SET index gains, other SE Asia stocks close mixed
published : 28 Nov 2018 at 17:37
writer: Bangkok Post and Reuters
Most Southeast Asian stock markets, including the Stock Exchange of Thailand index, ended higher on Wednesday after comments from US and Chinese officials spurred hopes of a deal between the two countries which could ease their damaging trade conflict.
China is going to this week's G20 summit in Argentina with hopes of striking a deal with the United States, Beijing's ambassador to the United States told Reuters on Tuesday.
Separately, White House economic adviser Larry Kudlow said on Tuesday that US President Donald Trump was open to a trade deal with China subject to conditions.
"Market participants are weighing the prospect of a trade truce following Trump-Xi's dinner scheduled on this Saturday as the US side scaled back from Trump's earlier tough tone on
potentially raising tariffs further on Chinese imports," Huani Zhu, an economist at Mizuho Bank, said in a report.
Asian shares were largely higher on Wednesday and in Southeast Asia, Vietnamese stocks led the gains with a 0.8% rise, helped by financials and consumer staples stocks.
Joint Stock Commercial Bank for Foreign Trade of Vietnam gained 3.2%, while Saigon Beer Alcohol Beverage Corp added 3.3%.
The SET index rose 6.36 points or 0.39% to 1,640.63, in trade of 31.78 billion baht, as a bounce in oil prices supported energy stocks. PTT Plc firmed 0.5%, while Siam Cement Plc climbed 1.8%.
Singaporean stocks ticked up marginally, helped largely by technology shares. Singapore Technologies Engineering Ltd rose 0.3%, while Golden Agri-Resources Ltd gained 6.7%.
However, Philippine stocks ended 0.4% lower, snapping four consecutive sessions of gains, a period in which it gained 2.03%.
The benchmark was dragged lower by real estate and financial stocks. Ayala Land Inc dipped 1.6%, while SM Prime Holdings Inc slid 1.2%.
Meanwhile, telecom and materials shares drove Indonesian stocks 0.4% lower.
Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan PT dropped 4.1%, while Pabrik Kertas Tjiwi Kimia Tbk PT plunged 9.1%, to its lowest close in two weeks.