September 21, 2018 / 9:51 AM / 3 months ago

SE Asia Stocks-Philippines surges most in 32 months on report China plans import tariff cuts

    * Most markets rise as trade war concerns fade
    * Singapore, Indonesia climb for third session

    By Sumeet Gaikwad
    Sept 21 (Reuters) - Philippine shares jumped 3.5 percent on
Friday, the most in 32 months, following a report that China
plans to reduce the average tariff rate on imports from most of
its trading partners as soon as October.
    The move was in line with Beijing's pledge to its trading
partners, including the United States, that it would take
measures to further increase imports, Bloomberg reported on
Thursday without specifying the countries which would enjoy
lower Chinese tariffs.
    "This would trim the impact of a possible blowout of the
U.S.-China trade war on global trade. So, the positive outlook
benefited emerging markets," said Fio De Jesus, an analyst with
Manila-based RCBC Securities.
    Sentiment was also upbeat as broader Asia extended gains on
views that fresh U.S. and Chinese tariffs on reciprocal imports
may be less harsh than feared.
    The Philippine Stock Exchange PSEi Index posted its
sharpest daily gain since January 2016, after shedding 3.8
percent in the previous three sessions. 
    Financials and industrials led the rally with BDO Unibank
 and SM Investments Corp gaining 7.6 percent and
3.5 percent, respectively. 
    Meanwhile, most other Southeast Asian stock markets also
rose. Singapore shares added 1.2 percent, extending gains
into a third session and posting their highest close in three
weeks. 
    Index heavyweights DBS Group Holdings and United
Overseas Bank jumped 3.2 percent and 1.4 percent,
respectively.
    Indonesian shares closed higher for a third session
in a row and posted their highest close in over two weeks.
    Financials led the gains with Bank Negara Indonesia
 rising 4.8 percent, while Bank Mandiri
gained 2.6 percent.
    An index of the country's 45 most liquid stocks
climbed 0.5 percent.
    Thai shares closed marginally higher, while Malaysia
 rose 0.4 percent. Vietnam shares fell marginally,
but did not see any significant moves following President Tran
Dai Quang's death.
    For the week, Singapore shares advanced 1.8 percent,
Indonesia gained 0.4 percent and Thailand jumped 2 percent,
while Philippine stocks declined 0.4 percent.  
            
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Market          Current   Previous close  Pct Move
 Singapore       3217.68   3180.43         1.17
 Bangkok         1756.12   1752.11         0.23
 Manila          7383      7134.73         3.48
 Jakarta         5957.744  5931.266        0.45
 Kuala Lumpur    1810.64   1803.7          0.38
 Ho Chi Minh     1002.97   1004.74         -0.18
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3217.68   3402.92         -5.44
 Bangkok         1756.12   1753.71         0.14
 Manila          7383      8558.42         -13.73
 Jakarta         5957.744  6355.654        -6.26
 Kuala Lumpur    1810.64   1796.81         0.77
 Ho Chi Minh     1002.97   984.24          1.90
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by
Subhranshu Sahu)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below