SE Asia Stocks-Most rise as tentative trade truce report boosts sentiment
* Singapore set to snap three straight gains * SM Investments up after 5 sessions of losses By Shreya Mariam Job June 27 (Reuters) - Most Southeast Asian stock markets rose on Thursday as investors cheered a report of tentative trade truce between the United States and China ahead of a meeting between leaders of the two nations at the G20 summit this weekend. Details of the agreement, which would halt the next round of U.S. tariffs on an additional $300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the South China Morning Post reported, citing sources. U.S. President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend and also raised a possibility that he might impose a lower tariff on a $300 billion list of Chinese imports. Broader Asian shares also revelled with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%. Singapore stocks gained the most in Southeast Asia, heading for their first session gain in four. Financials were the top gainers with DBS Group Holdings Ltd , the city-state's biggest lender, rising 1.6% and United Overseas Bank Ltd climbing 1.3%. Singapore has been hit badly by the damaging effects of the prolonged Sino-U.S. trade war compared with its regional peers given its dependency on China. With exports equal to about 200% its gross domestic product, the trade-reliant economy is expected to grow at its slowest pace in a decade this year. Thai shares rose on the back of telecom and industrial stocks. PTT Exploration and Production PCL and Advance Info Service PCL advanced 1.1% and 1.5%, respectively. The central bank cut its forecasts for 2019 economic growth and exports for the third time in six months, but held its benchmark interest rate steady at its meeting on Wednesday. "We don't see them defying the easing pressure for too long. Absent any scope of fiscal stimulus, the monetary policy will have to do all the heavy-lifting," ING said in a note referring to the central bank maintaining policy rates. Industrials helped Philippine stocks rise. SM Investments Corp added 1.4% and was on track to snap a five-session losing streak. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0355 GMT Change on the day Market Current Previous close Pct Move Singapore 3319.83 3301.25 0.56 Bangkok 1729.06 1722.21 0.40 Manila 8037.17 8013.57 0.29 Jakarta 6334.36 6310.489 0.38 Kuala Lumpur 1674.02 1674.49 -0.03 Ho Chi Minh 956.01 959.13 -0.33 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3319.83 3068.76 8.18 Bangkok 1729.06 1563.88 10.56 Manila 8037.17 7,466.02 7.65 Jakarta 6334.36 6,194.50 2.26 Kuala Lumpur 1674.02 1690.58 -0.98 Ho Chi Minh 956.01 892.54 7.11 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)
