July 22, 2019 / 4:44 AM / 5 months ago

SE Asia Stocks-Most drop on signals of smaller U.S. rate cut

    * Philippines leads losses in regional market 
    * Indonesian shares drop most in nearly two weeks 
    * Thai shares drop after data shows decline in exports 

    By Anushka Trivedi
    July 22 (Reuters) - Most Southeast Asian stock markets
started the week on the backfoot with Philippines leading the
declines, as investors pulled money out of risky assets due to
reduced odds of a double-barrelled U.S. interest rate cut later
this month.
    Equities worldwide benefited last week from New York Fed
President's dovish comments that hinted at a half-point rate cut
this month, but hopes were thwarted when his speech was recanted
and qualified as "academic" rather than a policy suggestion.
    Wall Street Journal's report on Friday that the U.S. Federal
Reserve was likely to cut rates by 25 bps dashed expectations
further.
    Markets "will likely trade with a more risk cynical bent
this week as the less dovish Fed narrative continues to sink in"
said Stephen Innes, managing partner at Vanguard Markets, in a
note.
    Leading the declines, Philippine shares posted their
sharpest intraday drop in over three weeks, dented by financials
and utility stocks. The biggest laggards in the index - Bank of
the Philippine Islands and power generator Aboitiz
Equity Ventures Inc lost more than 2% each.
    The Singapore index also edged lower, with real
estate giant Capitaland Mall Trust falling 1.5% and
lender United Overseas Bank Ltd shedding 1.1%. 
    Indonesian shares dropped most in nearly two weeks
with losses being dominated by consumer stocks. 
    Unilever Indonesia Tbk PT dropped 1.3%, while the
country's second-largest cement maker Indocement Tunggal
Prakarsa Tbk PT shed 1.4%.
    Meanwhile, Thai shares dipped shortly after data
showed the country's customs-cleared exports declined for a
fourth straight month in June, down 2.15% from a year earlier,
while imports also contracted for the period.
    Losses mainly stemmed from the industrial sector as Bangkok
Expressway and Metro PCL subsided 2.7%, while Airports
of Thailand PCL traded 1% lower. 
    Malaysian shares shed previous session's gains to
edge 0.3% lower as losses in telco and financial sectors
weighed. Telecom services provider Maxis Bhd skid
1.2%, while lender CIMB Group Holdings Bhd declined
1%.     
    Bucking the trend, the Vietnam benchmark index edged
a tick higher.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0435 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3357.37   3377.96         -0.61
 Bangkok                1730.59   1735.1          -0.26
 Manila                 8212.49   8270.07         -0.70
 Jakarta                6431.791  6456.539        -0.38
 Kuala Lumpur           1652.63   1658.19         -0.34
 Ho Chi Minh            983.05    982.34           0.07
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3357.37   3068.76         9.40
 Bangkok                1730.59   1563.88         10.66
 Manila                 8212.49   7,466.02        10.00
 Jakarta                6431.791  6,194.50        3.83
 Kuala Lumpur           1652.63   1690.58         -2.24
 Ho Chi Minh            983.05    892.54          10.14
 
 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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