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Soumyajit Saha

SE Asia Stocks-Most rise as China, U.S. make headway in trade talks; Philippines falls

Jan 11 2019

* Singapore posts sharpest weekly gain since Nov * Malaysia posts third weekly gain in four By Soumyajit Saha Jan 11 Most Southeast Asian stock markets rose on Friday as the Sino-U.S. trade talks seemed headed for higher levels and as U.S. Federal Reserve chief reiterated that the Fed would be patient about raising rates. Chinese Vice Premier Liu He, the country's top trade negotiator, is expected to visit the United States later this month to advance negotiations, according to U.S. officials. Fed chief Jerome Powell's stress on patience regarding monetary tightening due to signs of slowing U.S. growth, added to expectations that the central bank may slow its pace of rate tightening this year. Singapore shares rose for a sixth straight session and posted their highest close in over three months. Index heavyweights DBS Group Holdings and United Overseas Bank rose 1.4 and 1.1 percent, respectively. For the week, Singapore shares gained 4.6 percent, their sharpest since the week ended Nov. 2, 2018. Malaysian shares closed slightly higher after trading flat for most part of the session. Data released earlier in the day showed industrial output climbed 2.5 percent in November from a year earlier, slower than the 4.2 percent rise in the previous month. For the week, Malaysian shares climbed about 0.8 percent, their third weekly gain in four. Meanwhile, Philippine shares fell 1 percent, dragged by financials, but posted their second straight weekly gain. Financials came under pressure following reports that the local unit of South Korean shipbuilder Hanjin Heavy Industries & Construction Co Ltd declared bankruptcy. "Reports suggest several banks on the index have loan exposure to Hanjin," said Miguel Ong, a research analyst with AP Securities. Both Bank of the Philippine Islands and Metropolitan Bank and Trust Co fell 4.8 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3198.65 3183.51 0.48 Bangkok 1597.04 1587.63 0.59 Manila 7904.09 7985.23 -1.02 Jakarta 6361.465 6328.714 0.52 Kuala Lumpur 1683.22 1678.88 0.26 Ho Chi Minh 902.71 898.3 0.49 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3198.65 3068.76 4.23 Bangkok 1597.04 1563.88 2.12 Manila 7904.09 7,466.02 5.87 Jakarta 6361.465 6,194.50 2.70 Kuala Lumpur 1683.22 1690.58 -0.44 Ho Chi Minh 902.71 892.54 1.14 (Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most climb on trade optimism; Philippines drops 1.6 pct

Jan 11 2019

* China's top trade negotiator may visit Washington this month * Malaysia Nov factory output up 2.5 pct, but slower than Oct * Singapore stocks set to close firmer for sixth straight session By Soumyajit Saha Jan 11 Most Southeast Asian stock markets climbed on Friday amid reports the United States and China were making headway in their talks on trade, while expectations of the U.S. Fed hitting the pause button on monetary tightening helped boost sentiment. U.S. officials expect China's top trade negotiator to visit Washington this month, signalling that discussions are likely to follow this week's talks. U.S. Federal Reserve chief Jerome Powell's comment that the central bank can wait on any further rate hikes also helped the markets. Shares across broader Asia inched higher, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.4 percent. Singapore stocks were on track for a sixth straight session of gains, buoyed by lenders DBS Group Holdings and United Overseas Bank. The Philippine index, which came under heavy pressure from losses among the country's largest banks, dropped 1.6 percent to its biggest intraday fall in over three weeks. According to media reports, the Philippine unit of South Korean shipbuilder Hanjin Heavy Industries & Construction Co Ltd declared bankruptcy and top lenders will have to cover the fallout. News of the bankruptcy and reports of the loan exposure to Hanjin by several banks with significant weight on the index were driving the market lower, said Miguel Ong, research analyst, AP Securities. Bank of the Philippine Islands and Metropolitan Bank and Trust Co were the biggest drags, down as much as 5.1 percent and 6.4 percent, while BDO Unibank dropped up to 2.7 percent. Malaysia shares traded 0.1 percent weaker after investors priced in government data that showed the country's industrial output had climbed 2.5 percent in November from a year earlier, but was slower than the 4.2 percent rise in the previous month. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS OF 0511 GMT Change on the day Market Current Previous Pct Move close Singapore 3198.66 3183.51 0.48 Bangkok 1589.7 1587.63 0.13 Manila 7858.61 7985.23 -1.59 Jakarta 6341.026 6328.714 0.19 Kuala Lumpur 1677.02 1678.88 -0.11 Ho Chi Minh 902.28 898.3 0.44 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3198.66 3068.76 4.23 Bangkok 1589.7 1563.88 1.65 Manila 7858.61 7,466.02 5.26 Jakarta 6341.026 6,194.50 2.37 Kuala Lumpur 1677.02 1690.58 -0.80 Ho Chi Minh 902.28 892.54 1.09 (Reporting by Soumyajit Saha in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Gain as Sino-U.S. trade optimism bolsters sentiment

