October 16, 2019 / 4:53 AM / a month ago

SE Asia Stocks-Most gain as Brexit optimism whets appetite; Philippines leads

    * EU to determine whether to put deal before EU leaders'
summit
    * Indonesia set to snap three sessions of gains
    * Singaporean banking stocks climb in line with U.S. lenders

    By Sameer Manekar
    Oct 16 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, tracking broader Asia, as hopes of a deal to avoid
a disorderly British exit from the European Union and upbeat
U.S. corporate numbers lifted sentiment, with Singapore trading
at a two-week high.
    Officials and diplomats involved in negotiations over the
acrimonious divorce between the world's fifth-largest economy
and its biggest trading bloc said that differences over the
terms of the split had narrowed significantly.
    Meanwhile, stronger-than-expected earnings from major U.S.
lenders JPMorgan, Citigroup and Wells Fargo
 boosted risk appetite, even as the International
Monetary Fund downgraded its 2019 global growth forecast for a
fifth time due to trade tensions. 
    Financials and industrial sectors underpinned gains in
Singapore's benchmark Straits Times index, with top
lenders United Overseas Bank and DBS Group Holdings
 climbing 0.8% and 0.2%, respectively.
    "Banks in the United States have surprised positively ...
the positive impact is spilling over to the Singapore banks,"
Linus Loo, head of research at Lim & Tan Securities said.
    The Philippine index gathered steam after it posted
on Tuesday its worst session in nearly a week. 
    Real-estate stocks buoyed the benchmark Manila index, which
is leading the gains in the region, with Ayala Land and
SM Prime Holdings adding 2.1% and 2%, respectively. 
    Thai stocks were on track for a third straight
session of gains, helped by industrial and financial sectoral
boost.    
    The Indonesian index shed early gains, and is on
track to snap a three-session winning streak, helped by telecom
and consumer sectors. 
    Shares of Telekomunikasi Indonesia slipped 0.5%,
while Astra International dropped 0.8%.
    Telecom and utility sectors lifted Malaysia's benchmark
index to its highest in two weeks.
    Electric utility firm Tenaga Nasional rose 0.4%,
while mobile communication service provider Digi.Com Bhd
 advanced 1.3%, marking its best session in nearly five
weeks.

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SOUTHEAST ASIAN STOCK MARKETS As at 0432 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3134.8    3116.17          0.60
 Bangkok                1632.25   1627.01          0.32
 Manila                 7896.06   7840.31          0.71
 Jakarta                6147.025  6158.166        -0.18
 Kuala Lumpur           1568.93   1566.23          0.17
 Ho Chi Minh            996.02    993.05           0.30
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3134.8    3068.76         2.15
 Bangkok                1632.25   1563.88         4.37
 Manila                 7896.06   7,466.02        5.76
 Jakarta                6147.025  6,194.50        -0.77
 Kuala Lumpur           1568.93   1690.58         -7.20
 Ho Chi Minh            996.02    892.54          11.59
 
 (Reporting by Sameer Manekar in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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