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Anushka Trivedi

SE Asia Stocks-Most fall after new U.S. tariffs heighten trade tension

02 Aug 2019

* Thai shares fall most in four months * Malaysia slips after weak June export data * Singapore lower for third straight session By Anushka Trivedi Aug 2 Most Southeast Asian markets fell on Friday after U.S. President Donald Trump vowed to levy 10% tariff on remaining $300 billion worth of Chinese goods, sparking fears of an escalation in the prolonged trade row. September onwards, nearly all of China's exports to the United States will be taxed, which "significantly raises the intensity of the trade war with negative implications for world growth, global manufacturing and business investment," Westpac said in note. Trump's announcement came shortly after lead negotiators from both sides concluded dialogues in Shanghai without any significant progress and marks an abrupt end to a truce in the trade war struck in June. Singapore stocks, counted among the most sensitive to trade war developments, declined nearly 1% to lead losses in Southeast Asia. The city-state's financial stocks took a beating, with lender Oversea-Chinese Banking Corp Ltd and rival United Overseas Bank Ltd slipping despite reporting an uptick in quarterly profit as analysts expect a faltering economy to put strain the sector. The index lost 3.1% during the week. Thai shares tumbled to their worst session in four months after an overnight plunge in oil prices battered energy stocks. For the week, the benchmark lost 2%. Malaysia's main index followed suit to close at its lowest in two months after June exports defied market expectations to slip by 3.1%. Demand for manufactured goods weakened for the period, with exports to China, one of Malaysia's biggest trade partners, dropping 12% year-on-year amid lower shipments of electronic products. Telco Maxis Bhd was the biggest drag on the index as it slumped 4.9% on reporting a steep drop in its quarterly net profit. The Malaysian benchmark fell 1.3% this week and logged its fourth straight weekly loss. Bucking the regional trend, Philippines added 0.4% after sliding as much as 1.1% in the session, with consumer stocks dominating the benchmark. But, the index closed 0.7% lower for the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3261.11 3291.75 -0.93 Bangkok 1684.71 1699.75 -0.88 Manila 8129.93 8098.16 0.39 Jakarta 6340.18 6381.542 -0.65 Kuala Lumpur 1626.76 1639.07 -0.75 Ho Chi Minh 991.1 997.39 -0.63 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3261.11 3068.76 6.27 Bangkok 1684.71 1563.88 7.73 Manila 8129.93 7,466.02 8.89 Jakarta 6340.18 6,194.50 2.35 Kuala Lumpur 1626.76 1690.58 -3.78 Ho Chi Minh 991.1 892.54 11.04 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Fall as Trump's China tariff threat rattles market

02 Aug 2019

* Thailand hits six-week low, down for second session * Singapore near 2-month low ahead of business activity data By Anushka Trivedi Aug 2 Southeast Asian stock markets fell on Friday after U.S. President Donald Trump proposed a 10% tariff on remaining $300 billion worth of Chinese imports from next month, intensifying the year-long trade war between the world's two largest economies. If implemented, this move would extend trade duties to nearly all of China's exports to the United States and mark a sudden end to a temporary truce in the trade row that has hampered world growth and disrupted global supply chains. "Markets are reeling after Trump expressed his frustration with China's stalling techniques... If there was any doubt that the U.S.-China trade negotiations are drifting further apart, this latest trade escalation puts that debate to rest," said Stephen Innes, managing partner at VM Markets Pte. Trump's surprise announcement comes hot on the heels of two-day trade talks in Shanghai that ended without any significant progress. Thai stocks fell 1.3% to six-week lows, extending losses into a second session, as a plunge in oil prices overnight pressured energy players. Oil and gas major PTT Exploration and Production PCL slumped 4.1%. Philippine shares stumbled 1.1%, hit by losses in financial and real estate stocks. Property developer SM Prime Holdings Inc and lender BDO Unibank Inc slipped 2.5% and 1%, respectively. Singapore shares slipped for a third straight session and hit their lowest in nearly two months, ahead of July business activity data. The data is expected to disappoint as the electronic hub battles a global tech slump and the repercussions of the U.S.-China trade tiff, according to a note from ING. In other news, lender Oversea-Chinese Banking Corp Ltd reported steady second-quarter earnings, while profit jumped at rival United Overseas Bank Ltd with improved margins and loan growth providing support in a slowing economy. Analysts, however, expect Singapore banks' performance to weaken as a decline in interest rates and a faltering economy put pressure on the sector's profit and revenue growth after three strong years. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0348 GMT Market Current Previous close Pct Move Singapore 3271.21 3291.75 -0.62 Bangkok 1676.92 1699.75 -1.34 Manila 8017.84 8098.16 -0.99 Jakarta 6330.305 6381.542 -0.80 Kuala Lumpur 1626.52 1639.07 -0.77 Ho Chi Minh 986.69 997.39 -1.07 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3271.21 3068.76 6.60 Bangkok 1676.92 1563.88 7.23 Manila 8017.84 7,466.02 7.39 Jakarta 6330.305 6,194.50 2.19 Kuala Lumpur 1626.52 1690.58 -3.79 Ho Chi Minh 986.69 892.54 10.55 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Philippines rises on upbeat corporate results; other markets subdued

