April 10, 2018 / 10:03 AM / 16 days ago

SE Asia Stocks-Most end higher as Xi calms U.S.-China trade war fears

    * U.S. S&P 500 E-mini futures rise over 1 pct
    * Broader Asian shares recover from losses, rise 0.9 pct
    * Vietnam shares touch record high before ending lower

    By Nicole Pinto
    April 10 (Reuters) - Most Southeast Asian stock markets
closed higher on Tuesday, as Chinese President Xi Jinping
promised to lower import tariffs on products including cars,
easing concerns over an escalating U.S.-China trade row.
    Xi also said China would raise the foreign ownership limit
in the automobile sector "as soon as possible" and push
previously announced measures to open up the financial sector.

    "Xi's comments to reduce trade tensions are leading to a
'risk-on' environment and helps Southeast Asian equities," said
Sean Yokota, head of Asia strategy at SEB in Singapore.
    Indonesia, the biggest gainer in the region, climbed
1.3 percent, while an index of the country's 45 most liquid
stocks was up 1.7 percent.
    Financials led the way, with Bank Central Asia
jumping 2.3 percent and Bank Mandiri up nearly 4
percent. 
    Malaysian shares rose 0.6 percent ahead of data on
factory output, which likely rose 3.4 percent from a year ago in
February, according to a Reuters poll.
    Sime Darby Plantation Bhd climbed 5.1 percent,
while Press Metal Aluminium Holdings Bhd jumped 6.6
percent.
    Thai shares climbed, as property developer Central
Pattana PCL jumped 4.2 percent. 
    Philippine shares ended slightly lower, as Bank of
the Philippine Islands and Aboitiz Equity Ventures Inc
 lost ground. 
    "There is continued weakness in the Philippine peso and that
has continued to pull down market sentiment," said Manny Cruz,
analyst at Asiasec Equities Inc.
    Vietnam shares ended 0.5 percent lower after touching
a record high earlier in the session.
    Realty firm Vingroup JSC hit an all-time high, but
erased gains to close 2.9 percent lower, while FLC Faros
Construction JSC slumped 6.2 percent.
    U.S. S&P 500 E-mini futures rose over 1 percent,
while Asia shares ex-Japan recovered from early
losses to advance 0.9 percent.
    
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
    
  Market          Current      Previous    Pct Move
                               close       
  Singapore       3466.38      3449.96     0.48
  Bangkok         1760.95      1751.27     0.55
  Manila          7934.68      7945.66     -0.14
  Jakarta         6325.818     6246.131    1.28
  Kuala Lumpur    1860.98      1849.71     0.61
  Ho Chi Minh     1198.12      1204.33     -0.52
                                           
  Change so far                            
 in 2018                                   
  Market          Current      End 2017    Pct Move
  Singapore       3466.38      3402.92     1.86
  Bangkok         1760.95      1753.71     0.41
  Manila          7934.68      8558.42     -7.29
  Jakarta         6325.818     6355.654    -0.47
  Kuala Lumpur    1860.98      1796.81     3.57
  Ho Chi Minh     1198.12      984.24      21.73
 
 (Reporting by Nicole Pinto, additional reporting by Christina
Martin in Bengaluru; Editing by Biju Dwarakanath)
  
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