Malaysia, Indonesia lead losses; Trump-Xi meeting in spotlight

-A +A

BENGALURU (Nov 30): Malaysian and Indonesian shares led losses on Friday amid caution ahead a high-stakes meeting between leaders of China and the United States, while Thai stocks rose on higher oil prices.

US President Donald Trump and his Chinese counterpart Xi Jinping are expected to discuss trade on the sidelines of the G20 summit in Argentina on Saturday, where trade tariffs are expected to dominate the agenda.

However, Trump sent mixed signals on Thursday about the trade deal, saying an agreement was close but he was not sure he wanted one, just as he left for Argentina for a meeting with President Xi.

Meanwhile, China's manufacturing sector stalled for the first time in over two years in November, adding to investor jitters before the pivotal meeting.

China is the top trade partner of most Southeast Asian countries.

Malaysian shares were the biggest losers in Southeast Asia with a drop of 1%, dragged by consumer non-cyclicals and industrials.

Axiata Group Bhd dipped 4%, while Sime Darby Plantation Bhd slid 5.4%.

For the week, Malaysian shares declined about 1% in their fourth straight weekly drop.      

Indonesian shares closed 0.8% lower, marking their third session of declines in four.   

Financial and material stocks were among the top losers, with United Tractors Tbk PT declining 6.3% and Indah Kiat Pulp & Paper Tbk PT shedding 10.3%.

For the month, Indonesian shares gained 3.9%, their sharpest since January.

Meanwhile, Thai stocks closed higher for a fifth session in six, driven by energy stocks on stronger oil prices.

Brent oil prices firmed on expectations that OPEC and Russia will agree some form of production cut next week.

Industry heavyweight PTT Exploration and Production PCL climbed 2.3%, while Siam Commercial Bank PCL rose 1.8%.

Singapore stocks extended gains into a third session, helped by industrial and telecommunication services stocks. Jardine Strategic Holdings Ltd gained 4.1% and Golden Agri-Resources Ltd rose 6.5%.  

The Philippine stock market was closed for a holiday.

SOUTHEAST ASIAN STOCK MARKETS
Change on the day

Market             Current   Previous close  % move
Singapore          3117.61   3109.44         0.26
Bangkok            1641.8    1636.49         0.32
Jakarta            6056.124  6107.168        -0.84
Kuala Lumpur       1679.86   1696.34         -0.97
Ho Chi Minh        926.54    926.79          -0.03

Change on year

Market             Current   End prev yr     % move
Singapore          3117.61   3402.92         -8.38
Bangkok            1641.8    1753.71         -6.38
Jakarta            6056.124  6,355.65        -4.71
Kuala Lumpur       1679.86   1796.81         -6.51
Ho Chi Minh        926.54    984.24          -5.86