SE Asia Stocks-Most rise as U.S.-China trade talk plans buoy sentiment
* Singapore posts third straight gain * Investors expect another rate cut in Philippines * Thai hits near one-month closing high By Shreya Mariam Job Sept 5 (Reuters) - Most Southeast Asian stock markets rose on Thursday, with Philippines leading gains, as confirmation of talks between Beijing and Washington spurred hopes of a de-escalation in the trade war. China and the United States agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession. However, most of these markets pared some of their earlier gains. "The lift in risk sentiment appears mitigated by the concern that the latest positive developments surrounding these macro events (U.S.-China trade conflict, Brexit) may prove fleeting and do not yet fully nullify these downside risks," Han Tan, Market Analyst at FXTM said in a report. Philippine stocks rose as investor hopes of a third rate cut for the year were cemented by weak August inflation data. The country's consumer price index rose 1.7% in August from a year earlier, the weakest pace in nearly three years. Shares of casino operator Bloomberry resorts Corp rose to an over two-week high after President Rodrigo Duterte said on Wednesday that he was unwilling to ban gambling, as China has called for, because of the harm that would do to the country's economy. Thai stocks jumped 0.7% to a near one-month closing high, with energy stocks contributing most of the gains. Thailand's main stock exchange signed an agreement to develop an energy trading platform as part of a plan to become Southeast Asia's electricity trading hub. Shares of PTT PCL and PTT Exploration and Production PCL gained 1.2% and 3.4%, respectively. Indonesian stocks gained 0.6% on the back of consumer and financial stocks, with Astra International Tbk Pt and Unilever Indonesia Tbk Pt rising 3.1% and 1%, respectively. Singapore stocks gained for the third consecutive session, with industrials boosting gains. Jardine Strategic Holdings Ltd and Jardine Matheson Holdings Ltd gained 4.3% and 1%, respectively. Meanwhile, Malaysian and Vietnam stocks dipped marginally. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3147.06 3130.57 0.53 Bangkok 1669.79 1658.64 0.67 Manila 7898.19 7840.86 0.73 Jakarta 6306.803 6269.664 0.59 Kuala Lumpur 1599.75 1599.89 -0.01 Ho Chi Minh 976.79 977.63 -0.09 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3147.06 3068.76 2.55 Bangkok 1669.79 1563.88 6.77 Manila 7898.19 7,466.02 5.79 Jakarta 6306.803 6,194.50 1.81 Kuala Lumpur 1599.75 1690.58 -5.37 Ho Chi Minh 976.79 892.54 9.44 (Reporting by Shreya Mariam Job in Bengaluru; editing by Uttaresh.V)
