* U.S., China "close to finalising" parts of trade deal - officials
* The Philippines leads gains, lifted by financial firms
* U.S. suspends $1.3 bln in trade preferences for Thailand
By Sameer Manekar
Oct 28 (Reuters) - Most Southeast Asian stock markets rose on Monday, lifted
by hopes that Washington and Beijing were close to finalising parts of a trade
pact, while the Thai bourse dropped nearly 1% after the United States suspended
duty-free trade with the country for certain items last week.
Chinese and U.S. officials are "close to finalising" some parts of a trade
agreement after high-level telephone discussions on Friday, the U.S. Trade
Representative's office and China's Commerce Ministry said, with talks to
continue. U.S. President Donald Trump has said he hopes to sign the deal with China's
President Xi Jinping next month at a summit in Chile.
Investors also await the U.S. Federal Reserve's policy decision due later
this week, amid a slew of mixed corporate earnings and concerns of global
economic slowdown. A rate cut is expected from the meeting, Fed's third this
year, according to a Reuters poll. However, investor sentiment remained subdued amid concerns of global
economic slowdown and recession.
"Investors are finding it difficult to put on a brave face despite the trade
calm as the recent spate of economic downgrades and increasing recession risks
continue to cloud consumer outlooks," Stephen Innes, market strategist at
AxiTrader said in a note.
Indonesian stocks .JKSE recovered from their biggest drop since Sept. 16
hit in their previous session.
Huge gains in the consumer sector pushed the index up, with poultry feed
producer Charoen Pokphand Indonesia CPIN.JK and Unilever Indonesia UNVR.JK
rising 3% and 0.8%, respectively.
The Philippine bourse .PSI gained on the back of financial firms, with BDO
Unibank BDO.PS and Metropolitan Bank and Trust MBT.PS adding 2% and 3.1%,
respectively.
Vietnam's benchmark index .VNI edged a tick higher, and was poised to
close firmer for a fifth consecutive session.
Financials and consumer firms were among the top gainers, with Bank for
Investment and Development of Vietnam BID.HM and Saigon Beer Alcohol Beverage
Corp SAB.HM adding 1.7% and 1.1%, respectively.
Thai stocks .SETI were trading flat after losing as much as nearly 1%
earlier in the session.
Last week, Trump suspended duty-free trade for certain items with Thailand,
with U.S. Trade Representative's office saying the move amounted to a suspension
of $1.3 billion in trade preferences. Consumer and real-estate sectors took the biggest hit, with CP All PCL
CPALL.BK and real estate developer Central Pattana PCL CPN.BK losing 0.3%
and 0.8%, respectively.
Singapore and Malaysia markets were closed for public holidays.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0416 GMT
Market Current Previous close Pct Move
Bangkok 1593.41 1593.28 0.01
Manila 7939.99 7922.5 0.22
Jakarta 6260.94 6252.345 0.14
Ho Chi Minh 997.23 996.57 0.07
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3185.53 3068.76 3.81
Bangkok 1593.41 1563.88 1.89
Manila 7939.99 7,466.02 6.35
Jakarta 6260.94 6,194.50 1.07
Kuala Lumpur 1570 1690.58 -7.13
Ho Chi Minh 997.23 892.54 11.73