Southeast Asia stocks rise on US-China trade talks

Southeast Asian stock markets rose on Thursday tracking broader Asia on hopes that China and the United States could strike a deal on their tariff dispute.

Asia shares ex-Japan snapped nine straight sessions of declines after China said on Thursday that it welcomed an invitation by the US to hold a new round of trade talks.

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The news comes as a relief at a time when the US is preparing to escalate the US-China trade war with tariffs on US$200 billion worth of Chinese goods.

The  gained most, jumping 38.57 points or 2.30% on progress toward general elections.

Deputy Prime Minister Wissana Krea-ngam on Thursday .

“Clear progress on elections in H1-2019 would support the macroeconomic outlook and impact sentiment,” Standard Chartered said in a research note.

Energy stocks boosted the Thai index, with gas suppliers PTT Plc and PTT Exploration and Productions Plc rising about 4.5% each.

Indonesian shares closed nearly 1% higher. Telekom Indonesia and Bank Mandiri ended over 3% higher.

“The Indonesian market was one of the most hurt among emerging markets and investors have been waiting for signs of relief,” said Taye Shim, head of research at Mirae Asset Sekuritas in Jakarta.

The resumption of the trade talks with China has helped fuel investor confidence, he dded.

An index of the country‘s 45 most liquid stocks gained 1%.

Philippine shares ended 0.9% higher, snapping six straight sessions of losses. Heavyweights JG Summit closed nearly 5% higher and SM Prime Holdings gained 2.7%.

Singapore stocks rose 0.2%. DBS Group Holdings and Oversea-Chinese Banking Corp were up about 0.8% each.