SE Asia Stocks-Singapore extends gain, Vietnam scales new peak

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SE Asia Stocks-Singapore extends gain, Vietnam scales new peak

Friday, April 6,2018

AsemconnectVietnam - Singapore and Vietnam shares extended gains on Friday while other Southeast Asian markets slipped as investors awaited China's response after U.S. President Donald Trump proposed $100 billion in additional tariffs.

"The silver lining is that Trump did open a path for de-escalation, stating that the U.S. is prepared to have discussions," Mizuho Bank said in a note.

"The ball is now in China's court to either play hardball or change to a more conciliatory tone. Markets are thinking that much is posturing for negotiations, but the risk is that tit-for-tat can spiral beyond a point where it becomes hard for both sides to walk back."

The S&P 500 E-mini futures ESc1 were down 1.2 percent, pointing to a lower start for Wall Street later in the global day. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was slightly higher. Vietnam shares .VNI rose for a third straight session and hit a new high of 1,202.59.

Vingroup JSC VIC.HM rose 1.2 percent, while Vietnam Joint Stock Commercial Bank for Industry and Trade CTG.HM jumped 2.3 percent.

The benchmark stock index has gained over 2 percent so far this week in what could be its eighth straight weekly rise. It has added nearly 22 percent this year after a 48 percent jump in

2017.

Singapore shares .STI climbed for a second day in a row on the back of gains in financials. DBS Group Holdings Ltd DBSM.SI, the city-state's biggest lender, and Oversea-Chinese Banking Corp Ltd OCBC.SI both gained nearly 1 percent.

Philippine shares .PSI were slightly down, but were on track to post their second consecutive weekly gain.

Ayala Corp AC.PS rose as much as 2.5 percent and Bank of the Philippine Islands BPI.PS climbed 1.4 percent.

If not for volatility in the global markets Philippine shares would have risen as the country is in the midst of a technical rally, said Jose L. Vistan, research head at Manila-based AB Capital Securities.

Indonesian shares .JKSE were marginally lower and were set to post their sixth straight weekly drop.

Bank Central Asia Tbk PT BBCA.JK declined up to 1.7 percent, while Bank Mandiri (Persero) Tbk PT BMRI.JK skid nearly 2 percent to a three-month low.

The Thai stock market .SETI was closed for a holiday.

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SOUTHEAST ASIAN STOCK MARKETS: Change as at 0457 GMT

	Current	Previous Close	Pct Move
Singapore	3425.02	3405.65	0.57
Manila	8015.24	8022.16	-0.09
Jakarta	6180.806	6183.227	-0.04
Kuala Lumpur	1833.73	1836.13	-0.13
Ho Chi Minh	31199.16	1193.17	0.50

Change on year

Market	Current	End 2017	Pct Move
Singapore	3425.02	3402.92	0.65
Manila	8015.24	8558.42	-6.35
Jakarta	6180.806	6355.654	-2.75
Kuala Lumpur	1833.73	1796.81	2.05
Ho Chi Minh	1199.16	984.24	21.84

Source: Reuters.com

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