SE Asia Stocks: Edge higher on Trump's upbeat comments on trade

SE Asia Stocks: Edge higher on Trump's upbeat comments on trade

-A +A

(Dec 6): Most Southeast Asian stock markets ticked higher on Friday, as risk sentiment was lifted by positive comments from Washington on the ongoing trade talks with Beijing.

U.S. President Donald Trump said on Thursday the talks were "moving right along", even as the two sides remained at loggerheads over rolling back existing tariffs and other issues such as the protests in Hong Kong.

"U.S.-China trade talks are complex; fraught with a multitude of quantitative (e.g. magnitude of farm purchases) and qualitative (e.g. IP and forced transfer of technology) issues.

But at this stage, tariff rollback threatens to be the deal-breaker," Mizuho Bank said in a note to clients.    

Thai stocks were set to snap seven sessions of losses, helped by gains in the industrial and energy sectors, but were still on track to lose over 1% for the week.

Gas explorer PTT PCL and airport operator Airports of Thailand both gained more than 1%.

Investors seemed to be bargain-hunting among Thai stocks, as well as engaging in some catch-up trade, as markets opened after a public holiday, said Teerada Charnyingyong, strategist at Phillip Capital Thailand.

Indonesian shares touched a near 1-month high and were set to gain over 2% for the week. 

The index was lifted by consumer heavyweights like Hanjaya Mandala Sampoerna and Indofood CBP Sukses Makmur, which rose 3% and 0.5% respectively.

Consumer and utility stocks lifted the Malaysia's benchmark index. 

Agribusiness Sime Darby Plantations advanced 2%, while electricity distributor Tenaga Nasional rose 0.8%.

Meanwhile, Singapore shares traded flat as gains in industrials were offset by losses in the consumer sector. The index was on track to lose 0.7% for the week.