December 27, 2018 / 4:24 AM / 2 months ago

SE Asia Stocks-Higher after Wall Street rebound

    * Singapore leads gains as financials, industrials rise
    * Indonesian stocks hit over 8-mth high

    By Ambar Warrick
    Dec 27 (Reuters) - Southeast Asian shares rose on Thursday,
tracking a dramatic rebound on Wall Street powered by upbeat
U.S. holiday sales data and the Trump administration's efforts
to boost investor confidence.
    Singaporean stocks led gains in the region with a 2
percent advance while Thai and Vietnamese shares
added roughly 1.4 percent each after U.S. equities saw a buying
frenzy overnight.
    Data from Mastercard showed U.S. holiday sales had risen at
the strongest pace in years, helping allay concerns about
slowing economic growth.
    White House officials also appeared to try to calm Wall
Street nerves after recent reports suggested that President
Donald Trump was unhappy with the Federal Reserve and his
treasury secretary.
    In another potentially positive sign for Southeast Asian
markets, a Bloomberg News report said a U.S. trade team would
travel to Beijing in the week of Jan. 7 to hold talks with
Chinese officials, suggesting the world's two largest economies
were making progress in cooling trade tensions.
    China is Southeast Asia's biggest trading partner and any
news about worsening trade ties with the United States has
roiled markets in the region this year.
    In Singapore, United Overseas Bank rose about 2.4
percent, while industrial conglomerate Jardine Strategic
 gained about 3 percent. The two stocks have each lost
about 10 percent this year.
    Indonesian stocks rose as much as 1 percent, hitting
their highest level since late April.
    While the country's stock markets had fallen substantially
over the year, a recent stabilisation in the rupiah
currency as well as a drop in oil prices has helped Indonesian
shares outperform their regional peers this year.
    Philippine shares were 0.22 percent higher. Real
estate conglomerate Ayala Land gained about 0.9
percent, while BDO Unibank Inc edged 1 percent higher.
    The bourse is on track to post a gain for December, in
contrast with a number of its regional peers.
    
For Asian Companies click:
    
SOUTHEAST ASIAN STOCK MARKETS AS AT 0337 GMT
 STOCK MARKETS                                
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3072.61   3011.15         2.04
 Bangkok            1578.53   1556.93         1.39
 Manila             7466.27   7450.01         0.22
 Jakarta            6167.652  6127.85         0.65
 Kuala Lumpur       1683.88   1672.6          0.67
 Ho Chi Minh        904.35    891.75          1.41
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3072.61   3402.92         -9.71
 Bangkok            1578.53   1753.71         -9.99
 Manila             7466.27   8558.42         -12.76
 Jakarta            6167.652  6355.654        -2.96
 Kuala Lumpur       1683.88   1796.81         -6.29
 Ho Chi Minh        904.35    984.24          -8.12
 
 (Reporting by Ambar Warrick in Bengaluru; Editing by Sai Sachin
Ravikumar)
  
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