October 31, 2019 / 4:14 AM / 22 days ago

SE Asia Stocks-Most rise after U.S. Fed cuts rates; Singapore leads gains

    * Fed trims rate by 25 bps
    * Singapore hits near 3-month high
    * Indonesian shares drop on utility, telecom stocks

    By Anushka Trivedi
    Oct 31 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Singapore leading gains, after the U.S.
central bank delivered an expected quarter-point rate-cut to
support economic growth.
   The U.S. Federal Reserve on Wednesday eased policy for the
third time this year, but hinted there would be no further cuts
unless the economy takes a turn for the worse.
    However, due to mounting geopolitical and trade tensions,
the futures markets are already pricing in 25-50 bps cuts by mid
2020, and the Fed's move is seen as "not quite so much a
'hawkish cut' as it may be a 'dovish pause'", Mizuho analysts
said in a note.    
     Singapore shares advanced 0.6% to their highest in
nearly three months, buoyed by financial stocks. The index is on
track to add 3.4% for the month.    
    The city-state's central bank said its economy will struggle
next year as slowing growth in China and Sino-U.S. trade
tensions choke investments, but growth in domestic financial and
retail sectors should help offset a slowdown in high-tech
manufacturing, it added.
    DBS Group Holdings Ltd and United Overseas Bank
Ltd climbed over 1% each.        
    Thai benchmark rose 0.4%, helped by financial and
utility stocks.
    Siam Commercial Bank PCL was up 2.2%, while Energy
Absolute jumped as much as 3.6%.
    Malaysian shares advanced 0.3% to their highest in
four weeks as banking stocks gained.        
    Meanwhile, Indonesian shares slipped 0.6% as
telecoms and utility stocks dragged.
    Heavyweight Telekomunikasi Indonesia (Persero) Tbk PT
 lost 2.6%, while natural gas distributor Perusahaan
Gas Negara Tbk PT  dropped 7.8%.
    A local news report said here
 that government blocked PGAS's plans to raise gas prices
November 1 onwards.
    Philippine stocks dipped, with financials dominating
losses on the benchmark. The index is on track to rise 2.9% this
month.
    Property developer Ayala Land Inc shed 1% while
Bank of the Philippine Islands fell 2.9%. 
    Elsewhere, data showed that factory activity in China,
Southeast Asia's biggest trade partner, shrank for the sixth
straight month in October, pointing to further pressure on its
manufacturers as they grapple with weakest growth in nearly 30
years.
    
 
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3227.35   3207.92         0.61
 Bangkok                1608.4    1601.83         0.41
 Manila                 7984.05   8020.06         -0.45
 Jakarta                6257.907  6295.747        -0.60
 Kuala Lumpur           1585.33   1580            0.34
 Ho Chi Minh            1001.01   1000.89         0.01
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3227.35   3068.76         5.17
 Bangkok                1608.4    1563.88         2.85
 Manila                 7984.05   7,466.02        6.94
 Jakarta                6257.907  6,194.50        1.02
 Kuala Lumpur           1585.33   1690.58         -6.23
 Ho Chi Minh            1001.01   892.54          12.15
 
 (Reporting by Anushka Trivedi in Bengaluru; editing by
Uttaresh.V)
  
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