term shock, even while
the human toll continues to grow.
Another 73 people on the Chinese mainland died from the
virus, the highest daily increase so far, bringing the total
death toll to 563, the country's health authority said on
Thursday. Trade-sensitive Singapore shares .STI climbed nearly 1% to
hit their highest close since Jan. 27, with index heavyweights
Jardine Strategic Holdings JSH.SI and Singapore
Telecommunications Ltd STEL.SI ending up 1.3% and 1.5%,
respectively.
Leading gains in the region, the Philippine index .PSI
ended 2.1% higher after the central bank governor said it was
prepared to loosen policy further to protect growth.
After the closing bell, the Bangko Sentral ng Pilipinas
trimmed its key interest rate to shield the economy from the
impact of the coronavirus.
Property developer SM Prime Holdings Inc SMPH.PS , the top
percentage gainer in the Philippine index, closed nearly 6%
firmer.
Elsewhere, Malaysian equities .KLSE climbed more than 1%
as a rally in palm oil prices boosted shares of the edible oil
producers, which have a heavy weightage on the benchmark. POI/
Sime Darby Plantation SIPL.KL , the world's largest oil
palm planter by land size, ended up nearly 1%.
Indonesian shares .JKSE , which rose up to 0.6% earlier in
the day, pared gains after the country's tourism minister
flagged a possible $4 billion hit in tourism-related earnings if
travel from China is disrupted for the whole year due to the
virus outbreak. Meanwhile, Thai equities .SETI gained marginally to end a
tick higher after the central bank signalled more room to help
economy if necessary, a day after cutting the benchmark policy
rate to a record low. Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Change on the day
Market Current Previous close Pct Move
Singapore 3231.55 3200.13 0.98
Bangkok 1535.79 1534.14 0.11
Manila 7506.51 7352.85 2.09
Jakarta 5987.145 5978.51 0.14
Kuala Lumpur 1552.77 1536.79 1.04
Ho Chi Minh 938.54 925.91 1.36

Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3231.55 3222.83 0.27
Bangkok 1535.79 1579.84 -2.79
Manila 7506.51 7,815.26 -3.95
Jakarta 5987.145 6,299.54 -4.96
Kuala Lumpur 1552.77 1588.76 -2.27
Ho Chi Minh 938.54 960.99 -2.34

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