Most Southeast Asian stock markets rose on Thursday with Malaysia leading the gains, as optimism over a trade deal between the US and China were renewed following indications of further official talks in Beijing next week. US Treasury Secretary Steven Mnuchin said on Wednesday that he and other US officials would travel to Beijing to continue trade talks, eyeing a deal before the March 2 deadline.
So far this year, foreign investors have been net buyers of stocks in markets such as Indonesia, the Philippines, Thailand and Vietnam. The Malaysian benchmark rose 0.6 percent, leading gains in the region after thin trading in the region this week due to a two-day closure on account of the Chinese New Year. Utilities and consumer cyclicals boosted the Malaysian benchmark index, with Tenaga Nasional Bhd and Maxis Bhd climbing 3.7 percent and 2.5 percent, respectively.
The Singapore index gained 0.5 percent to its highest level since Jan. 25, helped by telecom and industrial stocks. Shares of Singapore Telecommunications Ltd gained 1 percent while those of Jardine Matheson Holdings Ltd firmed 1.3 percent. The Philippine stock index climbed 0.5 percent, with gains concentrated in industrial stocks. SM Investments Corp and JG Summit Holdings Inc gained over 2 percent each.
The Philippine central bank kept its benchmark interest rate steady for a second straight meeting on Thursday, saying inflation risk had fallen on lower crude oil and food prices. Meanwhile, the Thai index dipped 0.3 percent, dragged by consumer and health care stocks. Shares of Bangkok Dusit Medical Services PCL and Siam Makro PCL dropped 1.3 percent and 3.3 percent, respectively. Indonesian stocks also ended the session slightly lower, hurt by consumer and financial stocks. Charoen Pokphand Indonesia Tbk PT slipped 2.8 percent, while Bank Central Asia Tbk PT slid 0.5 percent.
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