April 11, 2018 / 10:34 AM / 7 months ago

SE Asia Stocks-Rise on hopes of compromise in U.S.-China tariffs war

    * Indonesian shares hit more than 1-mth closing high
    * Malaysia up for fifth straight session
    * Vietnam index closes 2.6 pct lower

    By Nicole Pinto
    April 11 (Reuters) - Southeast Asian stock markets, except
Vietnam, rose on Wednesday after U.S. President Donald Trump and
Chinese President Xi Jinping both struck conciliatory notes on
trade, holding hopes of a compromise between Washington and
Beijing on tariffs. 
    While Xi promised to open the country's economy further and
lower import tariffs on products like cars, Trump in a Twitter
post expressed confidence that the world's two largest economies
would come through an ongoing trade spat and "make great
progress together."
    Asia shares ex-Japan pared early gains to
rise marginally, while Wall Street ended sharply higher
overnight.
    In Southeast Asia, Malaysian shares climbed 0.5
percent to end higher for a fifth straight session, buoyed by
data showing industrial production rose 3 percent in February.

    CIMB Group Holdings Bhd was up 2.3 percent. 
    Thai shares edged up, led by financials, with
Kasikornbank PCL closing nearly 4 percent higher and
Bangkok Bank PCL gaining 2.6 percent. 
    Philippine shares rose 0.1 percent, with losses in
real estate shares offset by gains in industrials. Ayala Land
Inc slipped 1.8 percent, while Ayala Corp
jumped 3 percent. 
    The country's exports fell for the first time in more than a
year in February while imports sustained a double-digit
increase, keeping the country's trade deficit above $3 billion
for a fourth straight month.
    Indonesia rose 0.5 percent, led by financials and
consumer discretionary stocks.
    The Vietnam index ended 2.6 percent lower on broad
based losses, with real estate company Vingroup JSC
slipping 3.8 percent and Joint Stock Commercial Bank for Foreign
Trade of Viet Nam ending 4.4 percent lower. 
    The index is seeing a short-term correction after it failed
to break out of its 1,200 point resistance level, said Fiachra
Mac Cana, head of research at Ho Chi Minh Securities.
       
        
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
                 Current     Previous Close  Pct Move
 Singapore       3479.76     3466.38         0.39
 Bangkok         1763.22     1760.95         0.13
 Manila          7943.93     7934.68         0.12
 Jakarta         6360.932    6325.818        0.56
 Kuala Lumpur    1869.89     1860.98         0.48
 Ho Chi Minh     1167.11     1198.12         -2.59
                                             
 Change on year                              
 Market          Current     End 2017        Pct Move
 Singapore       3479.76     3402.92         2.26
 Bangkok         1763.22     1753.71         0.54
 Manila          7943.93     8558.42         -7.18
 Jakarta         6360.932    6355.654        0.08
 Kuala Lumpur    1869.89     1796.81         4.07
 Ho Chi Minh     1167.11     984.24          18.58
 


 (Reporting by Nicole Pinto; Editing by Biju Dwarakanath)
  
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