September 14, 2018 / 4:47 AM / a month ago

SE Asia Stocks-Most higher as trade talks plan soothes nerves

    * Vietnam extends gains for sixth straight session
    * Philippine shares slip as approaching typhoon hits
sentiment
    * Thai stocks set for best week since early Jan

    By Karthika Suresh Namboothiri
    Sept 14 (Reuters) - Philippine shares slipped on Friday but
other Southeast Asian stocks rose as China and the United States
moved closer to negotiations that could end their tariff feud,
while an interest rate hike in crisis-hit Turkey also soothed
investors' nerves.
    Asian shares climbed higher after Chinese officials welcomed
an invitation from Washington for a new round of trade talks,
even as U.S. President Donald Trump said his administration was
"under no pressure to make a deal with China."
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was up 1.11 percent and on track for its best
session since late August.
    Meanwhile, Turkey's central bank, in a rare show of
independence, hiked its benchmark interest rate sharply, helping
boost the lira and sentiment around emerging markets.

    Currency crises both in Argentina and Turkey have stoked
fears of contagion over the past several weeks, battering
emerging market stocks and currencies in India, South Africa and
Indonesia.
    "The current move by the Turkish government to surprisingly
hike interest rates bolstered and provided enough boost for
regional markets", said Manny Cruz, an analyst with Manila-based
Asiasec Equities Inc.
    MSCI's broad emerging market stock index which
includes Indonesia, the Philippines and Malaysia, gained 1.3
percent.
    Singaporean stocks rose 0.8 percent, extending gains
to a third session. The bourse marked its biggest one-day gain
in over two weeks.
    Lender DBS Group gained as much as 1.2 percent,
while United Overseas Bank inched 0.6 percent higher.
    Bucking the trend, Philippine shares declined 0.7
percent, with the index falling for the seventh time in eight
sessions.
    Thousands of Filipinos have begun evacuating the northern
coast of the main island in preparation for a super typhoon.
    The storm, as well as the Philippine peso's steady descent
in recent weeks to multi-year lows were affecting stock market
sentiment on Friday, Asiasec's Cruz said.
    Jakarta's main stock index rose to a 10-day high led
by telecom and consumer stocks.
    Telekom Indonesia climbed 1.2 percent and Astra
International rose as much as 1.1 percent.
    Malaysian shares and Vietnamese stocks rose
0.6 percent each, with Vietnam extending gains to the sixth
straight session.
    Thai shares climbed 0.4 percent to a two-week high
following a legislation that raised the chances of an election
by May 2019.
    Airports of Thailand and Kasikornbank
gained around 1 percent each.
  
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0438 GMT 
 Market          Current  Previous Close  Pct Move
 Singapore       3153.84  3131.77         0.70
 Bangkok         1723.98  1717.96         0.35
 Manila          7465.25  7517.37         -0.69
 Jakarta         5888.11  5858.274        0.51
 Kuala Lumpur    1803.69  1792.6          0.62
 Ho Chi Minh     993.32   987.95          0.54
                                          
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3153.84  3402.92         -7.32
 Bangkok         1723.98  1753.71         -1.70
 Manila          7465.25  8558.42         -12.77
 Jakarta         5888.11  6355.654        -7.36
 Kuala Lumpur    1803.69  1796.81         0.38
 Ho Chi Minh     993.32   984.24          0.92
 
 (Additional Reporting by Rashmi Ashok)
  
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