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Southeast Asia stocks - Markets track Asian peers to end higher; Philippines leads gains

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10/16/2019 | 09:30am EST
A stockbroker looks on his monitors inside the Philippine Stock Exchange (PSE) in Makati city, metro Manila

(Reuters) - Southeast Asian stock markets ended higher on Wednesday, in line with Asian peers, as strong U.S. corporate earnings helped soothe concerns about a global slowdown, while a potential breakthrough in Brexit deal negotiations also aided sentiment.

Major U.S. banks such as JPMorgan, Citigroup, and Wells Fargo posted strong results on Tuesday.

Meanwhile, officials involved in Brexit deal negotiations said that differences over the terms of the split had narrowed significantly.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> rose 0.4%. [MKTS/GLOB]

"Markets are being driven by pent-up demand after several weeks of jockeying between U.S. and China prior to last week's talks," Liu Jinshu, director of research at NRA Capital said.

"In the longer term, existing tariffs will continue to drag on growth and cloud outlook."

Leading gains in the region, Philippine stocks <.PSI> rose 1% to its highest level in nearly four weeks.

Real estate and financial stocks were among the top performers, with SM Prime Holdings rising 1.4%, while Bank of the Philippine Islands advanced 1% on the back of strong third-quarter results.

Singapore stocks <.STI> hit over a two-week high due to gains in industrials and financials firms.

Industrial conglomerate Jardine Matheson Holdings and airport operator SATS Ltd strengthened 2.5% and 2.9%, respectively.

Investors will now turn to the release of non-oil exports data for Singapore on Thursday. The city-state, like other trade-reliant Asian economies, has been hit hard by a prolonged U.S.-China tariff dispute and a downturn in the electronics sector.

Meanwhile, the Thai benchmark index posted a third straight day of gains, boosted by utilities and industrials.

Electricity producer Global Power Synergy rose 4.3%. Airports of Thailand climbed 2% to its highest in over 21 months.

Malaysian stocks <.KLSE> advanced 0.6%, buoyed by financial and telecommunication sectors, with Hong Leong Bank Bhd and Digi.Com Bhd adding 1.8% and 1.7%, respectively.

Indonesian stocks <.JKSE> ended 0.2% higher after swinging between positive and negative territory, while Vietnam stocks <.VNI> edged higher.

(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)

By Sameer Manekar

Stocks mentioned in the article
ChangeLast1st jan.
AIRPORTS OF THAILAND PCL End-of-day quote.
BANK OF THE PHILIPPINE ISLANDS End-of-day quote.
DIGI.COM BHD End-of-day quote.
GLOBAL POWER SYNERGY PCL End-of-day quote.
HONG LEONG BANK BHD End-of-day quote.
JARDINE MATHESON HOLDINGS LIMITED -1.09% 57.19 End-of-day quote.-0.23%
SATS LTD. -1.35% 4.4 End-of-day quote.-1.12%
SM PRIME HOLDINGS, INC. End-of-day quote.
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