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SE Asia Stocks-Most rise after report of tentative Sino-U.S. trade truce

Published 06/27/2019, 06:07 PM
Updated 06/27/2019, 06:10 PM
SE Asia Stocks-Most rise after report of tentative Sino-U.S. trade truce
STI
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DBSM
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JKSE
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SETI
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PSI
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BBCA
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TLKM
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ICT
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ADVANC
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PTTEP
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GAS
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VIC
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VNI
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* Singapore snaps three-day losing streak
* Vietnam falls near 2%
* Thai hits near 9-month closing high

By Shreya Mariam Job
June 27 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Singapore leading gains, boosted by news of a
tentative trade truce between the United States and China ahead
of a key meeting between the leaders of the two economies this
week.
Details of the agreement, which would halt the next round of
U.S. tariffs on an additional $300 billion of Chinese goods, are
being laid out in press releases and will be out as coordinated
press releases and not a joint statement, the South China
Morning post said citing sources. Singapore's benchmark .STI gained the most in the region,
to hit a near two-month closing high. It rose as much as 1%
during the day before ending 0.8% higher.
Industrials and financials stocks boosted the rally on the
index with DBS Group Holdings Ltd DBSM.SI , rising 1.4% and
Jardine Matheson Holdings gaining 1.5%.
The city-state has been hit the worst by the damaging
effects of the drawn-out Sino-U.S. trade war, especially since
negotiations faltered in May. With a high dependency on China,
the trade reliant economy would benefit by a trade truce.
The Indonesian benchmark .JKSE gained 0.7% with telecom
and financial stocks supporting the index.
Telekomunikasi Indonesia TLKM.JK and Bank Central Asia Tbk
Pt BBCA.JK recouped losses from the previous session with a
2.8% and 1.2% rise, respectively.
The Thai index .SETI gained as much as 0.8% to a near
nine-month high during the session before closing 0.6% higher,
buoyed by telecom and energy stocks.
Advanced Info Service PCL ADVANC.BK and PTT Exploration
and Production PCL PTTEP.BK added 3.9% and 1.5%, respectively.

Philippine stocks .PSI rose 0.6% with industrials
contributing most of the gains. SM Investments rose 2.6%, while
International Container Terminal Services Inc ICT.PS rose
1.7%.
Meanwhile, Vietnam stocks .VNI dropped 1.7% to their
lowest close since Feb. 12, with utilities and real estate
stocks dragging the index.
Petrovietnam Gas JSC GAS.HM slumped 6.4%, while Vingroup
JSC VIC.HM dipped 1.7%.
Vietnam has emerged as one of the largest beneficiaries of
the trade war between Beijing and Washington, as some businesses
are shifting their supply chains away from China in order to
avoid tariffs. Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3328.6 3301.25 0.83
Bangkok 1731.64 1722.21 0.55
Manila 8057.64 8013.57 0.55
Jakarta 6352.71 6310.489 0.67
Kuala Lumpur 1672.7 1674.49 -0.11
Ho Chi Minh 943.11 959.13 -1.67

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3328.6 3068.76 8.47
Bangkok 1731.64 1563.88 10.73
Manila 8057.64 7,466.02 7.92
Jakarta 6352.71 6,194.50 2.55
Kuala Lumpur 1672.7 1690.58 -1.06
Ho Chi Minh 943.11 892.54 5.67




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