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SE Asia Stocks end firmer as Sino-U.S. trade truce whets risk appetite

SE Asia Stocks end firmer as Sino-U.S. trade truce whets risk appetite

Tuesday, July 02, 2019, 11:01 GMT+7
SE Asia Stocks end firmer as Sino-U.S. trade truce whets risk appetite
A woman rides a bicycle past a Stock Exchange center in Hanoi, July 21, 2015. Photo: Reuters

Southeast Asian stock markets ended firmer on Monday, after weeks of volatile trade, as an agreement by the United States and China to restart trade talks after President Donald Trump offered concessions revived risk appetite.

Trump said on Saturday talks with China were "right back on track", putting new tariffs on hold, while Beijing agreed to make unspecified new purchases of U.S. farm products and restart negotiations.

The comments on the sidelines of the G20 summit in Japan were seen as better than expected, boosting regional stocks despite a barrage of largely subdued data.

"We didn't have high expectations for the G20 meetings. What we got was realistically about as good as we thought likely," ING said in a note.

Singapore stocks rebounded from previous session's decline to end 1.5% firmer. Lenders DBS Group Holdings and United Overseas Bank added 2.5% and 1.8%, respectively.

Indonesian stocks ended at their highest since April 30, boosted by telco giant Telekomunikasi Indonesia Tbk , which closed up 1.9%.

The country's annual inflation rate slowed in June from a month earlier, but was slightly faster than expected, data showed on Monday.

Malaysian stocks ended higher despite data reflecting the country's lean June manufacturing activity, with new orders contracting for a ninth straight month as demand conditions softened.

Vietnam index was the top gainer in the region, following data that showed the nation's June manufacturing activity climbed from last month.

The bourse was boosted by upbeat performance in financials and real-estate counters, with conglomerate Vingroup JSC closing 1.3% higher.

Thai stocks surged as a jump in oil prices lent support to the energy-heavy index. Energy company PTT PCL added 1%.

Thailand's largest lender by assets - Siam Commercial Bank - said it would sell its life insurance business to Hong Kong-based insurer FWD Group for 92.7 billion baht ($3 billion) in the biggest insurance M&A deal in Southeast Asia, deepening a rapid Asian expansion by the Hong Kong-based group.

The lender's stock traded 1.1% higher at close. Meanwhile, the country's June headline inflation fell from the previous month, and was below the central bank's target range of 1%-4% for the first time in four months.

Reuters

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