* Possibility of govt stimulus helps Thailand
* Singapore posts 1-week closing high
* Philippines rises on utility, industrial stocks
By Soumyajit Saha
Aug 29 (Reuters) - Southeast Asian stock markets closed
higher on Thursday, with Thailand leading the gains, as China's
comment it is discussing the next round of trade talks with
Washington lifted investor mood.
China's commerce ministry struck a conciliatory note and
called for the creation of favourable conditions for trade
talks, adding that Beijing was hopeful the United States would
cancel some of the proposed tariffs. "There has been a lot of negativity in the market recently,
so this development (China's comments) will definitely be seen
as a positive sign," said Joel Ng, an equity research analyst
with KGI Securities.
Thai shares .SETI gained 1.4%, helped by financial and
energy stocks. Oil and gas explorer PTT Pcl PTT.BK rose 5.5%
after a Bloomberg report that the company was exploring
partnerships with countries in the Middle East to help meet the
country's energy demand, while lender Kasikornbank KBANK.BK
gained 1.6%. "Today's positivity is also partly from the possibility of
more government stimulus, or at least of a cushion against the
downsides coming our way, based on yesterday's headlines," said
Maria Lapiz, managing director of institutional research at
Maybank Kim Eng.
The finance ministry has enough fiscal space available for
additional stimulus measures if needed, the Bangkok Post quoted
the finance minister as saying.
"It is also the second day of the Thailand Focus meet, so
I'm speculating some positivity from that too," Maria said.
Banking and industrial stocks helped Singapore's benchmark
index .STI close at its highest in a week. Lender United
Overseas Bank UOBH.SI gained 1.5%, while conglomerate Jardine
Matheson Holdings JARD.SI advanced 1.1%.
"The dividend yield levels for some of the big banks are
encouraging investors to come in," Joel said.
Philippine stocks .PSI climbed 0.6%, helped by the utility
and industrial sectors, after rallying over 1% on Wednesday.
Indonesian stocks .JKSE edged higher, aided by the
resources and financial sectors.
After market hours, the finance minister revised down the
economic growth outlook for 2019 to 5.08% from 5.2%.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3081.83 3056.47 0.83
Bangkok 1639.14 1616.93 1.37
Manila 7892.81 7847.5 0.58
Jakarta 6289.119 6281.646 0.12
Kuala Lumpur 1595.18 1589.82 0.34
Ho Chi Minh 978.59 977.26 0.14
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3081.83 3068.76 0.43
Bangkok 1639.14 1563.88 4.81
Manila 7892.81 7,466.02 5.72
Jakarta 6289.119 6,194.50 1.53
Kuala Lumpur 1595.18 1690.58 -5.64
Ho Chi Minh 978.59 892.54 9.64