October 22, 2019 / 9:58 AM / 22 days ago

SE Asia Stocks-Rise on trade deal hopes; Philippines leads gains

    * Indonesia rises for eighth straight session
    * Singapore's Keppel Corp sees best day in over 21 years
    * Philippines hits highest in over 5 weeks

    By Sameer Manekar
    Oct 22 (Reuters) - Southeast Asian stock markets ended
higher on Tuesday, with Philippines leading gains, as hopes of a
resolution in the long drawn Sino-U.S. trade dispute revived
investor spending.
    U.S. President Donald Trump struck an optimistic tone on a
trade deal with China on Monday, while White House adviser Larry
Kudlow said tariffs on Chinese goods scheduled for December
could be withdrawn if talks go well.
    Following suit, China's Vice Foreign Minister Le Yucheng
said on Tuesday that the world's two biggest economies have
achieved some progress in their negotiations.
    The Philippine bourse closed at over a five-week
high, supported by gains in financial and industrial firms.
    The national government reported bit.ly/2MzlH9K a
39.01% annual rise in its September spending, fastest in the
year so far, with a 16.89% gain in revenue collections. 
    "The impressive performance on both fronts gives hope for a
6% growth chase towards the end of the year," ING said in a
note. "A resurgence in government spending coupled with still
robust and potent household spending will look to carry the load
for third quarter GDP growth."
    Conglomerates JG Summit Holdings and SM Investments
Corp added 2.7% and 0.9%, respectively.   
    Singapore's benchmark index closed at its highest in
over a month, boosted by a 14.4% rise in Keppel Corp,
following state-owned investor Temasek's bid to buy control of
Keppel in a S$4.1 billion ($3.01 billion) deal.
    Real estate firm Hongkong Land Holdings and UOL
Group gained 2.2% and 1.7%, respectively.   
    Thai stocks rose 0.7%, lifted by utilities and
energy firms.
    Thailand cabinet approved an additional stimulus package
valued at 5.8 billion baht ($191.36 million), its finance
minister said, as it seeks to shore up a flagging economy.

    Srisawad Finance PCL was the top gainer on the
index, gaining 17% after posting upbeat quarterly results on
Tuesday, while electricity generator Gulf Energy Development
 rose 2.9%, closing at a record high.
    Indonesian stocks gained for an eighth consecutive
session, hitting a near one-month high, while investors awaited
central bank's policy decision later in the week.
    Bank Indonesia on Thursday is expected to cut its benchmark
rate for the fourth straight month at its meeting on Thursday,
according to a Reuters poll.
    Unilever Indonesia and Bank Central Asia
advanced 1.2% and 1.3%, respectively.
    Malaysian stocks gained 0.2% in last minute trading,
with Hong Leong Financial Group rising 4.3%.
 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3160.67   3139.15         0.69
 Bangkok                1631.46   1620.78         0.66
 Manila                 7955.24   7891.13         0.81
 Jakarta                6225.497  6198.987        0.43
 Kuala Lumpur           1574.09   1570.93         0.20
 Ho Chi Minh            987.19    983.56          0.37
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3160.67   3068.76         3.00
 Bangkok                1631.46   1563.88         4.32
 Manila                 7955.24   7,466.02        6.55
 Jakarta                6225.497  6,194.50        0.50
 Kuala Lumpur           1574.09   1690.58         -6.89
 Ho Chi Minh            987.19    892.54          10.60
 

($1 = 1.3614 Singapore dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi
Aich)
  
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