SE Asian stocks rise on trade US-China talk hopes

Published: January 09, 2019 12:48:49 | Updated: January 26, 2019 15:05:47

File Photo (Collected)

Southeast Asian stocks rose on Wednesday as further headway in US-China trade talks increased chances of the two nations striking a deal to end the long-drawn confrontation.

US and Chinese officials are continuing negotiations in China for an unscheduled third day amid signs of progress on issues including purchases of US commodities and greater access to China's markets.

Leading the regional gains, Philippine stocks recovered from last session's decline to climb as much as 2.0 per cent.

Industrial and financial stocks supported the Manila index, with SM Investments Corp and Ayala Corp advancing 2.8 per cent each.

The archipelago's November trade data is due later in the week, reports Reuters.

Meanwhile, the Singapore index hit a more than five week high and extended gains for a fourth straight session.

Conglomerate Jardine Matheson Holdings Ltd rose 2.7 per cent, its highest in more than five years.

Indonesian benchmark index gained up to 0.9 per cent buoyed by the financials sector. Bank Central Asia rose as much as 1.5 per cent and Bank Mandiri (Persero) climbed 2.7 per cent.

Thai stocks gained for a fourth consecutive session, while Malaysian index advanced as much as 0.7 per cent.

Markets await Chinese inflation data which is due on Thursday, as the world's second largest economy begins to show signs of slowing.

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