SE Asia Stocks-Markets rise on Trump's tariffs respite, Thailand leads rally

Credit: REUTERS/KIM HONG-JI

Southeast Asian stock markets mirrored a global stock rally on Wednesday, boosted by Washington's decision to delay tariffs on some Chinese goods, with Thailand leading gains.

By Soumyajit Saha

Aug 14 (Reuters) - Southeast Asian stock markets mirrored a global stock rally on Wednesday, boosted by Washington's decision to delay tariffs on some Chinese goods, with Thailand leading gains.

About half of the $300 billion worth of Chinese goods slated to be slapped with 10% tariffs on Sept. 1 are now exempted, including tariffs on products like clothing and footwear that will now kick in on Dec. 15.

The move soothed nerves after fears of an escalation were inflamed by Trump on Friday when he said no trade deal with China was to be expected in the near future.

The market cheer would be "fairly muted", Robert Carnell, chief economist and head of research, Asia-Pacific at ING Group said in a note to clients.

"It's a stay of execution, not a pardon. And markets remain nervous," the note added.

China's Ministry of Commerce said that Vice Premier Liu He had conducted a phone call with senior U.S. officials on Tuesday evening, further uplifting the market's mood.

Thai shares .SETI rose 1% to lead gains in the region, helped by financial and industrial stocks.

Real estate company Central Pattana PCL CPN.BK rose 3%, while Airports of Thailand AOT.BK gained 1.9%.

Malaysian shares .KLSE advanced, supported by gains in financial and resources stocks.

Chemicals producer Petronas Chemicals Group PCGB.KL rose 1%, while lender CIMB Group Holdings CIMB.KL gained 1%.

The banking sector pushed up Indonesian stocks .JKSE, with Bank Rakyat Indonesia (Persero) BBRI.JK and Bank Mandiri (Persero) BMRI.JK gaining 1.2% and 2%, respectively.

Singapore shares .STI were slightly up on a rally in financials, while Philippine shares .PSI traded flat.

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SOUTHEAST ASIAN STOCK MARKETS AS AT 0418 GMT

STOCK MARKETS

Change on the day

Market

Current

Previous close

Pct Move

Singapore

3153.73

3146.73

0.22

Bangkok

1639.55

1620.23

1.19

Manila

7789.78

7788.45

0.02

Jakarta

6250.72

6210.962

0.64

Kuala Lumpur

1601.21

1592.88

0.52

Ho Chi Minh

971.8

966.83

0.51

Change so far in 2019

Market

Current

End 2018

Pct Move

Singapore

3153.73

3068.76

2.77

Bangkok

1639.55

1563.88

4.84

Manila

7789.78

7,466.02

4.34

Jakarta

6250.72

6,194.50

0.91

Kuala Lumpur

1601.21

1690.58

-5.29

Ho Chi Minh

971.8

892.54

8.88

(Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V)

((Soumyajit.Saha@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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