01 Aug 2019

* Thailand July inflation lower-than-expected * Philippines rebounds to close higher By Anushka Trivedi Aug 1 Philippine shares rose on Thursday on robust corporate results, while other Southeast Asian markets traded in a thin range after the U.S. Federal Reserve thwarted hopes of a lengthy easing cycle. The Philippine main board reversed course from a five-week low hit earlier in the session to close 0.7% higher. Shares of Universal Robina Corp and Bank of the Philippine Islands lifted the benchmark as they advanced on reporting a jump in quarterly net profit. Real estate stocks also aided the index, which shows that "investors are more positive on those sectors – both property and banks because they've shown better-than-expected results", said Rachel Cruz, a research analyst with AP Securities. Vietnam shares climbed 0.6% after a private survey showed new orders in July rose at the fastest pace this year on increase in demand. Meanwhile, other Southeast Asian markets were subdued as the Fed delivered an expected quarter-point cut on Wednesday but steered clear of suggesting the need for any more monetary stimulus in the near future. Markets worldwide have rallied this year on the prospect of U.S. central bank slashing rates for the first time in over a decade, but Fed Chair Jerome Powell's hawkish remarks threw the markets into a disarray on Thursday. "We could see further pressure to global equities in the coming weeks as summer doldrums take many investors to the sidelines until we see fresh easing signals from the both the Fed and the European Central Bank," Edward Moya, senior market analyst at OANDA said. Thai shares stumbled to their worst session in four weeks, with financials and consumer stocks bearing the brunt. Thailand's annual consumer price index rose 0.98% in July from a year earlier, missing a Reuters poll forecast and came in under the central bank's advised range for a second straight month. The Bank of Thailand has downgraded the outlook for the country's economy this year and does not expect export growth but has shown unwillingness to chop interest rates, while raising concerns over the risks of lower interest rates for financial stability. Indonesia shares inched marginally lower with financials dragging the index. Lenders Bank Mandiri (Persero) Tbk PT and Bank Negara Indonesia (Persero) Tbk PT dropped 2.5% and 2.7%, respectively. A senior official at the Financial Services Authority revealed that Indonesia plans to relax bank merger rules to encourage more consolidation in the sector. An index of Jakarta's 45 most liquid stocks dipped 0.6%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3291.75 3300.75 -0.27 Bangkok 1699.75 1711.97 -0.71 Manila 8098.16 8045.8 0.65 Jakarta 6381.542 6390.505 -0.14 Kuala Lumpur 1639.07 1634.87 0.26 Ho Chi Minh 997.39 991.66 0.58 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3291.75 3068.76 7.27 Bangkok 1699.75 1563.88 8.69 Manila 8098.16 7,466.02 8.47 Jakarta 6381.542 6,194.50 3.02 Kuala Lumpur 1639.07 1690.58 -3.05 Ho Chi Minh 997.39 892.54 11.75 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Philippines falls to near 5-week lows; others trade in tight range

