SE Asia Stocks-Most rise as amended Brexit deal sharpens risk appetite
* Vietnam closes at over 5-month high, leads gains in region
* European Commission agreeing to tweaked Brexit deal calms
nerves
By Rashmi Ashok
March 12 (Reuters) - Most Southeast Asian stocks rose on
Tuesday, with Vietnam and Singapore leading gains after the
European Commission agreed to changes in a Brexit deal, whetting
appetite for riskier assets.
Investors, who have long grappled with Britain's exit from
the European Union, caught a break after the European Commission
agreed to additional assurances in an updated Brexit deal ahead
of a vote in British parliament.
A strong performance on Wall Street coupled with the
development in the deal lifted sentiment across broader Asia,
with MSCI's broadest index of Asia-Pacific shares outside Japan
closing 1 percent higher.
Singapore stocks gained 0.7 percent, with Real estate
companies like City Developments Ltd and CapitaLand
Mall Trust rising 2 percent and 2.1 percent
respectively, boosting the benchmark.
Commodities trader Wilmar International Ltd closed
1.3 percent higher and was among top gainers, after signing a
deal post market hours on Monday to acquire full control of
bread and spreads maker Goodman Fielder.
Vietnam's index jumped 1.7 percent, its highest
closing level in over 5 months, with financial and real estate
stocks boosting the index.
Joint Stock Commercial Bank for Foreign Trade of Vietnam
added 3.5 percent and Vietnam Technological And
Commercial Joint Stock Bank gained 1.9 percent.
Malaysian stocks followed suit, ending 0.4 percent
higher. Aluminium manufacturer Press Metal Aluminium Holdings
Berhad rose about 2.6 percent.
Philippine stocks edged higher as gains in
industrials outweighed weakness in real estate scrips.
Conglomerate and index giant SM Investments Corp
rose 2.3 percent, while electric utilities provider Aboitiz
Equity Ventures Inc settled nearly 2 percent higher.
Meanwhile, the country's January trade data showed that
exports slipped 1.7 percent and imports grew about 5.8 percent
from a year ago, widening the country's trade deficit slightly.
Bucking the trend, Indonesia's index edged lower as
material stocks such as paper makers Indah Kiat Pulp & Paper Tbk
and Pabrik Kertas Tjiwi Kimia Tbk slipped.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3212.25 3191.42 0.65
Bangkok 1627.59 1627.43 0.01
Manila 7747.54 7708.72 0.50
Jakarta 6353.774 6366.434 -0.20
Kuala Lumpur 1671.28 1664.63 0.40
Ho Chi Minh 1001.32 984.6 1.70
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3212.25 3068.76 4.68
Bangkok 1627.59 1563.88 4.07
Manila 7747.54 7,466.02 3.77
Jakarta 6353.774 6,194.50 2.57
Kuala Lumpur 1671.28 1690.58 -1.14
Ho Chi Minh 1001.32 892.54 12.19
(Reporting by Rashmi Ashok in Bengaluru; Editing by Shreejay
Sinha)
