November 19, 2019 / 10:32 AM / 19 days ago

SE Asia Stocks-Most markets recover; Singapore drops

    * Singapore hits near 3-week low, falls 0.7%
    * Philippines snaps four straight sessions of losses
    * Malaysia recovers from earlier losses

    By Arundhati Dutta
    Nov 19 (Reuters) - Most Southeast Asian stock markets
recouped losses from earlier in the session on Tuesday, with
Singapore falling over 0.6%, although mixed signals from
Washington and Beijing on trade talks capped gains.
    The Trump administration decided to grant a new extension
which allowed U.S. companies to continue doing business with
China's Huawei, stoking hopes of a truce.
    However, CNBC reported overnight that China was
"pessimistic" about a trade agreement because of U.S. President
Donald Trump's reluctance to roll back tariffs.
    "The trade-talks are starting to look more like an iceberg,
and not a lighthouse," Jeffrey Halley, senior market analyst for
Asia Pacific at OANDA said in a note.
    Singapore stocks fell 0.7% to hit a near 3-week low. 
    Index heavyweights Jardine Matheson Holdings and
Jardine Strategic Holdings shed 1.8% each.
    The Philippines benchmark snapped four straight
sessions of losses to end 0.4% higher. Power retailer Aboitiz
Power Corp added 2.4%, while telco Globe Telecom
 gained 0.9%. 
    Indonesian shares rose 0.48%, buoyed by financials. 
    Shares of PT Bank Central Asia rose 0.6% while PT
Bank Mandiri (Persero) added 2.5%, both hitting their
highest level in nearly two weeks. 
    Meanwhile, Malaysian equities recovered from losses
suffered earlier in the session to end flat. 
    The index had fallen as much as 0.6% earlier after a
minister said that the country would enforce new food safety
regulations under consideration by the European Union on palm
oil by 2021.
    Palm oil growers faced added challenges, with government
officials also saying they would mandate the palm oil industry
to meet certain workers' rights and environmental protection
standards by 2020.
    Losses suffered by palm oil cultivators like PPB Group
 and Hap Seng Consolidated were offset by
gains by financial stocks such as Public Bank and Hong
Leong Bank.
    Vietnamese equities tacked on 0.6%, lifted by
financial stocks.
    
    

    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Market                 Current  Previous close  Pct Move
 Singapore              3236.99  3258.66         -0.66
 Bangkok                1603.59  1608            -0.27
 Manila                 7912.14  7880.94         0.40
 Jakarta                6152.09  6122.625        0.48
 Kuala Lumpur           1605.31  1604.36         0.06
 Ho Chi Minh            1008.35  1002.91         0.54
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3236.99  3068.76         5.48
 Bangkok                1603.59  1563.88         2.54
 Manila                 7912.14  7,466.02        5.98
 Jakarta                6152.09  6,194.50        -0.68
 Kuala Lumpur           1605.31  1690.58         -5.04
 Ho Chi Minh            1008.35  892.54          12.98
 

 (Reporting by Arundhati Dutta)
  
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