BENGALURU (Aug 1): Most Southeast Asian stock markets rose on Wednesday, in line with broader Asia and Wall Street, although reports that Washington plans to raise tariffs on Chinese goods rekindled uncertainty over Sino-US trade.
Wall Street bounced back overnight following reports of renewed trade talks between Washington and Beijing, but subsequent reports said Donald Trump's administration was planning tariffs of 25% on US$200 billion in Chinese imports, capping gains in Asian shares on Wednesday.
"Asian markets may attempt to open on a firmer tone this morning, with Asian chipmakers likely to zoom in on Apple's sales forecast, however, the lingering spectre of an escalation of US-Sino trade tensions may limit gains in the interim," OCBC Treasury Research said in a note.
Apple Inc on Tuesday posted quarterly results that topped Wall Street targets and forecast revenue in the current quarter above expectations.
Markets are also waiting for the outcome of the US Federal Reserve's monetary policy meeting for its outlook on interest rates.
Indonesian shares gained nearly 1% and were on course for their eighth session of gains in nine, after data showed the country's annual inflation accelerated slightly in July but the rate was below expectations.
The consumer price index (CPI) rose 3.18% last month, compared with a 3.12% rise in June. Analysts surveyed by Reuters had expected a rate of 3.24%.
Consumer goods company PT Unilever Indonesia Tbk rose 1.5%, while PT Charoen Pokphand Indonesia Tbk climbed 3.1%.
Philippine shares also rose and were set for their sixth gaining session in seven.
Industrials and real estate stocks such as SM Investments Corp and Ayala Land gained about 1% and 1.2%, respectively.
Thai shares also gained after data showed the country's factory output and exports rose in June.
Thailand's manufacturing production index rose 4.74% in June, compared with a 2.87% rise in May and a rise of 3.0% seen in a Reuters poll.
Malaysian shares dropped, heading for their first decline in eight sessions, as losses in utilities such as Tenaga Nasional Bhd outweighed gains in telecom and financial stocks.
SOUTHEAST ASIAN STOCK MARKETS as at 0420 GMT
|Market||Current||Previous close||% move|
|Ho Chi Minh||958.18||956.39||0.19|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||958.18||984.24||-2.65|