* Singapore posts third straight gain
* Investors expect another rate cut in Philippines
* Thai hits near one-month closing high
By Shreya Mariam Job
Sept 5 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Philippines leading gains, as confirmation of
talks between Beijing and Washington spurred hopes of a
de-escalation in the trade war.
China and the United States agreed to hold high-level trade
talks in early October in Washington, amid fears that an
escalating trade war could trigger a global economic recession.
However, most of these markets pared some of their earlier
gains.
"The lift in risk sentiment appears mitigated by the concern
that the latest positive developments surrounding these macro
events (U.S.-China trade conflict, Brexit) may prove fleeting
and do not yet fully nullify these downside risks," Han Tan,
Market Analyst at FXTM said in a report.
Philippine stocks .PSI rose as investor hopes of a third
rate cut for the year were cemented by weak August inflation
data.
The country's consumer price index rose 1.7% in August from
a year earlier, the weakest pace in nearly three years.
Shares of casino operator Bloomberry resorts Corp BLOOM.PS
rose to an over two-week high after President Rodrigo Duterte
said on Wednesday that he was unwilling to ban gambling, as
China has called for, because of the harm that would do to the
country's economy. Thai stocks .SETI jumped 0.7% to a near one-month closing
high, with energy stocks contributing most of the gains.
Thailand's main stock exchange signed an agreement to
develop an energy trading platform as part of a plan to become
Southeast Asia's electricity trading hub. Shares of PTT PCL PTT.BK and PTT Exploration and
Production PCL PTTEP.BK gained 1.2% and 3.4%, respectively.
Indonesian stocks .JKSE gained 0.6% on the back of
consumer and financial stocks, with Astra International Tbk Pt
ASII.JK and Unilever Indonesia Tbk Pt UNVR.JK rising 3.1%
and 1%, respectively.
Singapore stocks .STI gained for the third consecutive
session, with industrials boosting gains. Jardine Strategic
Holdings Ltd JSH.SI and Jardine Matheson Holdings Ltd
JARD.SI gained 4.3% and 1%, respectively.
Meanwhile, Malaysian .KLSE and Vietnam stocks .VNI
dipped marginally.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3147.06 3130.57 0.53
Bangkok 1669.79 1658.64 0.67
Manila 7898.19 7840.86 0.73
Jakarta 6306.803 6269.664 0.59
Kuala Lumpur 1599.75 1599.89 -0.01
Ho Chi Minh 976.79 977.63 -0.09
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3147.06 3068.76 2.55
Bangkok 1669.79 1563.88 6.77
Manila 7898.19 7,466.02 5.79
Jakarta 6306.803 6,194.50 1.81
Kuala Lumpur 1599.75 1690.58 -5.37
Ho Chi Minh 976.79 892.54 9.44