SE Asia Stocks-Most markets steady on progress in Sino-U.S. trade pact
* U.S., China "close to finalising" parts of trade deal - officials * The Philippines leads gains, lifted by financial firms * U.S. suspends $1.3 bln in trade preferences for Thailand By Sameer Manekar Oct 28 (Reuters) - Most Southeast Asian stock markets rose on Monday, lifted by hopes that Washington and Beijing were close to finalising parts of a trade pact, while the Thai bourse dropped nearly 1% after the United States suspended duty-free trade with the country for certain items last week. Chinese and U.S. officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative's office and China's Commerce Ministry said, with talks to continue. U.S. President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. Investors also await the U.S. Federal Reserve's policy decision due later this week, amid a slew of mixed corporate earnings and concerns of global economic slowdown. A rate cut is expected from the meeting, Fed's third this year, according to a Reuters poll. However, investor sentiment remained subdued amid concerns of global economic slowdown and recession. "Investors are finding it difficult to put on a brave face despite the trade calm as the recent spate of economic downgrades and increasing recession risks continue to cloud consumer outlooks," Stephen Innes, market strategist at AxiTrader said in a note. Indonesian stocks recovered from their biggest drop since Sept. 16 hit in their previous session. Huge gains in the consumer sector pushed the index up, with poultry feed producer Charoen Pokphand Indonesia and Unilever Indonesia rising 3% and 0.8%, respectively. The Philippine bourse gained on the back of financial firms, with BDO Unibank and Metropolitan Bank and Trust adding 2% and 3.1%, respectively. Vietnam's benchmark index edged a tick higher, and was poised to close firmer for a fifth consecutive session. Financials and consumer firms were among the top gainers, with Bank for Investment and Development of Vietnam and Saigon Beer Alcohol Beverage Corp adding 1.7% and 1.1%, respectively. Thai stocks were trading flat after losing as much as nearly 1% earlier in the session. Last week, Trump suspended duty-free trade for certain items with Thailand, with U.S. Trade Representative's office saying the move amounted to a suspension of $1.3 billion in trade preferences. Consumer and real-estate sectors took the biggest hit, with CP All PCL and real estate developer Central Pattana PCL losing 0.3% and 0.8%, respectively. Singapore and Malaysia markets were closed for public holidays. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0416 GMT Market Current Previous close Pct Move Bangkok 1593.41 1593.28 0.01 Manila 7939.99 7922.5 0.22 Jakarta 6260.94 6252.345 0.14 Ho Chi Minh 997.23 996.57 0.07 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3185.53 3068.76 3.81 Bangkok 1593.41 1563.88 1.89 Manila 7939.99 7,466.02 6.35 Jakarta 6260.94 6,194.50 1.07 Kuala Lumpur 1570 1690.58 -7.13 Ho Chi Minh 997.23 892.54 11.73 (Reporting by Sameer Manekar in Bengaluru, Editing by Sherry Jacob-Phillips)
