September 13, 2019 / 10:32 AM / 3 months ago

SE Asia Stocks-Most gain on U.S.-China trade talk progress, Vietnam leads

    * Vietnam top gainer after rate cuts
    * Most mark weekly gains, as trade tensions ease

    By Devika Syamnath
    Sept 13 (Reuters) - Most Southeast Asian stocks markets
ended higher on Friday as risk sentiment got a boost from signs
of progress in Sino-U.S. trade talks and the European Central
Bank's stimulus, with Vietnam leading the gains on rate cuts. 
    Easing trade tensions between the world's two largest
economies helped most regional markets, which count China as a
key trade partner, notch a weekly gain.
    Investors' risk appetite was also supported by the European
Central Bank's pledge to offer indefinite stimulus to revive an
ailing euro zone economy.
    Leading the gains, Vietnam shares climbed to a more
than three-week peak after the country's central bank joined
global peers by cutting interest rates, to support growth and
control inflation.
    Banking stocks dominated the gains, with Vietcombank
 closing at an all-time peak and BIDV ending at
its highest level in over one year.
    Vietnam equities have outperformed regional peers this year,
helped by increased foreign investment due to some production
being shifted from China to the country due to the Sino-U.S.
trade war. 
    Singapore stocks closed 0.5% higher, gaining over 2%
this week. The city-state is among the most sensitive to trade
war developments.
    "There's a bit of bargain hunting ... local banks are also
trading at very attractive dividend yields," Liu Jinshu,
director of research at NRA Capital said. 
    The country's biggest lender DBS Group added 0.8%
to close at its highest since early August.
    Bucking the trend, Indonesian stocks slipped 0.1%,
extending losses to a second session. 
    However, the index clocked a gain of 0.4% for the week.
    "Fundamentals remain intact, over the past couple of days
it's been more about profit taking and rotation into laggard
names where they (investors) see more upside value," said Taye
Shim, head of research, Mirae Asset Sekuritas.
    Instant noodle maker Indofood CBP Sukses Makmur
lost 2.7% on the day, after having advanced over 25% since late
March. 
    Consumer goods heavyweight Unilever Indonesia
climbed 1.1%, after giving up over 5% so far this month.
    
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3211.49   3194.96         0.52
 Bangkok                1661.96   1660.68         0.08
 Manila                 7992.32   7944.43         0.60
 Jakarta                6334.843  6342.174        -0.12
 Kuala Lumpur           1601.25   1601            0.02
 Ho Chi Minh            987.22    976.07          1.14
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3211.49   3068.76         4.65
 Bangkok                1661.96   1563.88         6.27
 Manila                 7992.32   7,466.02        7.05
 Jakarta                6334.843  6,194.50        2.27
 Kuala Lumpur           1601.25   1690.58         -5.28
 Ho Chi Minh            987.22    892.54          10.61
 

 (Reporting by Devika Syamnath in Bengaluru; Editing by Aditya
Soni)
  
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