July 9, 2019 / 10:01 AM / a year ago

SE Asia Stocks-Indonesia, Malaysia outperform other markets; Fed chair testimony awaited

    * Malaysia snaps four sessions of losses
    * Indonesia recovers to close higher

    By Soumyajit Saha
    July 9 (Reuters) - Indonesia and Malaysia shares rose on
Tuesday, outperforming tepid performances by other Southeast
Asian markets as investors awaited the U.S. Federal Reserve
chairman's congressional testimony for cues on rate cuts.
    Market participants have dialled back their expectations of
a sharp rate cut by the Fed at its next meeting, after June U.S.
non-farm payrolls rose above expectations.
    Markets of late have benefited from hopes of increased
dovish action from the Fed as the global economy faced the brunt
of a simmering Sino-U.S. trade war. 
    "The Fed is likely to pay increased attention to softening
global developments when setting policy," Mizuho Bank said in a
note to clients.
    Malaysian shares snapped a four-day losing streak on
Tuesday, helped by gains in telecom stocks. 
    The central bank stood pat on its key interest rate, as was
widely expected, at a policy meeting on Tuesday. 
    Bank Negara Malaysia was the first central bank in Southeast
Asia to cut rates in response to sluggish growth in the world
economy earlier this year.
    Indonesian shares recovered from earlier losses to
close 0.6% higher, helped by financials. 
    Both Bank Central Asia and Bank Negara Indonesia
(Persero) rose 2% each.
    An index of the country's 45 most liquid stocks
ended 0.8% higher.
    Thai stocks closed 0.55% lower, dragged down by the
energy sector. Oil and gas explorers PTT PCl and PTT
Exploration and Production PCL fell 1% and 1.1%
    Philippine shares ended marginally lower as losses in
some large caps weighed on the index. 
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3329.46   3334.23         -0.14
 Bangkok                1721.48   1731.03         -0.55
 Manila                 8042.04   8051.52         -0.12
 Jakarta                6388.323  6351.827        0.57
 Kuala Lumpur           1682.87   1677.64         0.31
 Ho Chi Minh            969.05    966.35          0.28
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3329.46   3068.76         8.50
 Bangkok                1721.48   1563.88         10.08
 Manila                 8042.04   7,466.02        7.72
 Jakarta                6388.323  6,194.50        3.13
 Kuala Lumpur           1682.87   1690.58         -0.46
 Ho Chi Minh            969.05    892.54          8.57
 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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