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Southeast Asia stocks - Most rise on Sino-U.S. trade deal hopes

12/06/2019 | 06:33am EST
Thai investor sits in front of electronic board displaying live market data at stock broker's office in central Bangkok

Most Southeast Asian stock markets ended higher on Friday, following hopes of a preliminary Sino-U.S. trade deal after upbeat comments by the Trump administration.

U.S. President Donald Trump said on Thursday the trade talks were "moving right along", despite a lack of agreement over whether existing tariffs should be dropped as part of the preliminary deal.

"While we are not expecting any resolution (in the Sino-U.S. tariff war), any deal to curb further escalation will be welcomed", Paul Chew, head of research at Phillip Securities Research said.

Singapore shares rose, backed by gains in the real estate and industrial sectors.

Conglomerate Jardine Matheson Holdings Ltd was up 1.1%, while real estate developer Capitaland Ltd rose 1.7%.

Consumer and resource stocks helped the Indonesian index advance, capping off a 2.9% rise for the week.

Chemical maker Chandra Asri Petrochemical rose 1%, while cigarette maker Hanjaya Mandala Sampoerna was up 3.5%.

An index of the 45 most liquid stocks in Indonesia <.JKLQ45> gained 0.6%.

Consumer and utility stocks lifted Malaysia's benchmark index.

Agribusiness Sime Darby Plantation advanced 2.5%, while electricity distributor Tenaga Nasional rose 1.2%.

Bucking the general trend Thai shares fell for the eighth consecutive session, hurt most by losses in the utilities sector. The index fell 1.9% for the week.

Utilities company Glow Energy PCL dropped 3.6% after the Stock Exchange of Thailand declared the de-listing of its securities on the company's request.

By Soumyajit Saha

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
JARDINE MATHESON HOLDINGS LIMITED -1.80% 54.62 End-of-day quote.-2.46%
LETS HOLDINGS GROUP CO., LTD. 1.19% 6.78 End-of-day quote.-12.85%
LOOK HOLDINGS INCORPORATED 5.53% 1374 End-of-day quote.43.57%
PT HANJAYA MANDALA SAMPOERNA TBK -0.50% 995 End-of-day quote.-33.89%
PT. CHANDRA ASRI PETROCHEMICAL TBK 0.73% 6900 End-of-day quote.-23.97%
SET 1.33% 1609.28 Real-time Quote.9.58%
SIME DARBY PLANTATION BERHAD -0.53% 3.75 End-of-day quote.-24.85%
TENAGA NASIONAL BERHAD 0.22% 9.04 End-of-day quote.-13.24%
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