"SET drops, other Asean stock markets rise"
BANGKOK, February 14 -- The Stock Exchange of Thailand index ended lower, while other Southeast Asian stock markets closed higher on Thursday as a surprise jump in monthly Chinese trade data brought slight relief amid continued focus on Sino-US talks.
The SET index eased 3.09 points or 0.19% to 1,652.64, in turnover of 45.88 billion baht, despite gains in shares of telecom operators. True Corporation jumped 25 satang or 4.81% to 5.45 baht, Advanced Info Service added 2.50 baht or 1.37% to 184.50 and Jasmine International ended 25 satang or 4.24% higher to 6.15 baht. PTT shares however dropped 75 satang or 1.53% to 48.25 baht. The region's biggest trading partner, China, reported better-than-expected trade figures for January, easing some fears of an imminent slowdown in the economic powerhouse. High-level talks between the country and the United States have been a major focal point for markets this week. US President Donald Trump is considering a 60-day extension of the Mar 1 deadline for higher tariffs on Chinese imports, Bloomberg reported on Thursday, citing unnamed sources.
The Philippine benchmark firmed 0.9% to snap four consecutive sessions of losses and led the gains among its regional peers. Financial stocks were the biggest boost to the index, with BDO Unibank Inc rising 2.3% to post its best close in nearly 11-months. Asian fast-food giant Jollibee Foods Corp jumped 1.7% and was also among the top gainers on the Philippine benchmark after reporting a rise in fourth-quarter net income. Philippine markets had seen large outflows over the past four sessions as foreign investors rebalanced their portfolios.
Meanwhile, the Vietnam stock exchange continued to gain for the fourth straight day, closing 0.8% up, supported by a persisting rally in the country's real estate sector. Property developers Vingroup JSC and Vincom Retail JSC gained 3.6% each. "(The) Vietnamese market has been moving in a positive direction on Wall Street cues. Investor sentiment has also been supported by a possibly positive outcome of the Trump – Kim summit slated for Hanoi later this month," said a stock broker with SSI Securities Corp. "Traditionally, cashflows into the market in Vietnam are often strong in the first quarter of the year as several corporate investors have abundant cash at hands."
The Malaysian index ticked up 0.2%, after data showed on Thursday that the country's economy expanded 4.7% in the October-December quarter from a year earlier, in line with expectations, ending four quarters of slowing growth.
Singapore's index ended 0.3% higher ahead of a fourth-quarter GDP report due on Friday. The country's economy likely grew at a slower pace than initially estimated as growth in the city-state's manufacturing and services sectors came under strain from slowing demand, a Reuters poll showed.