July 11, 2019 / 9:54 AM / 2 months ago

SE Asia Stocks-Most rise on Fed rate cut optimism; Philippines leads gains

    * Philippines rises to over 15-month closing high
    * Vietnam posts seven-week closing high
    * Markets await June U.S. inflation data

    By Soumyajit Saha
    July 11 (Reuters) - Most Southeast Asian stock markets ended
higher on Thursday, with Philippines rising nearly 1% to an over
15-month closing high, as investors embraced a noticeably dovish
stance in the U.S. Federal Reserve Chairman's testimony to the
Congress.
    Fed chief Jerome Powell seemed to lay ground for a rate cut
later this month as he noted the effect of the Sino-U.S. trade
war on the economy, pledging to "act appropriately" to counter a
slowdown.
    Market participants now await U.S. inflation figures for
June due out later in the day, to better gauge the extent of the
rate cut.
    "We are now beyond the realm of a 25 bp cut, the market's
pricing in about 65% chance of a 50 bp cut at the July FOMC
meeting heading into tonight's key US CPI print," Stephen Innes,
managing partner at Vanguard Markets Ltd, said in a note.
    Philippine shares advanced for a second straight
session, helped by real estate and banking stocks. 
    Property developer SM Prime Holdings Inc rose
1.8%, while lender BDO Unibank Inc was up 1.9%.
    Singapore shares rose on the back of financials.
Lenders DBS Group Holdings Ltd and United Overseas
Bank Ltd ended 0.8% and 0.1% higher, respectively.
    Vietnam shares advanced to a seven-week closing high,
helped by financial and energy stocks. 
    Lender Joint Stock Commercial Bank for Investment and
Development of Vietnam climbed 3.2%, while oil explorer
Vietnam National Petroleum Group rose 0.9%.
    Indonesian shares edged higher, aided by financials,
while Malaysia and Thai stocks closed little
changed.
     
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SOUTHEAST ASIAN STOCK MARKETS
  
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3350.45   3340.42         0.30
 Bangkok                1740.45   1739.43         0.06
 Manila                 8154.49   8078.21         0.94
 Jakarta                6417.066  6410.683        0.10
 Kuala Lumpur           1679.26   1678.97         0.02
 Ho Chi Minh            978.63    973.65          0.51
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3350.45   3068.76         9.18
 Bangkok                1740.45   1563.88         11.29
 Manila                 8154.49   7,466.02        9.22
 Jakarta                6417.066  6,194.50        3.59
 Kuala Lumpur           1679.26   1690.58         -0.67
 Ho Chi Minh            978.63    892.54          9.65
 

 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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