SINGAPORE: Southeast Asian stock markets ended higher on Monday, tracking a rally in broader Asian shares and upbeat US stock futures that rose after US President Donald Trump claimed that China would take down its trade barriers, soothing fears of a tariff war.
China, however, said that Washington was to blame for trade frictions, repeating that it was impossible to negotiate under “current circumstances”. Investors are now waiting for a speech by Chinese President Xi Jinping at the Boao Forum on Tuesday.
Asia shares ex-Japan rose 0.6 percent, while the US S&P 500 e-Mini futures climbed 0.8 percent.
In Southeast Asia, Vietnam touched a record closing high, led by financials and real estate stocks.
Vietnam Joint Stock Commercial Bank for Industry and Trade jumped 5.6 percent, while Vingroup JSC climbed 1.9 percent, both hitting record closing highs.
Indonesian shares rose 1.2 percent, with Telekomunikasi Indonesia gaining 3.3 percent and mining contractor United Tractors rising 2.2 percent.
The Thai index advanced 0.7 percent, with shares of oil and gas company PTT PCL up 1.5 percent and Siam Cement PCL climbing 2.1 percent.
Thailand’s economy is expected to grow 4.1 percent this year, up from a forecast 3.6 percent, as the recovery is broadening, the World Bank said on Monday.
The country’s monetary policy still needs to remain accommodative for some time until the economic recovery has become clear and broad-based, the central bank governor said.
Malaysian shares ended 0.7 percent higher, their third session of gains, underpinned by higher material stocks.
Press Metal Aluminium Holdings Bhd surged 13.8 percent, while Petronas Chemicals Group Bhd jumped 3.4 percent.
Singapore shares rose for a third straight session, led by gains in financials.
The Philippine stock market was closed for a holiday.
Source: Brecorder
