(Refiles to amend editing credit)
* Philippines bounces back, up 1.7%
* Indonesia extends losses to fifth straight session
* Singapore subdued throughout the session
By Arundhati Dutta
Nov 27 (Reuters) - Most Southeast Asian markets rose on
Wednesday, with Philippines leading gains, after U.S. President
Donald Trump said that the United States and China were close to
an initial trade deal, though gains were capped by poor data
from China.
On Tuesday, Trump said Washington was in the "final throes"
of a deal which would potentially diffuse trade tensions that
have raged for 16 months, though he reiterated that the U.S.
would continue to back pro-democracy protesters in Hong Kong - a
sore point with China. On the downside, China's industrial profits for October
shrank at their fastest pace in eight months, data released
earlier in the day showed, reinforcing fears that the trade war
continues to hurt the world's second largest economy.
"The Chinese probably have President Trump to thank today,
with his trade comments overnight taking the edge of today's
China data," Jeffrey Halley, senior market analyst at OANDA said
in a note.
Halley added that talks appear to be moving in the right
direction, even if their progress seems agonizingly slow.
China is the biggest trading partner for most Southeast
Asian economies and any sign of slowdown in its economy stokes
fear of a trickle-down effect in the region.
The Philippine benchmark .PSI bounced from a near
seven-week closing low touched in the previous session to close
1.7% higher. The index has shed 1.5% over the past two sessions.
The index was lifted by blue chips, with conglomerates Ayala
Land ALI.PS and DMCI Holdings DMC.PS rising 4.6% and 3.7%,
respectively.
Malaysian equities .KLSE edged higher, with index
heavyweight Tenaga Nasional TENA.KL adding 1.2%, after posting
a 140% jump in quarterly net profit earlier in the day.
Vietnamese stocks .VNI closed 0.1% higher, lifted by
financials. Joint Stock Commercial Bank for Foreign Trade of
Vietnam (Vietcombank) VCB.HM rose 1.9%.
However, Indonesian stocks .JKSE extended their fall to a
fifth straight session, with the index having lost 2.2% across
the past five days, including Wednesday's performance.
Financials dragged the benchmark, with PT Bank Mandiri
(Persero) Tbk BMRI.JK dropping 0.4% and PT Bank Pan Indonesia
PNBN.JK falling 2.8% .
The Thai index .SETI see-sawed throughout the session to
close marginally lower while Singapore equities .STI closed
slightly higher.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3215.53 3207.85 0.24
Bangkok 1607.27 1609.38 -0.13
Manila 7836.89 7707.8 1.67
Jakarta 6023.039 6026.188 -0.05
Kuala Lumpur 1587.18 1583.87 0.21
Ho Chi Minh 978.17 976.79 0.14
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3215.53 3068.76 4.78
Bangkok 1607.27 1563.88 2.77
Manila 7836.89 7,466.02 4.97
Jakarta 6023.039 6,194.50 -2.77
Kuala Lumpur 1587.18 1690.58 -6.12
Ho Chi Minh 978.17 892.54 9.59