(Corrects typo in paragraph 8)
* Philippine shares hit near 4-week lows
* Singapore stocks supported by banks, telcos
By Anushka Trivedi
Jan 16 (Reuters) - Most Southeast Asian stock markets gained
ground on Thursday after the United States and China signed an
interim trade deal, while Philippine shares were under pressure
due to the threat of a volcanic eruption near its capital city.
Washington and Beijing inked the Phase 1 trade pact on
Wednesday that will roll back some tariffs and see China boost
purchases of U.S. goods and services by $200 billion over two
years.
Despite the signing of the trade deal, investors were
cautious as China's commitments seem "neither ground-breaking
nor sufficiently binding in the specifics," Mizuho analysts said
in a note.
"The big picture is that 'Phase-1' is a partial deal that
merely pauses the U.S.-China trade conflict, buying time to sort
out differences, but far from a lasting resolution," the
analysts said.
Trade-sensitive Singapore shares .STI edged higher amid
gains in financial and telecommunication firms.
DBS Group Holdings Ltd DBSM.SI added 0.7% and heavyweight
Singapore Telecommunications Ltd STEL.SI jumped 1.2%.
Indonesia's benchmark index .JSKE swung between gains and
losses, while Thai shares .SETI ticked higher.
Philippine shares .PSI hit a near four-week low, with
consumer and financial stocks leading losses after analysts said
the volcanic activity near Manila could impact the country's
gross domestic product. Food processor Universal Robina Corp URC.PS fell 1.1%,
while SM Investments Corp SM.PS dropped as much as 2.1% to its
lowest since Jan 6.
Malaysia's main index .KLSE slumped 0.3% as consumer and
utility stocks faltered.
The country's palm oil exports to China jumped in 2019 but
Beijing's latest trade deal with the United States could limit
gains this year, a Malaysian palm official said on Thursday.
Palm oil producers IOI Corp Bhd IOIB.KL and PPB Group Bhd
PEPT.KL declined 1.1% and 0.8%, respectively.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0428 AM
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3264.15 3256.98 0.22
Bangkok 1585.64 1581.05 0.29
Manila 7650.71 7664.4 -0.18
Jakarta 6276.82 6283.365 -0.10
Kuala Lumpur 1579.72 1585.14 -0.34
Ho Chi Minh 972.92 967.56 0.55
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3264.15 3222.83 1.28
Bangkok 1585.64 1579.84 0.37
Manila 7650.71 7,815.26 -2.11
Jakarta 6276.82 6,299.54 -0.36
Kuala Lumpur 1579.72 1588.76 -0.57
Ho Chi Minh 972.92 960.99 1.24