Southeast Asian stocks rise on trade talk optimism

Published: February 01, 2019 11:43:21 | Updated: February 04, 2019 11:48:01

Southeast Asian stocks rose on Friday as the latest round of Sino-US trade talks ended on a positive note, with President Donald Trump saying he was optimistic that the two nations could reach "the biggest deal ever made."

Philippine shares climbed the most in the region, rising as much as 1.3 per cent on broad-based gains.

Index heavyweights SM Investment Corp and BDO Unibank added as much as 0.9 per cent and 2.6 per cent, respectively.

Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal.

However, no specific plans for the meeting were announced. The latest round of talks also helped offset a private survey data that showed China's January factory activity shrank the most in almost three years.

Most other markets in the region were in an upbeat mood, with Indonesian shares rising as much as 0.8 per cent after data showed the country's annual consumer inflation in January slowed more than expected.

Financial stocks dominated gains on the Jakarta index, with both Bank Central Asia and Bank Rakyat Indonesia (Persero) hitting record highs.

Thai shares were up as much as 0.3 per cent ahead of inflation data slated to release later in the day.

A Reuters poll showed Thai annual headline inflation rate in January may have slowed from the previous month and stayed below the central bank's target range for a third straight month.

Index heavyweights PTT and PTT Exploration and Production climbed as much as 1.0 per cent and 0.4 per cent, respectively.

Elsewhere, Singapore and Vietnam shares were nearly flat.

Malaysian stock market was closed for Federal Territory Day.

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