November 7, 2019 / 10:31 AM / 5 days ago

SE Asia Stocks-Most markets rise on trade deal hopes

    * China says agreed with U.S. to cancel tariffs in phases
    * Philippines Q3 GDP growth better than forecast
    * Thailand leads gains with a 1% rise

    By Sameer Manekar
    Nov 7 (Reuters) - Most Southeast Asian stock markets climbed
on Thursday, with Thailand leading the pack with a 1% gain,
after China said it agreed with the United States to cancel in
phases the tariffs imposed on each others' goods.
    China's commerce ministry said Washington and Beijing must
simultaneously cancel some duties on each others' goods for the
two sides to reach a "phase one" trade deal.
    "The trade war started with tariffs, and should end with the
cancellation of tariffs," Gao Feng, a commerce ministry
spokesman, told reporters without specifying a timetable.
    "We have come from nowhere to tariff roll-back in just two
weeks. This tells that someone is really motivated to put a deal
together," said Stephen Innes, a market strategist at AxiTrader.
    "Also, U.S. President Donald Trump needs the S&P 500 to be
over 3,100 ahead of elections next year, and what he needs is a
trade deal."
    Thai stocks closed at their highest in more than one
month, driven by buying in the last of couple of hours after
subdued trading for most parts of the day.
    Energy and materials stocks were among the top gainers, with
Thai Oil Pcl and PTT Global Chemical adding
5.1% each.
    Singapore shares posted their highest close in more
than three months, lifted by financials and consumer firms.   
CapitaLand Ltd rose 1.9% and Wilmar International
 advanced 1.6%. 
    Philippine shares gained 0.6%, rebounding from a more
than 2% slump in the previous session, after data showed the
archipelago's economy grew faster than expected in the third
quarter, fuelled by buoyant government spending and domestic
demand.
    Financial and consumer stocks were among the top gainers,
with SM Prime Holdings adding 3.1%, while Robinsons
Retail Holdings rose 1.6%.
    Meanwhile, Indonesian shares trimmed earlier losses
to close 0.8% lower. 
    Indonesian President Joko Widodo on Wednesday urged banks to
help stimulate the economy with cuts in lending rates and loans
to small and medium firms following feeble third-quarter growth
data.
    If state-owned banks were to cut their rates, "it would drag
the average lending rate, which would result in a drop in net
interest margin (NIM), with no countervailing loan growth, due
to tight liquidity", said Christine Natasya, an equity analyst
at Mirae Asset Indonesia.
    "In this scenario, we would expect NIM deterioration to
begin starting early 2020."
    Financial and communication stocks were among top losers.
Bank Rakyat Indonesia and Bank Permata
finished lower by 3.9% and 12.3%, respectively, while
state-owned Telekomunikasi Indonesia slipped 1.2%.
    An index of the country's 45 most liquid stocks
fell 1%.
    
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SOUTHEAST ASIAN STOCK MARKETS
   
 Market                 Current   Previous close  Pct Move
 Singapore              3285.72   3262.69         0.71
 Bangkok                1640.88   1623.99         1.04
 Manila                 8073.81   8025.88         0.60
 Jakarta                6165.624  6217.545        -0.84
 Kuala Lumpur           1609.33   1603.25         0.38
 Ho Chi Minh            1024.03   1024.91         -0.09
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3285.72   3068.76         7.07
 Bangkok                1640.88   1563.88         4.92
 Manila                 8073.81   7,466.02        8.14
 Jakarta                6165.624  6,194.50        -0.47
 Kuala Lumpur           1609.33   1690.58         -4.81
 Ho Chi Minh            1024.03   892.54          14.73
 
 (Reporting by Sameer Manekar in Bengaluru; Editing by
Subhranshu Sahu)
  
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