Southeast Asia stocks: most rise as China, U.S. make headway in trade talks; Philippines falls
|01/11/2019 | 05:45am|
(Reuters) - 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 <.STI> 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 <.KLSE> 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 <.PSI> 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 Securities.
Both Bank of the Philippine Islands and Metropolitan Bank and Trust Co fell 4.8 percent.
(Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu)
By Soumyajit Saha