August 1, 2019 / 10:22 AM / 4 months ago

SE Asia Stocks-Philippines rises on upbeat corporate results; other markets subdued

    * Thailand July inflation lower-than-expected
    * Philippines rebounds to close higher

    By Anushka Trivedi
    Aug 1 (Reuters) - Philippine shares rose on Thursday on
robust corporate results, while other Southeast Asian markets
traded in a thin range after the U.S. Federal Reserve thwarted
hopes of a lengthy easing cycle.    
    The Philippine main board reversed course from a
five-week low hit earlier in the session to close 0.7% higher.  
    Shares of Universal Robina Corp and Bank of the
Philippine Islands lifted the benchmark as they
advanced on reporting a jump in quarterly net profit.

    Real estate stocks also aided the index, which shows that
"investors are more positive on those sectors – both property
and banks because they've shown better-than-expected results",
said Rachel Cruz, a research analyst with AP Securities.
     Vietnam shares climbed 0.6% after a private survey
showed new orders in July rose at the fastest pace this year on
increase in demand.
    Meanwhile, other Southeast Asian markets were subdued as the
Fed delivered an expected quarter-point cut on Wednesday but
steered clear of suggesting the need for any more monetary
stimulus in the near future.
    Markets worldwide have rallied this year on the prospect of
U.S. central bank slashing rates for the first time in over a
decade, but Fed Chair Jerome Powell's hawkish remarks threw the
markets into a disarray on Thursday.   
    "We could see further pressure to global equities in the
coming weeks as summer doldrums take many investors to the
sidelines until we see fresh easing signals from the both the
Fed and the European Central Bank," Edward Moya, senior market
analyst at OANDA said.
     Thai shares stumbled to their worst session in four
weeks, with financials and consumer stocks bearing the brunt.
    Thailand's annual consumer price index rose 0.98% in July
from a year earlier, missing a Reuters poll forecast and came in
under the central bank's advised range for a second straight
    The Bank of Thailand has downgraded the outlook for the
country's economy this year and does not expect export growth
but has shown unwillingness to chop interest rates, while
raising concerns over the risks of lower interest rates for
financial stability. 
    Indonesia shares inched marginally lower with
financials dragging the index.
    Lenders Bank Mandiri (Persero) Tbk PT and Bank
Negara Indonesia (Persero) Tbk PT dropped 2.5% and
2.7%, respectively.
    A senior official at the Financial Services Authority
revealed that Indonesia plans to relax bank merger rules to
encourage more consolidation in the sector.            
    An index of Jakarta's 45 most liquid stocks dipped
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3291.75   3300.75         -0.27
 Bangkok                1699.75   1711.97         -0.71
 Manila                 8098.16   8045.8          0.65
 Jakarta                6381.542  6390.505        -0.14
 Kuala Lumpur           1639.07   1634.87         0.26
 Ho Chi Minh            997.39    991.66          0.58
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3291.75   3068.76         7.27
 Bangkok                1699.75   1563.88         8.69
 Manila                 8098.16   7,466.02        8.47
 Jakarta                6381.542  6,194.50        3.02
 Kuala Lumpur           1639.07   1690.58         -3.05
 Ho Chi Minh            997.39    892.54          11.75
 (Reporting by Anushka Trivedi in Bengaluru; editing by
Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below