* Singapore posts third straight gain
* Indonesia rises to near 1-1/2 month high
* Vietnam sole index in the red
By Shreya Mariam Job
Sept 11 (Reuters) - Southeast Asian stock markets rose on
Wednesday as China's announcement of exemptions on some U.S.
products from duties buoyed hopes of a thaw in a trade war that
has bruised global markets.
China announced exemptions for 16 types of U.S. products
from additional retaliatory duties, as trade negotiators from
the two countries prepare to meet this month to try to
de-escalate their protracted tariff row. Singapore stocks .STI surged 1.6% posting its third
straight gain supported by financials and real estate stocks.
Real estate stocks got a boost from the Housing &
Development Board (HDB) announcement https://www.hdb.gov.sg/cs/infoweb/press-release/more-affordable-and-accessible-homes-for-singaporeans
of enhanced Central Provident Fund (CPF) housing grant for more
affordable and accessible homes.
"The higher CPF grant and income ceiling will improve the
HDB resale and upgraders market. This is supportive for the
private residential mass market," said Paul Chew, head of
research at Phillip Securities Research.
Shares of Hongkong Land Holdings Ltd HKLD.SI and City
Developments Ltd CTDM.SI gained 3.7% and 2.4%, respectively.
"Any revival of property transaction volumes will be
supportive of mortgage loans which have been contracting in
Singapore," he added.
Shares of top lenders DBS Group Holdings DBSM.SI and
United Overseas Bank Ltd UOBH.SI rose 1.4% and 2.3%,
respectively.
Malaysian stocks .KLSE gained 0.4% after trading in a
tight range during the day, as government data showed the
industrial production index rising at its slowest in five years
in July, boosting hopes of monetary easing.
Malaysia's central bank is expected to keep its benchmark
interest rate unchanged at a policy review on Thursday, a
Reuters poll found, as it keeps room for potential easing later
should global growth fall sharply. Indonesian stocks .JKSE gained 0.7% closing at its highest
level since July 31, buoyed by financial and consumer stocks.
Astra International Tbk Pt ASII.JK rose 3.8% to a more
than one-month closing high. Shares of Bank central Asia Tbk Pt
BBCA.JK gained 0.7%.
Philippine stocks .PSI gained 0.5% on the back of real
estate and utility stocks.
Ayala Land Inc ALI.PS gained 2%, while Aboitiz Power Corp
AP.PS surged 2.4%.
Financial and material stocks drove the Thai benchmark index
.SETI 0.5% higher.
Vietnam stocks .VNI bucked the trend, easing marginally.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3204.52 3155.71 1.55
Bangkok 1674.03 1665.93 0.49
Manila 7967.9 7929.48 0.48
Jakarta 6381.954 6336.673 0.71
Kuala Lumpur 1602.3 1595.85 0.40
Ho Chi Minh 969.31 970.26 -0.10
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3204.52 3068.76 4.42
Bangkok 1674.03 1563.88 7.04
Manila 7967.9 7,466.02 6.72
Jakarta 6381.954 6,194.50 3.03
Kuala Lumpur 1602.3 1690.58 -5.22
Ho Chi Minh 969.31 892.54 8.60