June 27, 2019 / 3:56 AM / 2 months ago

SE Asia Stocks-Most rise as tentative trade truce report boosts sentiment

    * Singapore set to snap three straight gains 
    * SM Investments up after 5 sessions of losses

    By Shreya Mariam Job
    June 27 (Reuters) - Most Southeast Asian stock markets rose
on Thursday as investors cheered a report of tentative trade
truce between the United States and China ahead of a meeting
between leaders of the two nations at the G20 summit this
weekend.
    Details of the agreement, which would halt the next round of
U.S. tariffs on an additional $300 billion of Chinese goods, are
being laid out in press releases and will be out as coordinated
press releases and not a joint statement, the South China
Morning Post reported, citing sources.
    U.S. President Donald Trump said on Wednesday that a trade
deal with Chinese President Xi Jinping was possible this weekend
and also raised a possibility that he might impose a lower
tariff on a $300 billion list of Chinese imports.
    Broader Asian shares also revelled with MSCI's broadest
index of Asia-Pacific shares outside Japan up
0.6%.
    Singapore stocks gained the most in Southeast Asia,
heading for their first session gain in four. 
    Financials were the top gainers with DBS Group Holdings Ltd
, the city-state's biggest lender, rising 1.6% and
United Overseas Bank Ltd climbing 1.3%. 
    Singapore has been hit badly by the damaging effects of the
prolonged Sino-U.S. trade war compared with its regional peers
given its dependency on China.
    With exports equal to about 200% its gross domestic product,
the trade-reliant economy is expected to grow at its slowest
pace in a decade this year.    
    Thai shares rose on the back of telecom and
industrial stocks. PTT Exploration and Production PCL
and Advance Info Service PCL advanced 1.1% and 1.5%,
respectively. 
    The central bank cut its forecasts for 2019 economic growth
and exports for the third time in six months, but held its
benchmark interest rate steady at its meeting on Wednesday.

    "We don't see them defying the easing pressure for too long.
Absent any scope of fiscal stimulus, the monetary policy will
have to do all the heavy-lifting," ING said in a note referring
to the central bank maintaining policy rates.
    Industrials helped Philippine stocks rise. SM
Investments Corp added 1.4% and was on track to snap a
five-session losing streak. 

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SOUTHEAST ASIAN STOCK MARKETS As at 0355 GMT
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3319.83  3301.25         0.56
 Bangkok                1729.06  1722.21         0.40
 Manila                 8037.17  8013.57         0.29
 Jakarta                6334.36  6310.489        0.38
 Kuala Lumpur           1674.02  1674.49         -0.03
 Ho Chi Minh            956.01   959.13          -0.33
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3319.83  3068.76         8.18
 Bangkok                1729.06  1563.88         10.56
 Manila                 8037.17  7,466.02        7.65
 Jakarta                6334.36  6,194.50        2.26
 Kuala Lumpur           1674.02  1690.58         -0.98
 Ho Chi Minh            956.01   892.54          7.11
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
  
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