Much of Southeast Asia gains as Trump’s trip boosts hopes of better US ties
MOST Southeast Asian stock markets firmed on Monday, with Vietnam hitting a fresh near-decade high, as US President Donald Trump’s ongoing Asia tour boosted prospects of better ties between Washington and the region.
MOST Southeast Asian stock markets firmed on Monday, with Vietnam hitting a fresh near-decade high, as US President Donald Trump’s ongoing Asia tour boosted prospects of better ties between Washington and the region.
During a bilateral visit to Vietnam, Trump offered to mediate in the dispute over the South China Sea, where four Southeast Asian countries and Taiwan contest China’s sweeping claims to the busy waterway.
“The Southeast Asian equity markets are up by the confidence brought about by the ASEAN conference which should boost economic ties in the Philippines and other nations with the US, Canada and Australia,” said Manny Cruz, an analyst at the Manilabased Asiasec Equities, Inc.
Leaders from China, the United States and seven other nations are joining the 10-member Association of Southeast Asian Nations (ASEAN) at their annual summit in Manila.
The sheer length of the trip — the longest to Asia by a US president in more than a quarter century — may reassure some that, despite Mr. Trump’s “America First” policy, Washington remains committed to a region China sees as its strategic domain.
Vietnam shares surged as much as one percent to hit their highest since January 2008, boosted by the consumer staples sector.
Vietnam Dairy Products Joint Stock Co. advanced 3.70% to hit a record high.
Philippine shares initially rose by 0.40%, led by real estate and industrials, with SM Prime Holdings up 1.20% and JG Summit Holdings 0.60% higher. The Philippine Stock Exchange index ended the day down 1.22% to 8,330.02.
Singapore shares edged up 0.10%, largely boosted by industrials, with Keppel Corp Ltd gaining 2% to hit its highest in over two years.
Indonesian shares rose 0.30%, boosted by consumer staples and telecommunication services sectors. Cigarette maker Gudang Garam Tbk gained 2.80% to an over three-month high, while Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk rose one percent. The index of the country’s 45 most liquid stocks inched 0.30% higher.
The Malaysian index gained 0.10%, with oil and gas retailer Petronas Dagangan Berhad up 7.30%.
Oil prices edged up on Monday amid ongoing tensions in the Middle East.
Meanwhile, Thai shares dipped marginally, owing to losses in the financials and utilities sector. —