April 6, 2018 / 5:10 AM / 7 months ago

SE Asia Stocks-Singapore extends gain, Vietnam scales new peak

    * Indonesian shares on track for 6th straight weekly drop
    * Vietnam rises for 3rd session, Singapore up for 2nd day
    * Philippines on track for 2nd straight weekly gain

    By Nicole Pinto
    April 6 (Reuters) - Singapore and Vietnam shares extended
gains on Friday while other Southeast Asian markets slipped as
investors awaited China's response after U.S. President Donald
Trump proposed $100 billion in additional tariffs.
    "The silver lining is that Trump did open a path for
de-escalation, stating that the U.S. is prepared to have
discussions," Mizuho Bank said in a note.  
    "The ball is now in China's court to either play hardball or
change to a more conciliatory tone. Markets are thinking that
much is posturing for negotiations, but the risk is that
tit-for-tat can spiral beyond a point where it becomes hard for
both sides to walk back."
    The S&P 500 E-mini futures were down 1.2 percent,
pointing to a lower start for Wall Street later in the global
day. MSCI's broadest index of Asia-Pacific shares outside Japan
 was slightly higher. 
    Vietnam shares rose for a third straight session and
hit a new high of 1,202.59. 
    Vingroup JSC rose 1.2 percent, while Vietnam Joint
Stock Commercial Bank for Industry and Trade jumped 2.3
percent.
    The benchmark stock index has gained over 2 percent so far
this week in what could be its eighth straight weekly rise. It
has added nearly 22 percent this year after a 48 percent jump in
2017.
    Singapore shares climbed for a second day in a row on
the back of gains in financials. DBS Group Holdings Ltd
, the city-state's biggest lender, and Oversea-Chinese
Banking Corp Ltd both gained nearly 1 percent.
    Philippine shares were slightly down, but were on
track to post their second consecutive weekly gain. 
    Ayala Corp rose as much as 2.5 percent and Bank of
the Philippine Islands climbed 1.4 percent.  
    If not for volatility in the global markets Philippine
shares would have risen as the country is in the midst of a
technical rally, said Jose L. Vistan, research head at
Manila-based AB Capital Securities. 
    Indonesian shares were marginally lower and were set
to post their sixth straight weekly drop. 
    Bank Central Asia Tbk PT declined up to 1.7
percent, while Bank Mandiri (Persero) Tbk PT skid
nearly 2 percent to a three-month low. 
    The Thai stock market was closed for a holiday.
        
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SOUTHEAST ASIAN STOCK MARKETS: Change as at 0457 GMT
                 Current   Previous Close  Pct Move
 Singapore       3425.02   3405.65         0.57
 Manila          8015.24   8022.16         -0.09
 Jakarta         6180.806  6183.227        -0.04
 Kuala Lumpur    1833.73   1836.13         -0.13
 Ho Chi Minh     1199.16   1193.17         0.50
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3425.02   3402.92         0.65
 Manila          8015.24   8558.42         -6.35
 Jakarta         6180.806  6355.654        -2.75
 Kuala Lumpur    1833.73   1796.81         2.05
 Ho Chi Minh     1199.16   984.24          21.84
 
 (Reporting by Nicole Pinto; Editing by Subhranshu Sahu)
  
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