Southeast Asian stock markets rose in line with global equities on Tuesday, after reports of US-China trade negotiations and Chinese premier's pledge to ease access for American businesses allayed fears of a trade war between the two economies.
MSCI's broadest index of Asia-Pacific shares outside Japan extended gains to finish over 1 percent higher, after Wall Street scored its best day in 2-1/2 years on Monday. Philippine shares ended 1.5 percent higher, bolstered by financials.
"The Philippine market has nosedived from a high of 9,000, eventually down to 7,834 yesterday, which has inspired some buying appetite in the market," said Manny Cruz, analyst at Asiasec Equities Inc. "The oversold nature of the market, boosted by gains in Wall Street has improved trading today."
Bank of the Philippine Islands was the biggest boost to the main index, soaring as much as 5.2 percent. Vietnam shares ended flat, paring most of the session's gains that lifted had the index to an all-time top. Gains in consumer staple stocks offset losses in financials, with Vietnam Dairy Products JSC gaining more than 2 percent and contributing most to the benchmark.
Indonesian shares ended the session marginally higher, boosted mainly by healthcare and materials stocks. The index of the country's 45 most liquid stocks rose 0.15 percent. Singapore shares ended 0.8 percent higher as financials gained.
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