Jan 09 2019

* Delegations from China and the United States end 3 days of talks * Singapore shares extend gains for fifth session * Philippine November trade deficit narrows By Soumyajit Saha Jan 10 Southeast Asian stock markets climbed on Thursday, with Singapore shares leading the gains, while investors kept a cautious stance awaiting concrete evidence that progress is being made in the U.S.-China trade negotiations. U.S. officials used three days of talks to present Beijing with a long list of demands that would rewrite the terms of trade between the world's two largest economies, and discussed "ways to achieve fairness, reciprocity and balance in trade relations." Singapore shares extended gains for a fifth straight day, buoyed by DBS Group Holdings Ltd and conglomerate Jardine Strategic Holdings Ltd that rose up to 0.9 percent and 0.5 percent, respectively. The Malaysian index recovered from losses in the previous session to climb 0.8 percent. "While Asia complex (foreign exchange and assets) looked set to be positive, it may yet be patient instead of aggressively pursuing gains, given that trade progress so far are low-hanging fruits," Vishnu Varathan, senior economist, Mizuho Bank said in a note. Minutes from the Federal Reserve policy meeting in December also boosted sentiment. A range of Federal Reserve policymakers said they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their meeting showed. However, most traders still expect sentiment to remain positive in the medium term on expectations the Fed will not raise rates in 2019 as well as a potential trade deal in coming months between the world's two largest economies. In the regional markets, Indonesian stocks extended gains into a second session, supported by consumer and materials sectors. Indah Kiat Pulp & Paper Tbk rose up to 6.7 percent to its highest in more than six weeks, while PT Unilever Indonesia Tbk climbed 2.1 percent. Philippine's benchmark index gained after data from the archipelago showed its trade deficit narrowed in November as imports rose at their slowest pace in eight months. Bank of the Philippine Islands climbed as much as 2.7 percent and real estate company SM Prime Holdings Inc gained up to 0.7 percent. Meanwhile, Vietnam stocks traded marginally higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0444 GMT Market Current Previous close Pct Move Singapore 3178.06 3158.07 0.63 Bangkok 1596.66 1590.5 0.39 Manila 7950.54 7919.67 0.39 Jakarta 6293.466 6272.238 0.34 Kuala Lumpur 1676.59 1667.83 0.53 Ho Chi Minh 898.89 896.99 0.21 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3178.06 3068.76 3.56 Bangkok 1596.66 1563.88 2.10 Manila 7950.54 7,466.02 6.49 Jakarta 6293.466 6,194.50 1.60 Kuala Lumpur 1676.59 1690.58 -0.83 Ho Chi Minh 898.89 892.54 0.71 (Reporting by Niyati Shetty and Soumyajit Saha in Bengaluru, Editing by Sherry Jacob-Phillips)

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