Most Southeast Asian stock markets rose on Thursday, in line with broader Asia on signs China and the United States may be taking steps to de-escalate their bitter trade dispute. US government sources told Reuters on Wednesday that China had sent a response to US demands for trade reform but gave no further details, raising hopes the two sides could resume negotiations to end their trade war.
The progress in Sino-US trade talks was offering some support to regional markets, said Liu Jinshu, director of research, NRA Capital. "We probably will see the market drift higher over the next couple of days as the G20 meeting approaches," he said. Indonesian shares led the gains in Southeast Asia with a 1.7 percent jump, marking their third straight winning session.
Telecom and consumer staples stocks were the top gainers with index heavyweight Telekomunikasi Indonesia (Persero) PT rising 4.3 percent, while conglomerate Unilever Indonesia Tbk climbed 2.8 percent.
Philippine shares edged higher, driven by gains in financials. BDO Unibank Inc and Bank of the Philippine Islands jumped 3 percent and 2.3 percent, respectively. The central bank raised its benchmark interest rate by 25 basis points, its fifth hike this year, saying further policy tightening was needed to curb inflationary pressures.
Singapore shares snapped four straight sessions of declines, with conglomerate Jardine Matheson Holdings Ltd climbing 2.2 percent, while CapitaLand Ltd rose 1.3 percent. Bucking the trend, Thai shares fell 0.8 percent, dragged by losses in consumer staples and telecommunication services stocks. Digital life service provider Advanced Info Service PCL slipped 1.9 percent, while glass container manufacturer Berli Jucker PCL plunged 9.8 percent.
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