* U.S., China "close to finalising" some parts of trade
agreement
* Thailand cuts 2019 economic growth forecast to 2.8%
* Philippines leads regional gains
By Sameer Manekar
Oct 28 (Reuters) - Most Southeast Asian stock markets edged
higher on Monday fuelled by hopes that a partial Sino-U.S. trade
deal was on track to be signed between Washington and Beijing in
November.
Officials from the United States and China said they were
"close to finalising" some parts of a trade agreement next month
after high-level telephone discussions on Friday. However, the unpredictable nature of developments during
trade talks in the past kept investors on edge.
"It's not the all-encompassing deal that would really sort
things out between the world's two biggest economies. But it is
a clear indication that – at least for the moment – hostilities
are in hiatus," Greg McKenna, strategist and founder at
Australia-based McKenna Macro, wrote in a note.
Focus this week will centre on the U.S. Federal Reserve
policy decision on Oct. 30, where a rate cut is expected,
according to a Reuters poll. Philippines stocks .PSI led gains in the region, adding
0.3%, with heavyweights BDO Unibank BDO.PS and Metropolitan
Bank and Trust MBT.PS advancing 2.8% and 3.1%, respectively.
Indonesia's benchmark index .JKSE rose 0.2%, recovering
from its biggest fall in over a month in the previous session.
Consumer firms were the biggest gainers on the index, with
Unilever Indonesia UNVR.JK and Tifico Fiber Indonesia
TFCO.JK rising 0.8% and 15.1%.
Thai stocks .SETI advanced 0.2%, recovering from a nearly
1% drop earlier in the session.
Thailand's finance ministry cut its 2019 economic growth
forecast to 2.8% from 3.0% projected in August, due mainly to
declining exports.
A senior commerce ministry official said Thailand will
pursue negotiations with the United States over its suspension
of duty-free preferences on imports of Thai goods, which could
lead to Thai exporters possibly incurring losses of up to 1.8
billion baht ($59.68 million) per year. Meanwhile, the country's largest industrial conglomerate
Siam Cement PCL SCC.BK gained 1.4%. The company announced
plans on Monday for the initial public offering of its packaging
unit. Singapore and Malaysia markets were closed for a holiday.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Bangkok 1596.48 1593.28 0.20
Manila 7946.53 7922.5 0.30
Jakarta 6265.384 6252.345 0.21
Ho Chi Minh 996.48 996.57 -0.01
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3185.53 3068.76 3.81
Bangkok 1596.48 1563.88 2.08
Manila 7946.53 7,466.02 6.44
Jakarta 6265.384 6,194.50 1.14
Kuala Lumpur 1570 1690.58 -7.13
Ho Chi Minh 996.48 892.54 11.65