November 27, 2019 / 10:00 AM / 12 days ago

REFILE-SE Asia Stocks-Most rise on U.S.-China trade deal possibility; China data caps gains

 (Refiles to amend editing credit)
    * Philippines bounces back, up 1.7%
    * Indonesia extends losses to fifth straight session
    * Singapore subdued throughout the session

    By Arundhati Dutta
    Nov 27 (Reuters) - Most Southeast Asian markets rose on
Wednesday, with Philippines leading gains, after U.S. President
Donald Trump said that the United States and China were close to
an initial trade deal, though gains were capped by poor data
from China.
    On Tuesday, Trump said Washington was in the "final throes"
of a deal which would potentially diffuse trade tensions that
have raged for 16 months, though he reiterated that the U.S.
would continue to back pro-democracy protesters in Hong Kong - a
sore point with China.
    On the downside, China's industrial profits for October
shrank at their fastest pace in eight months, data released
earlier in the day showed, reinforcing fears that the trade war
continues to hurt the world's second largest economy.

    "The Chinese probably have President Trump to thank today,
with his trade comments overnight taking the edge of today's
China data," Jeffrey Halley, senior market analyst at OANDA said
in a note.
    Halley added that talks appear to be moving in the right
direction, even if their progress seems agonizingly slow. 
    China is the biggest trading partner for most Southeast
Asian economies and any sign of slowdown in its economy stokes
fear of a trickle-down effect in the region.
    The Philippine benchmark bounced from a near
seven-week closing low touched in the previous session to close
1.7% higher. The index has shed 1.5% over the past two sessions.
    The index was lifted by blue chips, with conglomerates Ayala
Land and DMCI Holdings rising 4.6% and 3.7%,
respectively. 
    Malaysian equities edged higher, with index
heavyweight Tenaga Nasional adding 1.2%, after posting
a 140% jump in quarterly net profit earlier in the day. 
    Vietnamese stocks closed 0.1% higher, lifted by
financials. Joint Stock Commercial Bank for Foreign Trade of
Vietnam (Vietcombank) rose 1.9%.
    However, Indonesian stocks extended their fall to a
fifth straight session, with the index having lost 2.2% across
the past five days, including Wednesday's performance. 
    Financials dragged the benchmark, with PT Bank Mandiri
(Persero) Tbk dropping 0.4% and PT Bank Pan Indonesia
 falling 2.8% .
    The Thai index see-sawed throughout the session to
close marginally lower while Singapore equities closed
slightly higher.
    

    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3215.53   3207.85         0.24
 Bangkok                1607.27   1609.38         -0.13
 Manila                 7836.89   7707.8          1.67
 Jakarta                6023.039  6026.188        -0.05
 Kuala Lumpur           1587.18   1583.87         0.21
 Ho Chi Minh            978.17    976.79          0.14
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3215.53   3068.76         4.78
 Bangkok                1607.27   1563.88         2.77
 Manila                 7836.89   7,466.02        4.97
 Jakarta                6023.039  6,194.50        -2.77
 Kuala Lumpur           1587.18   1690.58         -6.12
 Ho Chi Minh            978.17    892.54          9.59
 
 (Reporting by Arundhati Dutta; Editing by Shailesh Kuber)
  
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