September 19, 2018 / 9:54 AM / a month ago

SE Asia Stocks-Most markets rise as investors move on from trade war fears

    * Thailand extends gains to near 4-month closing high
    * Singapore rises 1.2 pct to two-week closing high
    * Philippine falls about 1 pct on foreign selling

    By Sumeet Gaikwad
    Sept 19 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, tracking gains in broader Asia, as investors
shrugged off the latest round of tariff war between Washington
and Beijing.
    China will levy tariffs on about $60 billion worth of U.S.
goods in retaliation for new U.S tariffs, as previously planned,
but has reduced the volume of tariffs that it will collect on
the products.
    The new tariff measures will take effect on Sept. 24, the
date when the United States says it will begin to levy new
tariffs of 10 percent on $200 billion of Chinese products. 
    "Financial markets may be turning slightly blase towards the
U.S.-China tit-for-tat trade war, with China's retaliation of
tariffs on $60 billion of U.S. imports .... providing some
respite to the sell-off for selected Asian bourses," OCBC said
in a note.
    Thai shares closed higher for a second straight
session and posted their highest close since May 23, helped by
gains across the board. 
    Index heavyweights PTT Pcl and CP All Pcl
 rose 1 percent and 3.7 percent, respectively. 
    Earlier in the day, the central bank left its key policy
rate unchanged at 1.50 percent, as widely expected, and
maintained its forecasts for export and economic growth this
year.
    Consumer stocks helped Indonesian shares climb 1.1
percent with Astra International rising nearly 5.3
percent and Unilever Indonesia adding 1.5 percent. 
    An index of the country's 45 most liquid stocks
rose 1.2 percent. 
    Singapore stocks gained 1.2 percent after two
straight sessions of declines and posted a two-week closing
high. 
    DBS Group Holdings, the city-state's top lender, 
rose 1.2 percent, while Oversea-Chinese Banking Corp
added 0.7 percent. 
    Meanwhile, Philippine shares fell nearly 1 percent to
a more than two-month closing low, dragged by financials.
    Bank of the Philippine Islands and Ayala Corp
 declined 3.2 percent and 2.1 percent, respectively.
    The archipelago is facing high inflation and rising costs,
with the situation worsening due to a weak peso. This has
sparked concerns of a widening current account deficit with the
central bank signalling a fourth hike in its benchmark interest
rates this year, a central bank official said on Tuesday.

    Foreign investors net sold $11.8 million worth shares on
Wednesday, according to Thomson Reuters Eikon Data.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Market             Current   Previous close  Pct Move
 Singapore          3176.57   3139.34         1.19
 Bangkok            1749.8    1744.42         0.31
 Manila             7221.23   7286.34         -0.89
 Jakarta            5873.597  5811.79         1.06
 Kuala Lumpur       1800.71   1792.94         0.43
 Ho Chi Minh        995.54    993.49          0.21
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3176.57   3402.92         -6.65
 Bangkok            1749.8    1753.71         -0.22
 Manila             7221.23   8558.42         -15.62
 Jakarta            5873.597  6355.654        -7.58
 Kuala Lumpur       1800.71   1796.81         0.22
 Ho Chi Minh        995.54    984.24          1.15
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by
Subhranshu Sahu)
  
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