June 4, 2019 / 10:13 AM / 4 months ago

SE Asia Stocks-Most end higher as central banks turn dovish

    * Thailand up; May CPI +1.15% y/y, above forecast
    * Philippines down 1.7%, snaps 5 sessions of gains 

    By Niyati Shetty
    June 4 (Reuters) - Most Southeast Asian stock markets closed
higher on Tuesday as central banks across the globe tilt towards
monetary easing in the wake of an intensifying U.S.-China trade
war and weak economic indicators.
    Australia's central bank cut its cash rate to a record low
of 1.25%, a day after a Federal Reserve policymaker said the
U.S. central bank might have to cut rates soon.

    U.S. Treasury yields tumbled on Monday since investors
seeking protection from market volatility looked outside for
better returns.    
    "As lower for longer becomes the theme in the developed
market space, investors will look to Asia for yield," DBS Bank
said in note to clients. 
    Thai shares rose 1.1%, the most since Jan. 7, aided
by industrials and consumer staples.
    Data released earlier in the day showed that annual headline
consumer price index rose 1.15% year-on-year in May, above a
Reuters poll forecast of 1.0% increase, but below April's 1.23%
rise.
    The central bank has left its policy interest rate unchanged
so far this year after tightening in December for the first time
since 2011, as inflation remains benign and growth slows.
    ANZ said in a note that it expected "the Bank of Thailand to
forego any remaining hawkish bias and keep its policy rate on
hold throughout 2019." 
    Airports of Thailand PCL rose 2% and CP All PCL
 gained 2.5%. 
    Singapore shares advanced 0.6%, supported by
financials. DBS Group Holdings Ltd gained 0.9% and
United Overseas Bank Ltd added 1.7%. 
    With an almost 10% month-on-month decline last month,
banking stocks are now offering attractive dividend yields, KGI
Securities said in a note. 
    Vietnam shares added 0.5%, boosted by financials and
consumer staples. 
    Joint Stock Commercial Bank for Investment and Development
of Vietnam and Saigon Beer Alcohol Beverage Corp
 rose 4.6% and 1.1%, respectively. 
    Philippine shares declined 1.7% and snapped five
straight sessions of gains, weighed down by real estate stocks. 
    Ayala Land Inc slipped 3.7% and SM Prime Holdings
Inc lost 3.1%. 
    Malaysian shares fell 0.7% in half-day trade. The
market will be closed on Wednesday and Thursday for holidays. 
    Indonesian financial markets are closed for holidays this
week. 
    
For Asian Companies click;  
SOUTHEAST ASIAN STOCK MARKETS
    
 Market                 Current   Previous close  Pct Move
 Singapore              3142.37   3123.46         0.61
 Bangkok                1637.69   1620.22         1.08
 Manila                 7945.37   8084.88         -1.73
 Kuala Lumpur           1644.09   1655.31         -0.68
 Ho Chi Minh            951.16    946.47          0.50
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3142.37   3068.76         2.40
 Bangkok                1637.69   1563.88         4.72
 Manila                 7945.37   7,466.02        6.42
 Kuala Lumpur           1644.09   1690.58         -2.75
 Ho Chi Minh            951.16    892.54          6.57
 
 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu
Sahu)
  
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