* Singapore rises for the fourth straight day
* Philippines snaps three sessions of gains
* Thailand gains for sixth day
By Shreya Mariam Job
June 11 (Reuters) - Singapore stocks gained the most in the
Southeast Asian region on Tuesday, tracking broader Asian
shares, while Malaysian shares slipped into the red dragged by
utility stocks.
The reprieve from the U.S. calling off tariffs on Mexico
waned after China will respond firmly if the United States
insists on escalating trade tensions, the foreign ministry said
in response to President Donald Trump's threats of further
tariffs if no deal was reached at the G20 summit. Meanwhile, the region's biggest trade partner, China, took
further steps to support its economy stating it will allow local
governments to use proceeds from special bonds as capital for
major investment projects, in a bid to support the slowing
economy amid an escalating trade war with the United States.
This boosted investor sentiment sending MSCI's broadest
index of Asia-Pacific shares outside Japan .MIAPJ0000PUS 0.9%
higher.
Singapore stocks .STI rose to a near one-month closing
high with real estate and financial stocks boosting the index.
Real estate giant Capitaland Ltd CATL.SI rose as much as
3.3%, seeing its best session in over two months, after
announcing divestment of interests in three companies handling
malls in China for 2.96 billion Chinese yuan ($428.19 million),
through its unit and other associated companies. Shares of lenders Oversea-Chinese Banking Corp Ltd OCBC.SI
and United Overseas Bank Ltd UOBH.SI gained 0.8% and 0.6%,
respectively.
The Thai benchmark .SETI rose 0.3% to close higher for the
sixth straight day, boosted by a 1.7% rise in shares of Charoen
Pophpand Foods PCL CPF.BK and a 1.9% rise in shares of Gulf
Energy Development PCL GULF.BK .
The Indonesian index .JKSE reversed losses to end 0.3%
higher with healthcare and consumer stocks supporting the index.
Malaysian stocks .KLSE shed 0.3% with financials and
utilities counters dragging the index.
Malaysia's industrial production index rose 4.0% in April
from a year earlier, faster than the previous month, higher than
the 2.7% median estimate by nine economists surveyed by Reuters.
"We believe the BNM (Bank Negara Malaysia) will take comfort
in the latest data, which will enable them to leave policy on
hold for the rest of the year after their 25bp rate cut in May,"
an ING note said.
Shares of Tenaga Nasional Bhd TENA.KL shed 2.2%, while
Hong Leong Bank Bhd HLBB.KL dipped 1.3%.
The Philippine index .PSI erased early gains to close 0.2%
lower, snapping three sessions of gains, with loses concentrated
among industrial and financial stocks.
The country's April exports increased 0.4% from a year
earlier, while imports dipped 1.9%, bringing the trade deficit
to $3.50 billion. Shares of SM Investments Corp SM.PS fell 1.7%, while Bank
of the Philippine Islands BPI.PS dropped 1.4%.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3209.58 3188.11 0.67
Bangkok 1670.41 1664.73 0.34
Manila 8030.98 8045.39 -0.18
Jakarta 6305.992 6289.61 0.26
Kuala Lumpur 1651.2 1655.47 -0.26
Ho Chi Minh 962.07 962.9 -0.09
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3209.58 3068.76 4.59
Bangkok 1670.41 1563.88 6.81
Manila 8030.98 7,466.02 7.57
Jakarta 6305.992 6,194.50 1.80
Kuala Lumpur 1651.2 1690.58 -2.33
Ho Chi Minh 962.07 892.54 7.79
($1 = 6.9128 Chinese yuan renminbi)