July 10, 2019 / 10:18 AM / a month ago

SE Asia Stocks-Most rise as market anticipates dovish Fed

    * Thailand gains 1% on telecom, energy stocks
    * Malaysia only loser in the region
    * Singapore snaps 3 days of losses

    By Soumyajit Saha
    July 10 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, with Thailand leading the pack with a gain of 1%,
as market participants counted on U.S. Federal Reserve Chairman
Jerome Powell to stay accommodative in his congressional
testimony later in the day.
    The market now prices in a 25 basis point rate cut by the
Fed at the end of this month, after strong June U.S. jobs data
tempered expectations of a deeper cut.
    "It's unlikely the Fed would risk ignoring the markets
signalling especially after taking a dovish turn at the June
FOMC meeting which sparked a broad risk-on rally and
overshadowed concerns about slowing (in) the US and global
growth," Stephen Innes, managing partner at Vanguard Markets Pte
Ltd, said in a note to clients.
    Market participants also cheered the start of trade talks
between U.S. and Chinese officials on Tuesday, marking a new
round of negotiation after the world's two largest economies
agreed to a truce in a year-long trade war.
    Thai stocks rose the most in three weeks, helped by
telecom and energy stocks. Oil explorer PTT PCL gained
1.1%, while Telecom services provider Advanced Info Service PCL
rose 2.4%.
    The coalition government plans to discuss economic stimulus
measures to help offset the impact of a delay in the next state
budget, a deputy prime minister said after market hours.

    Singapore shares closed higher for the first time in
four sessions, propped up by buying in large caps like Singapore
Telecommunications Ltd and United Overseas Bank Ltd
.
    Philippine stocks rose in low-volume trade, driven
partly by a 3.2% gain in index heavyweight SM Investment Corp
.
    Indonesian shares advanced, helped by financial and
consumer stocks. Lender Bank Rakyat Indonesia (Persero)
 rose 1.4%, while conglomerate Astra International
 climbed about 2.4%.
    Malaysian stocks declined, dragged by losses in
industrial and utility stocks. 

For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
  
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3340.42   3329.46         0.33
 Bangkok                1739.43   1721.48         1.04
 Manila                 8078.21   8042.04         0.45
 Jakarta                6410.683  6388.323        0.35
 Kuala Lumpur           1678.97   1682.87         -0.23
 Ho Chi Minh            973.65    969.05          0.47
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3340.42   3068.76         8.85
 Bangkok                1739.43   1563.88         11.23
 Manila                 8078.21   7,466.02        8.20
 Jakarta                6410.683  6,194.50        3.49
 Kuala Lumpur           1678.97   1690.58         -0.69
 Ho Chi Minh            973.65    892.54          9.09
                                                  
 

 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
  
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