June 27, 2019 / 10:08 AM / 3 months ago

SE Asia Stocks-Most rise after report of tentative Sino-U.S. trade truce

    * Singapore snaps three-day losing streak
    * Vietnam falls near 2% 
    * Thai hits near 9-month closing high

    By Shreya Mariam Job
    June 27 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Singapore leading gains, boosted by news of a
tentative trade truce between the United States and China ahead
of a key meeting between the leaders of the two economies this
week. 
    Details of the agreement, which would halt the next round of
U.S. tariffs on an additional $300 billion of Chinese goods, are
being laid out in press releases and will be out as coordinated
press releases and not a joint statement, the South China
Morning post said citing sources.
    Singapore's benchmark gained the most in the region,
to hit a near two-month closing high. It rose as much as 1%
during the day before ending 0.8% higher.
    Industrials and financials stocks boosted the rally on the
index with DBS Group Holdings Ltd, rising 1.4% and
Jardine Matheson Holdings gaining 1.5%. 
    The city-state has been hit the worst by the damaging
effects of the drawn-out Sino-U.S. trade war, especially since
negotiations faltered in May. With a high dependency on China,
the trade reliant economy would benefit by a trade truce. 
    The Indonesian benchmark gained 0.7% with telecom
and financial stocks supporting the index. 
    Telekomunikasi Indonesia and Bank Central Asia Tbk
Pt recouped losses from the previous session with a
2.8% and 1.2% rise, respectively. 
    The Thai index gained as much as 0.8% to a near
nine-month high during the session before closing 0.6% higher,
buoyed by telecom and energy stocks. 
    Advanced Info Service PCL and PTT Exploration
and Production PCL added 3.9% and 1.5%, respectively.
  
    Philippine stocks rose 0.6% with industrials
contributing most of the gains. SM Investments rose 2.6%, while
International Container Terminal Services Inc rose
1.7%.
    Meanwhile, Vietnam stocks dropped 1.7% to their
lowest close since Feb. 12, with utilities and real estate
stocks dragging the index. 
    Petrovietnam Gas JSC slumped 6.4%, while Vingroup
JSC dipped 1.7%. 
    Vietnam has emerged as one of the largest beneficiaries of
the trade war between Beijing and Washington, as some businesses
are shifting their supply chains away from China in order to
avoid tariffs.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3328.6   3301.25         0.83
 Bangkok                1731.64  1722.21         0.55
 Manila                 8057.64  8013.57         0.55
 Jakarta                6352.71  6310.489        0.67
 Kuala Lumpur           1672.7   1674.49         -0.11
 Ho Chi Minh            943.11   959.13          -1.67
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3328.6   3068.76         8.47
 Bangkok                1731.64  1563.88         10.73
 Manila                 8057.64  7,466.02        7.92
 Jakarta                6352.71  6,194.50        2.55
 Kuala Lumpur           1672.7   1690.58         -1.06
 Ho Chi Minh            943.11   892.54          5.67
 



 (Reporting by Shreya Mariam Job; Editing by Rashmi Aich)
  
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