July 9, 2019 / 4:27 AM / 2 months ago

SE Asia Stocks-Most trade in tight range ahead of Fed chief's testimony

    * Malaysian stocks subdued ahead of C.bank decision
    * Indonesia largest gainer in region

    By Soumyajit Saha
    July 9 (Reuters) - Most Southeast Asian stocks traded in a
tight range on Tuesday as markets awaited cues from the U.S.
Federal Reserve Chairman's testimony to the Congress this week.
    Buying in the region was subdued after
stronger-than-expected U.S. jobs data in June lowered market
expectations of a deep rate cut by the Fed.    
    "Investors will likely opt to keep to the sidelines ahead of
Fed Chairman Jerome Powell’s testimony to the Congress as hopes
for deep rate cuts are being scaled back," ING Group said in a
note to clients.
    Malaysian stocks moved marginally up, but trading
was at a fraction of the 30-day average volume as the market
awaited the Malaysian central bank's policy review later in the
day.
    The regulator is widely expected to stay pat on its
overnight policy rate of 3%, according to economists surveyed in
a Reuters poll last week.
    Indonesian stocks edged up 0.3% with financials
serving as the biggest boost. Bank Central Asia rose
about 0.9% and was the biggest contributor to gains.
    An index of the country's 45 most liquid stocks
rose 0.2%.
    Philippine stocks were 0.5% lower, weighed down by
consumer stocks. Index heavyweights SM Investments Corp
and Ayala Land were down more than 1% each.
    Singapore stocks slipped as extended losses in
financial stocks outweighed slight gains in industrials.
    DBS Group, the largest stock on the index, fell
0.6% after losing for the last five sessions, while Jardine
Matheson Holdings rose 0.3%.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0336 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3329.49   3334.23         -0.14
 Bangkok            1731.15   1731.03         0.01
 Manila             8015.54   8051.52         -0.45
 Jakarta            6368.832  6351.827        0.27
 Kuala Lumpur       1679.72   1677.64         0.12
 Ho Chi Minh        965       966.35          -0.14
                                              
 Change on year                               
 Market             Current   End 2018        Pct Move
 Singapore          3329.49   3068.76         8.50
 Bangkok            1731.15   1563.88         10.70
 Manila             8015.54   7466.02         7.36
 Jakarta            6368.832  6194.498        2.81
 Kuala Lumpur       1679.72   1690.58         -0.64
 Ho Chi Minh        965       892.54          8.12
 
 (Reporting by Soumyajit Saha, additional reporting by Ambar
Warrick; editing by Uttaresh.V)
  
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