SE Asia Stocks-Most gain after talks between U.S., Chinese trade officials
* Thailand set to snap five-week winning streak * Australia announces reopening schedule By Pranav A K May 8 (Reuters) - Most Southeast Asian stock markets rose on Friday as investors focused on talks between U.S. and Chinese trade officials and after some countries showed progress in plans to reopen their coronavirus-hit economies. Amid escalating bilateral tensions, top trade representatives of China and the United States held a phone call earlier in the day to discuss their Phase 1 trade deal and agreed to strengthen macroeconomic and public health cooperation. "The mood in Asia is upbeat with China and U.S. trade ambassadors having a very positive call this morning," said Jeffrey Halley, senior market analyst at OANDA. Sentiment also got a lift after Australia announced plans to reopen its economy that is estimated to restore 850,000 jobs. Australian Prime Minister Scott Morrison said on Friday the country will ease social distancing restrictions in a three-step process, with the aim of removing all curbs by July. Malaysian stocks rose 0.9% and led gains in the region ahead of March industrial production data. Shares of the world's biggest medical gloves maker, Top Glove Bhd, leapt to its all-time high, while MISC Bhd rose 2.2%. Thai shares advanced 0.7%, with energy stocks lending support. The benchmark was set to lose about 2.8% for the week, after five straight weeks of gain. Indonesian equities ticked up in choppy trade as the COVID-19 pandemic showed no signs of abating in the country. "Jakarta is concerned about the total economic hit that Indonesia will suffer from the outbreak. It lacks enough technicians and equipment to increase testing and Finance Minister this week said all of the gains of the past decade could be wiped out," added Halley Indonesia reported 338 new coronavirus cases on Thursday, with the death toll standing at 930, the highest in East Asia outside China. Bucking the trend, Philippine stocks traded largely in the red, a day after reporting an unexpected slowdown in first-quarter economic growth. Shares of Ayala Land and Bank of Phillippine Islands fell 2.1% and 1.6%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0342 GMT Change on the day Market Current Previous close Pct Move Singapore 2594.53 2591.6 0.11 Bangkok 1263.65 1257.98 0.45 Manila 5647.89 5653.16 -0.09 Jakarta 4612.48 4608.79 0.08 Kuala Lumpur 1391.82 1376.93 1.08 Ho Chi Minh 807.58 796.54 1.39 Change so far in 2020 Market Current End 2019 Pct Move Singapore 2594.53 3222.83 -19.50 Bangkok 1263.65 1579.84 -20.01 Manila 5647.89 7,815.26 -27.73 Jakarta 4612.48 6,299.54 -26.78 Kuala Lumpur 1391.82 1588.76 -12.40 Ho Chi Minh 807.58 960.99 -15.96 (Reporting by A K Pranav in Bengaluru; Editing by Anil D'Silva)
