July 26, 2019 / 10:08 AM / a month ago

SE Asia Stocks-Decline as ECB holds off easing rates; Indonesia leads fall

    * Indonesia at lowest close in a month
    * Singapore slumps on Singtel, June factory output data
    * Thailand snaps streak of nine consecutive weekly gains

    By Anushka Trivedi
    July 26 (Reuters) - Southeast Asian stock markets ended
lower on Friday, with Indonesia falling the most, as risky
assets lost their sheen after the European Central Bank (ECB)
unexpectedly left interest rates unchanged.
    ECB on Thursday supported the view of needing economic
stimulus but did not deliver the 10 basis point cut that was
widely anticipated, with focus now shifting to the U.S. Federal
Reserve which is set to review its monetary policy next week.   
    Indonesian shares were the biggest decliners in
Southeast Asia, as they fell 1.2% to their lowest in a month on
weakness in consumer stocks.
   PT Charoen Pokphand Indonesia Tbk and cigarette
maker PT Gudang Garam Tbk shed 3.8% and 1.8%,
respectively.
    "Heavy foreign outflow contributed to the downfall today,
particularly from big-cap stocks, partly caused by expectation
of a less aggressive Fed after the ECB held rates", said
Anugerah Zamzami Nasr, equity research analyst at PT Phillip
Sekuritas Indonesia. 
    Adding to the gloom were Chinese media reports about local
authorities suspecting that FedEx Corp illegally
withheld Huawei Technologies Co Ltd          packages, a move
that risks spiking further tensions in the protracted Sino-U.S.
trade war.
     "With geopolitical tensions mounting across the region and
export markets floundering unless there's a positive surprise
from next week’s U.S.-China trade meeting, its challenging to
support a bullish view" said Stephen Innes, Managing Partner at 
VanguardMarkets.com.
    Meanwhile, Philippine stocks snapped three
consecutive weekly gains as industrial stocks weighed on the
benchmark.
    Singapore's main index fell 0.5%, with Singapore
Telecommunications Ltd tugging it lower as the stock
traded ex-dividend.
    Also hurting the sentiment was the its factory output which
slipped to a near four-year low in June, hit by a slowdown in
the electronics sector, though the data was slightly
better-than-expected.
     Thai shares         lost 0.8% to end its streak of nine
consecutive weekly gains.

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3363.76   3381.26         -0.52
 Bangkok                1717.97   1730.9          -0.75
 Manila                 8183.99   8272.18         -1.07
 Jakarta                6325.237  6401.365        -1.19
 Kuala Lumpur           1647.96   1656.58         -0.52
 Ho Chi Minh            993.35    994.95          -0.16
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3363.76   3068.76         9.61
 Bangkok                1717.97   1563.88         9.85
 Manila                 8183.99   7,466.02        9.62
 Jakarta                6325.237  6,194.50        2.11
 Kuala Lumpur           1647.96   1690.58         -2.52
 Ho Chi Minh            993.35    892.54          11.29
 


 (Reporting by Anushka Trivedi in Bengaluru; editing by
Uttaresh.V)
  
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