June 28, 2019 / 4:19 AM / 3 months ago

SE Asia Stocks-Investors bide time ahead of Trump-Xi meeting

    * Indonesia set to snap three quarterly gains
    * Philippines up for fourth straight quarter

    By Shreya Mariam Job
    June 28 (Reuters) - Most Southeast Asian stock markets
traded in a tight range on Friday as investors laid off heavy
bets on the last day of the quarter and ahead of a key trade
meeting between leaders of the world's top two economies.
    U.S. President Donald Trump has agreed to no preconditions
for his high-stakes meeting with Chinese President Xi Jinping on
the sidelines of the G20 summit this weekend and is maintaining
his threat to impose new tariffs on Chinese goods, White House
economic adviser Larry Kudlow said on Thursday.
    This comes after the South China Morning Post reported on
Thursday, citing sources, that Washington and Beijing had agreed
to a tentative truce in their trade dispute that would delay new
U.S. tariffs.
    "For now, we are reduced to headline-watching ahead of the
Xi-Trump meeting, with markets reactive to stray reports on
purported Xi-Trump outcomes," OCBC said in a note.
    Philippine shares were the top losers in Southeast
Asia, dragged by industrials, but were headed for a fourth
straight quarterly gain.
    SM Investment Corp shed 1.5% on Friday, while JG
Summit Holdings Inc dropped 1.9%. 
    Singapore stocks edged lower after a near 1% jump in
the previous session, as the central bank considers cutting its
economic growth forecast for the year.
    Recent economic indicators suggest year-on-year economic
growth could be weaker in the second quarter than a decade-low
1.2% achieved in the first quarter due to a global slowdown
partly caused by trade tensions, central bank chief Ravi Menon
said.
    Jardine Matheson Holdings Ltd and Hongkong Land
Holdings Ltd dropped 1.2% and 1.1%, respectively.
    Vietnam shares traded little changed, but were set
for a third consecutive monthly drop.
    Data released earlier showed Vietnam likely posted a trade
surplus of $400 million in June, compared to a $1.3 billion
deficit in May.
    Consumer prices rose 2.16% in June from a year earlier, and
gross domestic product grew 6.71% in the second quarter, slower
than an expansion of 6.82% in the first quarter.
     
    Petrovietnam Gas JSC gained 3.8%, while Saigon Beer
Alcohol Beverage Corp rose 0.2%.
    Indonesian stocks inched higher with financials
supporting the gains, but were headed for their first quarterly
fall in four. 
    Bank Central Asia Tbk Pt and Bank Negara Indonesia
Tbk Pt climbed 0.6% and 2.5%, respectively.
    Thai stocks were flat ahead of May trade figures
expected later in the day.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As of 0410 GMT
    
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3325.12  3328.6          -0.10
 Bangkok                1731.8   1731.64         0.01
 Manila                 8000.54  8057.64         -0.71
 Jakarta                6359.44  6352.71         0.11
 Kuala Lumpur           1672.88  1672.7          0.01
 Ho Chi Minh            943.45   943.11          0.04
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3325.12  3068.76         8.35
 Bangkok                1731.8   1563.88         10.74
 Manila                 8000.54  7,466.02        7.16
 Jakarta                6359.44  6,194.50        2.66
 Kuala Lumpur           1672.88  1690.58         -1.05
 Ho Chi Minh            943.45   892.54          5.70
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below