June 10, 2019 / 10:01 AM / 4 months ago

SE Asia Stocks-Rise on Fed rate cut hopes, U.S.-Mexico deal; Indonesia shines

    * Indonesian index hits over one-month closing high 
    * Thai benchmark posts fifth straight gain 
    * U.S.-Mexico deal buoys investor sentiment 

    By Shreya Mariam Job
    June 10 (Reuters) - Southeast Asian stock markets rose on
Monday, on expectations of a rate cut by the U.S. Federal
Reserve, following weak U.S. jobs data, and as a deal between
Mexico and the United States soothed fears of another front to a
trade war.
    U.S. job growth slowed sharply in May and wages rose less
than expected raising hopes of an imminent rate cut while U.S.
President Donald trump calling off tariffs against Mexico helped
calm investors who feared another front to a global trade war.

    "The movement was driven by the news of tariffs not being
implemented against Mexico. Expectations of a rate cut going
forward is also providing some level of support to the market.
Markets have generally been oversold over the last one month,"
said Joel Ng, an analyst with KGI Securities.
    Asian equity markets saw heavy outflows in May as a sudden
escalation in the U.S.-China trade war threatened to put more
pressure on export-reliant regional economies and companies
which are highly reliant on Chinese sales.
    The sell-off, however, seems to be wearing off with broader
Asian stocks firming. MSCI's index of Asia-Pacific shares
outside Japan rose as much as 1%.
    Indonesian stocks rose 1.3% to close at an over
one-month high, with financial and telecom stocks aiding the
rise. 
    Indonesia's annual consumer inflation rate picked up pace in
May from a month earlier on the back of Ramadan festivities
spending, data from the statistics bureau showed on Monday.
 
    Central bank governor Perry Warjiyo said on Monday the
country's inflation rate was expected to remain at a low level
and under control.
    Shares of Telekomunikasi Indonesia and Bank Negara
Indonesia gained 3.6% and 3.3%, respectively. 
    The country's 45 most liquid stocks gained 1.9%. 
    Singapore's benchmark pared some of its earlier gains
to close 0.7% higher, with real estate stocks boosting the index
helped by a 5.9% rise in shares of City Development Ltd
 following progress on the Millennium & Copthorne Hotels Plc
 acquisition. 
    Millennium & Copthorne Hotels has agreed to the takeover
proposal from City Developments in a deal that values the
British company at 2.23 billion pounds ($2.84 billion), the
companies said on Friday.
    Meanwhile, the Philippine index gained 0.8% on the
back of real estate and industrial stocks. 
    Universal Robina Corp added 0.8% while SM
Investments Corp firmed 2.4%.
    The Thai index extended gains into a fifth straight
session underpinned by energy and financial stocks. PTT
Exploration and Production PCL and Bank of Ayudhya
PCL rose 2.4% and 0.7%, respectively. 
    Consumer and financial stocks helped push the Vietnam index
 0.5% higher, while the Malaysian benchmark rose
0.4% supported by telecom and industrial stocks. 
    

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3188.11  3166.29         0.69
 Bangkok                1664.73  1653.5          0.68
 Manila                 8045.39  7983.98         0.77
 Jakarta                6289.61  6209.117        1.30
 Kuala Lumpur           1655.47  1649.33         0.37
 Ho Chi Minh            962.9    958.28          0.48
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3188.11  3068.76         3.89
 Bangkok                1664.73  1563.88         6.45
 Manila                 8045.39  7,466.02        7.76
 Jakarta                6289.61  6,194.50        1.54
 Kuala Lumpur           1655.47  1690.58         -2.08
 Ho Chi Minh            962.9    892.54          7.88
 

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
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