* Markets await Fed cut; 25-bp cut expected
* "Ahead of schedule" on China trade deal, Trump says
* Thai Sept factory output worse than forecast
By Sameer Manekar
Oct 29 (Reuters) - Most Southeast Asian stock markets
finished higher on Tuesday, with Philippines leading gains, amid
hopes of progress in the Sino-U.S. trade talks and a third rate
cut by the Federal Reserve later this week.
U.S. President Donald Trump said on Monday he expected to
sign a significant part of a trade deal with China "ahead of
schedule," with the signing planned during a summit in Chile
next month. Trump's statements follow remarks by U.S. and Chinese
officials last week, saying the two sides were "close to
finalising" parts of a trade deal.
Further boosting the sentiment was the U.S. Trade
Representative's consideration of extension of tariff
suspensions on $34 billion of Chinese goods, which is set to
expire on Dec. 28. The United States Federal Reserve is expected to cut
interest rates for the third time this year in its two-day
policy meeting beginning Tuesday. "With easing trade tensions, and better-than-expected
results, so far, confidence is building up in the market. And
with the rate cut expected from the U.S. Federal Reserve, there
is a confluence of factors that is adding to the positive
sentiments," said Joel Ng, analyst at KGI securities.
Leading the gains in the region, the Philippine index .PSI
gained 0.6% on the back of financials.
Index heavyweight SM Prime Holdings SMPH.PS and
Metropolitan Bank and Trust MBT.PS rose 2.4% and 1%,
respecitvely.
Financials and consumer sector lifted the Malaysian
benchmark .KLSE , which gained 0.5%. RHB Bank RHBC.KL gained
2.9% while Sime Darby Plantation SIPL.KL added 2.3%.
Singapore shares .STI closed 0.4% up, after hitting their
highest in nearly three months earlier in the day.
Index heavyweights Jardine Matheson Holdings JARD.SI and
Jardine Strategic Holdings JSH.SI added 3.6% each, while a
2.4% rise in Singapore Exchange Ltd SGXL.SI lifted the
financial sectors.
Thai stocks .SETI swung between positive and negative
territory during the session before finishing 0.3% lower amid
contracting factory output in September and a lower growth
forecast by the finance ministry.
Data by industry ministry showed Thailand's September
factory output coming in worse-than-expected, falling 4.7%
annually as compared to a 4.4% contraction in August.
On Monday, the finance ministry cut Thailand's 2019 economic
growth forecast to 2.8%, and said it expects exports to decline
2.5%. This comes after the United States suspended duty-free
trade treatment of Thai imports worth $1.3 billion on Friday.
Utilities and financials firms lost the most, with Global
Power Synergy PCL GPSC.BK and Kasikornbank PCL KBANK.BK
losing 8.2% and 3.7%, respectively.
Indonesian stocks .JKSE gained 0.25%, rising for a second
straight session.
Materials and communication firms were among the top
performers with state-owned Telekomunikasi Indonesia TLKM.JK
rising 1.6% and Indah Kiat Pulp & Paper INKP.JK gained 4.8%.
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SOUTHEAST ASIAN STOCK MARKETS
c
Market Current Previous close Pct Move
Singapore 3197.04 3185.53 0.36
Bangkok 1591.21 1596.48 -0.33
Manila 7991.19 7946.53 0.56
Jakarta 6281.138 6265.384 0.25
Kuala Lumpur 1577.79 1570 0.50
Ho Chi Minh 995.87 996.48 -0.06
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3197.04 3068.76 4.18
Bangkok 1591.21 1563.88 1.75
Manila 7991.19 7,466.02 7.03
Jakarta 6281.138 6,194.50 1.40
Kuala Lumpur 1577.79 1690.58 -6.67
Ho Chi Minh 995.87 892.54 11.58