* Singapore posts sharpest weekly gain since Nov
* Malaysia posts third weekly gain in four
By Soumyajit Saha
Jan 11 () – Most Southeast Asian stock markets rose
on Friday as the Sino-U.S. trade talks seemed headed for higher
levels and as U.S. Federal Reserve chief reiterated that the Fed
would be patient about raising rates.
Chinese Vice Premier Liu He, the country’s top trade
negotiator, is expected to visit the United States later this
month to advance negotiations, according to U.S. officials.
Fed chief Jerome Powell’s stress on patience regarding
monetary tightening due to signs of slowing U.S. growth, added
to expectations that the central bank may slow its pace of rate
tightening this year.
Singapore shares rose for a sixth straight session
and posted their highest close in over three months. Index
heavyweights DBS Group Holdings and United Overseas
Bank rose 1.4 and 1.1 percent, respectively.
For the week, Singapore shares gained 4.6 percent, their
sharpest since the week ended Nov. 2, 2018.
Malaysian shares closed slightly higher after
trading flat for most part of the session.
Data released earlier in the day showed industrial output
climbed 2.5 percent in November from a year earlier, slower than
the 4.2 percent rise in the previous month.
For the week, Malaysian shares climbed about 0.8 percent,
their third weekly gain in four.
Meanwhile, Philippine shares fell 1 percent, dragged
by financials, but posted their second straight weekly gain.
Financials came under pressure following reports that the
local unit of South Korean shipbuilder Hanjin Heavy Industries &
Construction Co Ltd declared bankruptcy.
« Reports suggest several banks on the index have loan
exposure to Hanjin, » said Miguel Ong, a research analyst with AP
Both Bank of the Philippine Islands and
Metropolitan Bank and Trust Co fell 4.8 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3198.65 3183.51 0.48
Bangkok 1597.04 1587.63 0.59
Manila 7904.09 7985.23 -1.02
Jakarta 6361.465 6328.714 0.52
Kuala Lumpur 1683.22 1678.88 0.26
Ho Chi Minh 902.71 898.3 0.49
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3198.65 3068.76 4.23
Bangkok 1597.04 1563.88 2.12
Manila 7904.09 7,466.02 5.87
Jakarta 6361.465 6,194.50 2.70
Kuala Lumpur 1683.22 1690.58 -0.44
Ho Chi Minh 902.71 892.54 1.14
(Reporting by Soumyajit Saha in Bengaluru; Editing by
Our Standards:The Thomson Trust Principles.