* Indonesia rises for eighth straight session
* Singapore's Keppel Corp sees best day in over 21 years
* Philippines hits highest in over 5 weeks
By Sameer Manekar
Oct 22 (Reuters) - Southeast Asian stock markets ended
higher on Tuesday, with Philippines leading gains, as hopes of a
resolution in the long drawn Sino-U.S. trade dispute revived
investor spending.
U.S. President Donald Trump struck an optimistic tone on a
trade deal with China on Monday, while White House adviser Larry
Kudlow said tariffs on Chinese goods scheduled for December
could be withdrawn if talks go well. Following suit, China's Vice Foreign Minister Le Yucheng
said on Tuesday that the world's two biggest economies have
achieved some progress in their negotiations. The Philippine bourse .PSI closed at over a five-week
high, supported by gains in financial and industrial firms.
The national government reported https:// a
39.01% annual rise in its September spending, fastest in the
year so far, with a 16.89% gain in revenue collections.
"The impressive performance on both fronts gives hope for a
6% growth chase towards the end of the year," ING said in a
note. "A resurgence in government spending coupled with still
robust and potent household spending will look to carry the load
for third quarter GDP growth."
Conglomerates JG Summit Holdings JGS.PS and SM Investments
Corp SM.PS added 2.7% and 0.9%, respectively.
Singapore's benchmark index .STI closed at its highest in
over a month, boosted by a 14.4% rise in Keppel Corp KPLM.SI ,
following state-owned investor Temasek's bid to buy control of
Keppel in a S$4.1 billion ($3.01 billion) deal. Real estate firm Hongkong Land Holdings HKLD.SI and UOL
Group UTOS.SI gained 2.2% and 1.7%, respectively.
Thai stocks .SETI rose 0.7%, lifted by utilities and
energy firms.
Thailand cabinet approved an additional stimulus package
valued at 5.8 billion baht ($191.36 million), its finance
minister said, as it seeks to shore up a flagging economy.
Srisawad Finance PCL BFIT.BK was the top gainer on the
index, gaining 17% after posting upbeat quarterly results on
Tuesday, while electricity generator Gulf Energy Development
GULF.BK rose 2.9%, closing at a record high.
Indonesian stocks .JKSE gained for an eighth consecutive
session, hitting a near one-month high, while investors awaited
central bank's policy decision later in the week.
Bank Indonesia on Thursday is expected to cut its benchmark
rate for the fourth straight month at its meeting on Thursday,
according to a Reuters poll. Unilever Indonesia UNVR.JK and Bank Central Asia BBCA.JK
advanced 1.2% and 1.3%, respectively.
Malaysian stocks .KLSE gained 0.2% in last minute trading,
with Hong Leong Financial Group HLCB.KL rising 4.3%.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3160.67 3139.15 0.69
Bangkok 1631.46 1620.78 0.66
Manila 7955.24 7891.13 0.81
Jakarta 6225.497 6198.987 0.43
Kuala Lumpur 1574.09 1570.93 0.20
Ho Chi Minh 987.19 983.56 0.37
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3160.67 3068.76 3.00
Bangkok 1631.46 1563.88 4.32
Manila 7955.24 7,466.02 6.55
Jakarta 6225.497 6,194.50 0.50
Kuala Lumpur 1574.09 1690.58 -6.89
Ho Chi Minh 987.19 892.54 10.60
($1 = 1.3614 Singapore dollars)