Most Southeast Asian markets ended on a high note, as reports said the United States and China may soon diffuse their prolonged trade war, while the prospect of a swift Brexit after Boris Johnson’s UK poll win also boosted risk sentiment.
Washington would suspend some existing tariffs and delay fresh tariffs on Chinese goods, while Beijing would buy $50 billion in US farm goods in 2020, sources familiar with the matter said.
However, “after such an interminable wait and having being led to water before, I would like to see something official in writing,” Jeffrey Halley, market analyst at OANDA, said in a note.
Elsewhere, British Prime Minister Boris Johnson secured a landslide election victory, which would allow him to take Britain out of the European Union within weeks.
Leading gains in the region, Philippine index .PSI marked its best session in over a month.
Conglomerate Metro Pacific Investments Corp rose as much as 16.7 percent and had its best day in over a decade after its unit Metro Pacific Hospital Holdings said it plans to buy a majority stake in Santos Clinic.
Thai shares had their best day in over a month. A spike in oil prices boosted the country’s energy sector.
Petroleum products supplier PTT Pcl posted its highest intraday percentage gain in over three months.
Blue chip financial stocks pushed the Singapore benchmark to its highest level in over two weeks. United Overseas Bank and DBS Group Holdings rose 2.2 percent and 1.4 percent, respectively.
Indonesian stocks advanced on financials, with PT Bank Mandiri (Persero) Tbk and PT Bank Negara Indonesia (Persero) Tbk posting significant gains.
Bucking the trend, Vietnam slipped on real estate stocks. However, the index ended firmer this week after four straight weeks of falls. – Reuters