September 13, 2018 / 4:34 AM / 2 months ago

SE Asia Stocks-Indonesia, Philippines jump on U.S.-China trade talks optimism

    * Vietnam climbs for fifth straight session
    * Singapore, Malaysian, Thai shares also rise 

    By Karthika Suresh Namboothiri
    Sept 13 (Reuters) - Indonesian shares jumped on Thursday and
Philippine stocks saw respite after six days of declines on
hopes that China and the United States could strike a deal in
their bitter tariff dispute during a new round of trade talks.
    Markets in Singapore, Thailand and Malaysia also rose,
tracking broader Asia, after news that the Trump administration
invited Chinese officials to restart talks.
    Asian shares ex-Japan rose 0.7 percent and
looked set to snap a nine-session losing streak.
    Fears of an escalation in the tariff feud between the
world's two largest economies have hit sentiment in recent days
and news of the trade talks comes as the United States prepares
to impose duties on $200 billion worth of Chinese goods.
    Indonesian stocks climbed more than 1 percent, with
financial and telecom shares driving gains.
    Telekom Indonesia rose 4.2 percent, while Bank
Mandiri advanced 2.8 percent.
    "The Indonesian market was one of the most hurt market among
emerging markets peers, and investors have been waiting for any
signs of relief", said Taye Shim, head of research at Mirae
Asset Sekuritas.
    The resumption of the trade talks with China has helped fuel
investor confidence, he said, speaking from Jakarta.
    Shares in Indonesia, Southeast Asia's largest economy, have
slid 9 percent this year.
    Meanwhile, the Philippine stock index climbed as much
as 0.7 percent, as conglomerate JG Summit and consumer
food group Universal Robina gained 2.5 percent each.
    Singaporean shares inched up 0.5 percent with
financials providing the boost. DBS Group and United
Overseas Bank Ltd added 1 percent each.
    Thai shares jumped over 1.5 percent with gas
supplier PTT Public Co rising 3 percent, and Airports
of Thailand gaining 2 percent.
    Malaysia's benchmark index inched 0.2 percent higher
after touching a four-week low earlier in the session. Banker
CIMB Group Holdings gained 2 percent.
    
For Asian companies, click

SOUTHEAST ASIAN STOCK MARKETS AS AT 0422 GMT 
 Market          Current  Previous Close  Pct Move
 Singapore       3129.22  3124.65         0.15
 Bangkok         1705.48  1679.39         1.55
 Manila          7468.44  7449.2          0.26
 Jakarta         5852     5798.151        0.93
 Kuala Lumpur    1788.77  1785.25         0.20
 Ho Chi Minh     990.32   987.01          0.34
                                          
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3129.22  3402.92         -8.04
 Bangkok         1705.48  1753.71         -2.75
 Manila          7468.44  8558.42         -12.74
 Jakarta         5852     6355.654        -7.92
 Kuala Lumpur    1788.77  1796.81         -0.45
 Ho Chi Minh     990.32   984.24          0.62
 
 (Additional Reporting by Soumyajit Saha; Editing by Sai Sachin
Ravikumar)
  
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