* Philippines gains to near 1-month closing high
* Malaysia posts three-week closing high
* Thai July exports rise, current account surplus narrows
By Soumyajit Saha
Aug 30 (Reuters) - Southeast Asian stock markets rose on
Friday as signs that the United States and China are planning to
resume trade talks boosted risk appetite.
Both countries struck a reconciliatory note as news of trade
talks scheduled for September emerged on Thursday, while U.S.
President Donald Trump said he had calls with Chinese officials
planned later that day. China's foreign ministry though put the onus on the United
States to create favourable conditions for the talks, adding
that it hoped the latter would cancel the tariffs slated to
kick-off in two days.
"Markets anticipate the latest tariffs escalation to take a
pause despite little concrete progress being expected" before
the negotiations begin, Mizuho Bank said in a note to clients.
Philippine stocks .PSI advanced to their highest close in
nearly a month, helped by heavyweights such as SM Prime Holdings
SMPH.PS and BDO Unibank BDO.PS . The index rose 1.1% over the
week.
Chinese Premier Xi Jinping said on Thursday his country and
the Philippines could work towards the joint development of oil
and gas resources in the South China Sea if they can properly
handle their dispute over sovereignty. The comment came during a visit to Beijing by Philippine
President Rodrigo Duterte, amid a recent rise in tension on
several fronts, with Chinese vessels challenging energy assets
and the sea boundaries of Malaysia, Vietnam and the Philippines.
Banking stocks helped Malaysia's benchmark index .KLSE
rise to its highest close in nearly three weeks. The index
gained 0.2% for the week, but fell 1.4% during the month.
Malayan Banking Bhd MBBM.KL and CIMB Group Holdings Bhd
CIMB.KL gained 1.35% and 1.8%, respectively.
Malaysia's top two lenders on Thursday said they expected a
quarter point interest rate cut by the central bank this year.
Energy and banking stocks helped Thailand's benchmark index
.SETI close at its highest in over three weeks. However, the
index lost 3.4% this month.
Exports rose 3.8% in July from a year earlier after falling
2.1% in June, but the current account surplus narrowed to $1.77
billion after June's surplus of $3.92 billion. Indonesian shares .JKSE advanced 1.2% over the week, but
fell 1% during the month.
An index of Indonesia's 45 most liquid stocks .JKLQ45 was
up 1.4% on Friday.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3106.52 3081.83 0.80
Bangkok 1654.92 1639.14 0.96
Manila 7979.66 7892.81 1.10
Jakarta 6328.47 6289.119 0.63
Kuala Lumpur 1612.14 1595.18 1.06
Ho Chi Minh 984.06 978.59 0.56
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3106.52 3068.76 1.23
Bangkok 1654.92 1563.88 5.82
Manila 7979.66 7,466.02 6.88
Jakarta 6328.47 6,194.50 2.16
Kuala Lumpur 1612.14 1690.58 -4.64
Ho Chi Minh 984.06 892.54 10.25