* Singapore on track for a third straight gain
* Philippines' August inflation below forecast
* Thai index hits nearly one-month high
By Shreya Mariam Job
Sept 5 (Reuters) - Southeast Asian stock markets rose on
Thursday after China confirmed it would hold high-level trade
talks with the United States in early October, buoying investor
hopes of a de-escalation in the festering trade dispute.
China's Commerce Ministry said its trade team will consult
with their U.S. counterparts in mid-September in preparation for
negotiations in early October, hinting at progress in reducing
trade friction. Broader Asian shares traded higher with MSCI's broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up
0.8%.
Investors welcomed signs that plans to resolve the trade row
were making headway, with a trade-dependent Thailand being the
biggest gainer in the Southeast Asian region.
The Thai index .SETI advanced to its highest in nearly a
month. The country's main stock exchange had signed an agreement
to develop an energy trading platform as part of a plan to
become Southeast Asia's electricity trading hub. Top energy stocks PTT PCL PTTEP.BK and PTT Exploration and
Production PTTEP.BK gained 1.7% and 3.4%, respectively.
Progress on the trade front also sparked a rally in
Singapore, with the benchmark index .STI on track for a third
straight session of gains. Shares of Jardine Strategic Holdings
JSH.SI climbed 0.9%, while those of United Overseas Bank Ltd
UOBH.SI rose 1.2%.
The city-state's economy has been one among the hardest hit
by the protracted trade war, with economists surveyed by the
Monetary Authority of Singapore slashing their economic growth
forecast from a rise of 2.1% in the June survey to a 0.6%
increase. Philippine stocks .PSI gained 0.6% after a slowing
inflation cemented expectations of a third interest rate cut
this year.
The country's consumer price index rose 1.7% in August from
a year earlier, the weakest pace in nearly three years and below
the 1.8% forecast in a Reuters poll. "With inflation benign and two straight downside surprises
to GDP growth, we also expect the Bangko Sentral ng Pilipinas
(BSP) to cut its policy rate by a further 25bps in Q4 this
year," ANZ said in a note to clients.
Shares of Ayala Corp AC.PS rose 1.2%, while those of real
estate firm Megaworld Corp MEG.PS advanced 3.6%.
Consumer and financial stocks boosted the Indonesian
benchmark index .JKSE , with Astra International Tbk Pt
ASII.JK and Bank Mandiri Tbk Pt BMRI.JK gaining over 1%
each.
Vietnam stocks .VNI also edged higher, backed by financial
and real estate shares.
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SOUTHEAST ASIAN STOCK MARKETS As at 0342 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3150.25 3130.57 0.63
Bangkok 1670.49 1658.64 0.71
Manila 7888.05 7840.86 0.60
Jakarta 6296.734 6269.664 0.43
Kuala Lumpur 1601.95 1599.89 0.13
Ho Chi Minh 979.2 977.63 0.16
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3150.25 3068.76 2.66
Bangkok 1670.49 1563.88 6.82
Manila 7888.05 7,466.02 5.65
Jakarta 6296.734 6,194.50 1.65
Kuala Lumpur 1601.95 1690.58 -5.24
Ho Chi Minh 979.2 892.54 9.71