* Philippine index reverses early losses to end 0.4% up
* Vietnam shares hit near 2-week low
* Indonesian stocks hit highest level since Nov. 6
By Shruti Sonal
Dec 17 (Reuters) - Philippine shares reversed from an
over two-month low to end higher on Tuesday as investors picked
up beaten down stocks, while the Indonesian benchmark rose on
gains in financial and energy sectors.
Sentiment has been strained in Philippines after its water
regulator cancelled the extension of concession deals with the
country's two largest utilities Manila Water Co Inc and
Maynilad Water Services last week.
"A drop in utilities for the last two weeks has been
significant... reversal of losses indicate bargain hunting for
some of the players in the market," said Charles William Ang,
associate analyst at COL Financial Group, Inc.
Metro Pacific Investments, a major shareholder of
Maynilad Water Services, which slumped about 18% last week,
ended 4.6% higher on Tuesday.
Easing trade tensions between Washington and Beijing hurt
sentiment in Vietnam, sending its shares to their lowest
in nearly two weeks.
Vietnam has emerged as an alternative manufacturing hub to
China for major U.S. firms to avoid tariffs on their U.S.-bound
goods.
Hoang Minh Finance Investment JSC dived 7%, while
Cotec Investment and Land House Development JSC shed
over 6%.
The Indonesian benchmark rose for a third session to
hit its highest since Nov. 6.
PT Bank Central Asia Tbk gained 2.2%, while Bayan
Resources surged over 13%.
Malaysian stocks gained 0.5%, supported by gains in
telecom and healthcare stocks. Maxis Bhd gained 2.6%
and IHH Healthcare Bhd rose 1.9%.
Meanwhile, investors in other Southeast Asian markets
awaited further clarity on the interim trade deal between the
United States and China.
U.S. National Economic Council Director Larry Kudlow said
late on Monday that the "phase-one" trade deal has been
"absolutely completed". Chinese officials, however, have been
more cautious, emphasizing that the trade dispute has not been
completely settled.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3200.8 3206.09 -0.16
Bangkok 1548.65 1549.74 -0.07
Manila 7730.45 7701.6 0.37
Jakarta 6244.352 6211.592 0.53
Kuala Lumpur 1576.95 1569.35 0.48
Ho Chi Minh 954.03 961.47 -0.77
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3200.8 3068.76 4.30
Bangkok 1548.65 1563.88 -0.97
Manila 7730.45 7,466.02 3.54
Jakarta 6244.352 6,194.50 0.80
Kuala Lumpur 1576.95 1690.58 -6.72
Ho Chi Minh 954.03 892.54 6.89
(Reporting by Shruti Sonal in Bengaluru; editing by Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.