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Southeast Asian markets rise on trade deal hopes; Philippines leads gains

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10/22/2019 | 06:00am EST
A stockbroker speaks on the phone inside the Philippine Stock Exchange (PSE) in Makati city, metro Manila

(Reuters) - Southeast Asian stock markets ended higher on Tuesday, with Philippines leading gains, as hopes of a resolution in the long drawn Sino-U.S. trade dispute revived investor spending.

U.S. President Donald Trump struck an optimistic tone on a trade deal with China on Monday, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

Following suit, China's Vice Foreign Minister Le Yucheng said on Tuesday that the world's two biggest economies have achieved some progress in their negotiations.

The Philippine bourse <.PSI> closed at over a five-week high, supported by gains in financial and industrial firms.

The national government reported https://bit.ly/2MzlH9K a 39.01% annual rise in its September spending, fastest in the year so far, with a 16.89% gain in revenue collections.

"The impressive performance on both fronts gives hope for a 6% growth chase towards the end of the year," ING said in a note. "A resurgence in government spending coupled with still robust and potent household spending will look to carry the load for third quarter GDP growth."

Conglomerates JG Summit Holdings and SM Investments Corp added 2.7% and 0.9%, respectively.

Singapore's benchmark index <.STI> closed at its highest in over a month, boosted by a 14.4% rise in Keppel Corp, following state-owned investor Temasek's bid to buy control of Keppel in a S$4.1 billion ($3.01 billion) deal.

Real estate firm Hongkong Land Holdings and UOL Group gained 2.2% and 1.7%, respectively.

Thai stocks rose 0.7%, lifted by utilities and energy firms.

Thailand cabinet approved an additional stimulus package valued at 5.8 billion baht ($191.36 million), its finance minister said, as it seeks to shore up a flagging economy.

Srisawad Finance PCL was the top gainer on the index, gaining 17% after posting upbeat quarterly results on Tuesday, while electricity generator Gulf Energy Development rose 2.9%, closing at a record high.

Indonesian stocks <.JKSE> gained for an eighth consecutive session, hitting a near one-month high, while investors awaited central bank's policy decision later in the week.

Bank Indonesia on Thursday is expected to cut its benchmark rate for the fourth straight month at its meeting on Thursday, according to a Reuters poll.

Unilever Indonesia and Bank Central Asia advanced 1.2% and 1.3%, respectively.

Malaysian stocks <.KLSE> gained 0.2% in last minute trading, with Hong Leong Financial Group rising 4.3%.

($1 = 1.3614 Singapore dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich)

By Sameer Manekar

Stocks mentioned in the article
ChangeLast1st jan.
BANK CENTRAL ASIA TBK PT End-of-day quote.
GULF ENERGY DEVELOPMENT PCL End-of-day quote.
HONG LEONG FINANCIAL GROUP BERHAD End-of-day quote.
HONGKONG LAND HOLDINGS LIMITED -1.58% 5.59 End-of-day quote.-3.12%
HUDSON'S BAY COMPANY 0.00% 10.9 Delayed Quote.10.32%
JG SUMMIT HOLDINGS, INC. End-of-day quote.
KEPPEL CORPORATION LIMITED -0.15% 6.79 End-of-day quote.0.30%
SM INVESTMENTS CORPORATION End-of-day quote.
SRISAWAD FINANCE PCL End-of-day quote.
UNILEVER INDONESIA TBK PT End-of-day quote.
UOL GROUP LIMITED -0.24% 8.33 End-of-day quote.0.12%
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