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Most South-east Asia stocks rise as Xi, Trump strike conciliatory tone on trade

Indonesian shares climb nearly 0.9 per cent to a more than one-month high. — Reuters pic
Indonesian shares climb nearly 0.9 per cent to a more than one-month high. — Reuters pic

SINGAPORE, April 11 — Most South-east Asian stock markets gained on today as US President Donald Trump struck a conciliatory tone in response to Chinese President Xi Jinping's promise to open China's economy further, easing trade tensions.

Wall Street posted strong gains overnight, boosting ex-Japan Asian shares today, on hopes of a compromise between Washington and Beijing on trade tariffs.

“Risk sentiment picked up after President Xi's speech at Boao,” Mizuho Bank analysts wrote in a note.

“Markets are thus latching to more conducive conditions for US-China trade negotiations, but the absence of specifics in Xi's speech may not be enough to quell US trade hawks.”

Indonesian shares climbed nearly 0.9 per cent to an over one-month high. Astra International Tbk PT gained as much as 1.9 per cent, while Bank Permata Tbk PT fell 2.5 per cent.

Philippine shares pared a 0.7 per cent gain earlier in the session and were trading largely flat. SM Investments Corp climbed 1.5 per cent to an over one-month high, while Ayala Land Inc fell 1.8 per cent.

Philippine exports in February fell for the first time since November 2016, down 1.8 percent to US$4.66 billion from a year earlier, while imports rose 18.6 percent at US$7.72 billion, data from the Philippine Statistics Authority showed.

Malaysian shares rose 0.5 per cent and were on track for a fifth straight session of gains.

The country's industrial production rose 3 per cent in February from a year earlier, supported by growth in the manufacturing and electricity generation sectors, government data showed.

February's output growth was slightly below the 3.4 per cent annual rise forecast in a Reuters poll.

Meanwhile, China's annual consumer inflation slowed to 2.1 per cent in March, lagging economists' forecasts, official data showed. — Reuters

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