* Philippine index hits 1-week closing high
* Singapore flat as Nov core inflation rate remains
unchanged
* Malaysian shares close at highest level since Aug. 9
By Shruti Sonal
Dec 23 (Reuters) - Southeast Asian markets ended higher on
Monday in thin trading ahead of year-end holidays, with
Philippines leading gains, amid lingering optimism about the
Sino-U.S. trade deal.
U.S. President Donald Trump said on Saturday Washington and
Beijing had "achieved a breakthrough on the trade deal" and
would "very shortly" sign it. Meanwhile, China said it will lower tariffs on products
ranging from frozen pork and avocado to some type of
semiconductors next year, as it looks to boost imports amid a
slowing economy. Improving Sino-U.S. relations has resulted in more
constructive global outlook, Singapore-based brokerage Phillip
Futures said in a note.
"With increasing justification hinting towards possible
positive turning of the fundamentals, it is likely to act as a
catalyst to keep global indices buoyant," the note added.
Leading gains in the region, the Philippine index .PSI
ended higher for a second straight session. It rose 1.3% to its
highest closing level since Dec. 16, lifted by utilities and
consumer stocks.
Universal Robina Corp URC.PS and Metro Pacific Investments
Corp MPI.PS were the top percentage gainers on the index.
The Philippine financial markets will remain closed on Dec.
24-25 for Christmas holidays.
Thai stocks .SETI erased most of their early gains and
ended nearly flat, as hopes of further monetary easing was
capped as Bank of Thailand Governor Veerathai Santiprabhob
raised concerns about the economy. The benchmark had hit its
highest since Dec. 13 earlier in the day. In addition, data showed that Southeast Asia's
second-largest economy recorded a trade surplus of $0.55 billion
in November, compared with a Reuters forecast of a $0.19 billion
deficit. The Malaysian benchmark .KLSE pared early losses and
closed at its highest level since Aug. 9, lifted by industrials
and utilities.
Tenaga Nasional Bhd TENA.KL and Malaysia Airports Holdings
Bhd MAHB.KL were up over 1.2% and 1.9%, respectively.
Meanwhile, Petronas Gas PGAS.KL and Petronas Chemicals
Group PCGB.KL dropped as much as 3.5% and 2.6%, respectively,
after Thailand called off a plan for its state-run power
producer to import up to 1.5 million tonnes of LNG per annum
from Petronas. Trade-sensitive Singapore shares .STI ended slightly
higher, as the city-state's core inflation rate for November
remained unchanged. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3214 3212.39 0.05
Bangkok 1573.57 1572.92 0.04
Manila 7872.6 7773.12 1.28
Jakarta 6305.91 6284.372 0.34
Kuala Lumpur 1614.18 1610.18 0.25
Ho Chi Minh 959.43 956.41 0.32
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3214 3068.76 4.73
Bangkok 1573.57 1563.88 0.62
Manila 7872.6 7,466.02 5.45
Jakarta 6305.91 6,194.50 1.80
Kuala Lumpur 1614.18 1690.58 -4.52
Ho Chi Minh 959.43 892.54 7.49