July 10, 2019 / 4:15 AM / a month ago

SE Asia Stocks-Most rise ahead of Fed chief's testimony; Singapore leads

    * Indonesia touches over two-month high
    * Malaysia reverses track to fall slightly 

    By Soumyajit Saha
    July 10 (Reuters) - Most Southeast Asian stock markets rose
slightly on Wednesday in thin trade, with Singapore leading the
gains, as markets awaited further direction from U.S. Federal
Reserve Chair Jerome Powell's congressional testimony slated
later in the day.
    Expectations of a dovish rate policy has been a major
stimulant to movement over the last few months, in the face of a
global economic slowdown due to the Sino-U.S. trade war.
    "A July cut is not quite a done deal, and Powell may well
suggest as much by deliberately not committing to cutting rates
at the upcoming July FOMC," Mizuho Bank said in a note to
clients.
    Markets are now anxious for an actual cut, after reigning in
their hopes of a deeper rate cut following bright U.S. jobs data
in June.
     Singapore's index snapped a three-session losing
streak to rise 0.6%. The benchmark index was largely propped up
by buying in large caps such as DBS Group Holdings and
United Overseas Bank.
    The Thai benchmark gained about 0.5% in early trade,
boosted by gains in financial and energy sector stocks.
    Lender Kasikornbank Pcl rose as much as 0.8%,
while oil explorer PTT Exploration and Production PCL
rose as much as 1.1%.
    The Indonesian benchmark hit a more than two-month
high, buoyed by gains in financials. Bank Negara Indonesia
(Persero) rose as much as 1.1%.          
    Meanwhile, Malaysia's index bucked the trend to fall
slightly, hurt by losses in industrial and utility shares.
    Philippine stocks were flat, while Vietnam's index
 rose 0.5% in early trade.
                
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0410 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3349.72   3329.46         0.61
 Bangkok                1730.8    1721.48         0.54
 Manila                 8043.02   8042.04         0.01
 Jakarta                6406.952  6388.323        0.29
 Kuala Lumpur           1680.17   1682.87         -0.16
 Ho Chi Minh            973.97    969.05          0.51
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3349.72   3068.76         9.16
 Bangkok                1730.8    1563.88         10.67
 Manila                 8043.02   7,466.02        7.73
 Jakarta                6406.952  6,194.50        3.43
 
 (Reporting by Soumyajit Saha; Editing by Rashmi Aich)
  
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