Most Southeast Asian stock markets ended higher on Wednesday with Philippines leading the gains, as reports of a potential US-China meeting in January boosted sentiment, while Vietnam shares closed lower on a technical sell-down. Investors took heart after US Treasury Secretary Steven Mnuchin told Bloomberg in an interview that the United States and China are planning to hold meetings in January to "document an agreement" on trade.
The dispute between the world's two biggest economies threatens businesses throughout the region due to global value chains. Philippine shares, the top performers in the region, closed at their highest level in two weeks.
Industrial and financial stocks were the biggest boost in the index, with DMCI Holdings Inc ending 6.8 percent higher, while Aboitiz Equity Ventures Inc closed up 5.5 percent. Singapore stocks ended firmer on the back of financial stocks, while Indonesian shares snapped three straight sessions of declines to close higher.
Top performers computer and electronics retailer Global Teleshop Tbk closed 25 percent firmer, while Bank Agris Tbk ended 24.5 percent higher. Malaysian stocks ended 1.2 percent higher, after plumbing near two-year lows in the previous session. Thai shares reversed course during early trade to edge higher, as gains in financial and industrial stocks offset losses in energy companies.
Bucking the trend, Vietnamese stocks slipped 0.9 percent to notch their fifth straight session in the red, with financial stocks being the biggest drag. The slump was due to a technical sell-down, owing to the recent strength that had pushed the index to a level above 960 points, said Bui Nguyen Khoa, head of macro research, BIDV Securities Company. Shares in Vietnam Joint Stock Commercial Bank for Industry and Trade closed 4.9 percent lower, while Joint Stock Commercial Bank for Foreign Trade of Vietnam lost about 1.3 percent.
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