June 19, 2019 / 10:03 AM / 6 months ago

SE Asia Stocks-End higher on hopes of central banks' stimulus boost

    * All eyes on Indonesia and Philippines cenbank meetings 
    * Expect both cenbanks to enact "dovish pause" - ING
analysts
    * Singapore leads gains, Thailand closes at eight-month high

    By Rashmi Ashok
    June 19 (Reuters) - Southeast Asian stocks closed firmer on
Wednesday as European Central Bank President Mario Draghi's
comments indicating the possibility of fresh rate cuts fuelled
hopes of a worldwide wave of central bank stimulus.
    Meanwhile, the U.S. Federal Reserve is scheduled to release
a statement later in the day around 1800 GMT, while Philippines
and Indonesia's central banks are set to meet on Thursday to
review monetary policy.
    Mario Draghi said on Tuesday the European Central Bank will
ease policy again if inflation fails to accelerate, sparking
hopes that the U.S. Fed would also follow suit.
    "With increased odds of the Fed easing, we don't think Asian
central banks will resist easing pressure for too long," ING
analysts said in a note. 
    Analysts, however, expect the central banks of Indonesia and
Philippines to hold steady and enact a "dovish pause", awaiting
further data before making any big moves.
    Sentiment was also supported by U.S. President Donald
Trump's confirmation that he would meet his Chinese counterpart
Xi Jinping at the G20 summit in Japan later this month,
indicating that trade talks between the two countries would
restart after a long lull.
    Leading the gains in the region, Singapore stocks
jumped 1.5% to their best closing level since May 10. Large caps
were the biggest boost, with lenders DBS Group Holdings
 and United Overseas Bank adding 2.5% and
2.1% to the index, respectively.
    Thai stocks rose 1.3% to hit their highest close in
eight months. Industrials and energy stocks lifted the index,
with Airports of Thailand PCL and PTT PCL
closing up 8.1% and 1.1%, respectively.
    Indonesian shares ended 1.3% firmer, with material
and financial stocks dominating the gains. Bank Danamon
Indonesia Tbk gained 8.3%, after marking its best
session in nearly a year.
    The Malaysian index extended gains, buoyed by
Malaysia Airports Holdings, while agriculture and food
processor Sime Darby Plantation ended 3.7% higher.
    Philippine stocks were supported by strength in
industrials, while Vietnam's index was propelled by
heavyweight property stocks.
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3288.17   3238.73         1.53
 Bangkok                1705.98   1683.6          1.33
 Manila                 8017.01   7922.04         1.20
 Jakarta                6339.262  6257.33         1.31
 Kuala Lumpur           1666.54   1652.76         0.83
 Ho Chi Minh            949.69    944.01          0.60
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3288.17   3068.76         7.15
 Bangkok                1705.98   1563.88         9.09
 Manila                 8017.01   7,466.02        7.38
 Jakarta                6339.262  6,194.50        2.34
 Kuala Lumpur           1666.54   1690.58         -1.42
 Ho Chi Minh            949.69    892.54          6.40
 


 (Reporting by Rashmi Ashok in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
Nuestros Estándares:Los principios Thomson Reuters
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