June 26, 2019 / 10:00 AM / 24 days ago

SE Asia Stocks-Most end lower as Fed dashes aggressive rate cut hopes

    * Thai cenbank cuts 2019 growth forecast
    * Singapore falls for third straight session
    * Philippines leads declines 

    By Shreya Mariam Job
    June 26 (Reuters) - Most Southeast Asian stock markets slid
on Wednesday, with Philippines leading declines, as U.S. Federal
Reserve officials' comments thwarted market expectations of an
aggressive monetary easing in the next meeting.
    Federal Reserve officials on Tuesday pushed back on market
expectations and presidential pressure for the central bank to
deliver a significant U.S. interest rate cut of half a
percentage point as soon as its next meeting.
    "Fed Chairman (Jerome) Powell threw a curveball the market
was not expecting, talking down the chances for a rate hike in
July as he indicated he was still gauging the impact of the
ongoing trade war on the US economy," ING said in a note.  
    Philippine's benchmark fell the most in the region,
with industrials dragging the index. 
    Shares of SM Investments Corp and Aboitiz Equity
Ventures Inc shed 1% and 1.6%, respectively. 
    The Thai index closed relatively flat after the
country's central bank held interest rate steady for the fourth
straight meeting. 
    The Bank of Thailand cut its forecasts for 2019 economic
growth and exports for the third time in six months. It now
expects 2019 economic growth of 3.3%, rather than the 3.8% seen
three months ago.
    Singapore's index edged marginally lower, declining
for the third straight day, with shares of information
technology firm Venture Corporation Ltd falling the
most. 
    Singapore's industrial production fell slightly more than
expected in May from a year earlier as electronics output
continued to drag.
    Amid a global tech slump and prolonged Sino-U.S. trade
tensions, the export-reliant city state has taken a heavy hit. 
    Declines on the Malaysian benchmark index were
mostly concentrated among utility stocks, with state-utility
firm Tenaga Nasional Bhd dropping 1.6%. 
    Malaysia's annual inflation rate in May remained unchanged
at 0.2% for the third month in a row.
    The Indonesian benchmark reversed course to end the
session 0.2% lower. 
    Shares of Bank Central Asia Tbk Pt and Astra
International Tbk Pt were the biggest drags on the
index, losing 0.8% and 1.4%, respectively.               
    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3301.25   3304.27         -0.09
 Bangkok                1722.21   1721.33         0.05
 Manila                 8013.57   8034.09         -0.26
 Jakarta                6310.489  6320.445        -0.16
 Kuala Lumpur           1674.49   1676.61         -0.13
 Ho Chi Minh            959.13    960.13          -0.10
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3301.25   3068.76         7.58
 Bangkok                1722.21   1563.88         10.12
 Manila                 8013.57   7,466.02        7.33
 Jakarta                6310.489  6,194.50        1.87
 Kuala Lumpur           1674.49   1690.58         -0.95
 Ho Chi Minh            959.13    892.54          7.46
 
 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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