August 14, 2019 / 4:31 AM / 2 months ago

SE Asia Stocks-Markets rise on Trump's tariffs respite, Thailand leads rally

    * Financial and resources help Malaysia rise
    * Banking sector helps Indonesia gain

    By Soumyajit Saha
    Aug 14 (Reuters) - Southeast Asian stock markets mirrored a
global stock rally on Wednesday, boosted by Washington's
decision to delay tariffs on some Chinese goods, with Thailand
leading gains. 
    About half of the $300 billion worth of Chinese goods slated
to be slapped with 10% tariffs on Sept. 1 are now exempted,
including tariffs on products like clothing and footwear that
will now kick in on Dec. 15.
    The move soothed nerves after fears of an escalation were
inflamed by Trump on Friday when he said no trade deal with
China was to be expected in the near future.
    The market cheer would be "fairly muted", Robert Carnell,
chief economist and head of research, Asia-Pacific at ING Group
said in a note to clients.
    "It's a stay of execution, not a pardon. And markets remain
nervous," the note added.
    China's Ministry of Commerce said that Vice Premier Liu He
had conducted a phone call with senior U.S. officials on Tuesday
evening, further uplifting the market's mood.
    Thai shares rose 1% to lead gains in the region,
helped by financial and industrial stocks.
    Real estate company Central Pattana PCL rose 3%,
while Airports of Thailand gained 1.9%.
    Malaysian shares advanced, supported by gains in
financial and resources stocks.
    Chemicals producer Petronas Chemicals Group rose
1%, while lender CIMB Group Holdings gained 1%. 
    The banking sector pushed up Indonesian stocks, with
Bank Rakyat Indonesia (Persero) and Bank Mandiri
(Persero) gaining 1.2% and 2%, respectively.
    Singapore shares were slightly up on a rally in
financials, while Philippine shares traded flat.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0418 GMT
 STOCK MARKETS                                   
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3153.73  3146.73         0.22
 Bangkok                1639.55  1620.23         1.19
 Manila                 7789.78  7788.45         0.02
 Jakarta                6250.72  6210.962        0.64
 Kuala Lumpur           1601.21  1592.88         0.52
 Ho Chi Minh            971.8    966.83          0.51
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3153.73  3068.76         2.77
 Bangkok                1639.55  1563.88         4.84
 Manila                 7789.78  7,466.02        4.34
 Jakarta                6250.72  6,194.50        0.91
 Kuala Lumpur           1601.21  1690.58         -5.29
 Ho Chi Minh            971.8    892.54          8.88
 
 (Reporting by Soumyajit Saha in Bengaluru; editing by
Uttaresh.V)
  
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