June 10, 2019 / 3:55 AM / 6 months ago

SE Asia Stocks-Rise on U.S. rate-cut hopes; Indonesia leads

    * Indonesian stocks up as much as 2.02%
    * Singapore's City Developments sees best day in over 2 yrs
    * Thai index on track for fifth straight gain

    By Shreya Mariam Job
    June 10 (Reuters) - Southeast Asian stock markets rose on
Monday, with Indonesia leading the pack, as weak U.S. jobs data
bolstered expectations of a Fed rate cut that could encourage
policy easing by regional central banks.
    U.S. job growth slowed sharply in May and wages rose less
than expected, raising fears that a loss of momentum in economic
activity could be spreading to the labor market.
    "The movement was driven by the news of the tariffs not
being implemented against Mexico. Markets have generally been
oversold over the last one month. Expectations of a rate cut
going forward is also providing some level of support to the
market," said Joel Ng, analyst with KGI Securities.
    The United States and Mexico struck a deal on Friday to
avert a tariff war, easing fears of yet another trade conflict.

    Meanwhile, China's exports unexpectedly returned to growth
in May despite higher U.S. tariffs, but imports fell 8.5% in a
further sign of weak domestic demand that could prompt Beijing
to step up stimulus measures.
    Broader Asia also saw an uptick with MSCI's index of
Asia-Pacific shares outside Japan rising 0.7%
    Indonesian shares rose as much as 2.02% underpinned
by gains in financials as the market reopened after a holiday
week and ahead of the country's May inflation data.
    Indonesia's annual inflation rate is seen accelerating in
May from a month earlier amid Ramadan and Eid al-Fitr
celebration with annual consumer price index (CPI) forecast to
rise 3.17%.
    Bank Central Asia Tbk Pt and Astra International
Tbk Pt gained 3.7% and 2%, respectively. 
    An index of the country's 45 most liquid stocks
jumped 2%.
    Singapore stocks gained 1% led by financials and real
estate stocks.
    City Developments Ltd rose as much as 6.1%, its
biggest intraday percentage gain in over two years, following a
fresh bid for Millennium & Copthorne Hotels Plc.  
    Millennium & Copthorne has agreed to be acquired by City
Developments in a deal that values the British company at 2.23
billion pounds ($2.84 billion).
    DBS Holdings Group Ltd gained 1.4%.
    Thai stocks gained 0.7% with energy and material
stocks buoying the index. PTT Exploration and Production PCL
 rose 2%.
    Financial and real estate stocks pushed the Vietnam index
 0.6% higher. Joint Stock Commercial Bank for Foreign
Trade of Viet Nam and Vingroup JSC advanced 1.5%
and 0.7%, respectively.
    Philippine stocks rose marginally.
    
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3196.97   3166.29         0.97
 Bangkok                1664.6    1653.5          0.67
 Manila                 7988.64   7983.98         0.06
 Jakarta                6309.824  6209.117        1.62
 Kuala Lumpur           1655.04   1649.33         0.35
 Ho Chi Minh            963.79    958.28          0.57
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3196.97   3068.76         4.18
 Bangkok                1664.6    1563.88         6.44
 Manila                 7988.64   7,466.02        7.00
 Jakarta                6309.824  6,194.50        1.86
 Kuala Lumpur           1655.04   1690.58         -2.10
 Ho Chi Minh            963.79    892.54          7.98
 
 (Reporting by Shreya Mariam Job in Bengaluru; editing by
Gopakumar Warrier)
  
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