01 Aug 2019

* Indonesian shares flat ahead of July inflation data * Utility, consumer stocks top losers in Philippines By Anushka Trivedi Aug 1 Philippine shares declined on Thursday, extending falls to near five-week lows, while other Southeast Asian markets traded in a tight range as investors laid off heavy bets after the U.S. Federal Reserve dashed hopes of a lengthy easing cycle. The Fed lowered rates by 25 basis points at the conclusion of its two-day meeting on Wednesday, which it called was a "mid-cycle adjustment to policy". Equities globally have had a bull run recently on expectations that the Fed would kick off an easing cycle, but Jerome Powell's hawkish stance poured cold water on the hopes. MSCI's broadest index of Asia-Pacific shares outside Japan faltered 0.4% on Thursday. In Southeast Asia, Philippine shares declined as much as 0.9%, heading for a third straight session of falls, as utility and consumer stocks wavered. Electricity retailer Aboitiz Power Corp continued its slide into a second session after disappointing quarterly results, while SM Investments Corp dropped 1.5%. RCBC Securities warned of more bloodshed on Thursday after the Fed implied no more rate cuts in the near-term. Singapore stocks were flat after ticking up early in the session, with gains in top-tier banks offsetting losses in other sectors. Property developer City Developments Ltd slipped 0.7%, while DBS Group Holdings Ltd, Southeast Asia's biggest lender, edged up 0.5%. In other news, Singapore Airlines Ltd suffered its worst trading session in over a year after posting a 21% dive in quarterly net profit as grounding of Boeing 737 MAX fleet disrupted operations. Indonesian shares were little changed ahead of key inflation data for the month of July. Annual inflation rate in July is predicted to stay around the same level as in June, well within Bank Indonesia's (BI) target range, a Reuters poll showed on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3300.23 3300.75 -0.02 Bangkok 1704.33 1711.97 -0.45 Manila 7994.37 8053.92 -0.74 Jakarta 6390.24 6390.505 0.00 Kuala Lumpur 1634.82 1634.87 0.00 Ho Chi Minh 992.77 991.66 0.11 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3300.23 3068.76 7.54 Bangkok 1704.33 1563.88 8.98 Manila 7994.37 7,466.02 7.08 Jakarta 6390.24 6,194.50 3.16 Kuala Lumpur 1634.82 1690.58 -3.30 Ho Chi Minh 992.77 892.54 11.23 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Singapore, Philippines fall as U.S.-China trade tensions heighten

31 Jul 2019

* Singapore at over one-month low * Thai shares inch up after posting a trade surplus in June * Vietnam snaps a streak of three straight monthly losses By Anushka Trivedi July 31 Singapore and Philippines lost over 1% each on Wednesday as U.S. President Donald Trump's threat to China and their subsequent retaliation unnerved equities, while caution ahead of the Fed's policy decision also weighed on the indexes. Amid the latest round of dialogue between the two countries in Shanghai, China's foreign ministry blamed the United States for flip-flopping in bilateral trade negotiations over the past year, after Trump accused Beijing of waiting out his current presidential term to strike a trade deal. The U.S. Federal Reserve's policy decision is due later in the day, where a 25 bps point cut is all but insured. However, the market is anxiously eyeing whether the central bank will leave the door open for further policy easing. "The mini roller coaster ride is expected to continue as the two competing narratives, the dovish Fed and trade war doubts jockey for position ahead of FOMC," said Stephen Innes, managing partner at VM Markets Pte. Singapore shares, which are extremely sensitive to developments in the U.S.-China trade war, closed at their lowest in a over a month amid broad-based losses. Shares of industrial conglomerate Jardine Matheson Holdings Ltd were among the biggest drag on the index. For July, the index ended 0.5% lower. Manufacturers in the city-state are facing the doldrums, which clearly reflects an erosion of business confidence as global trade tensions persist, OCBC said in a note, and added that it expects the third-quarter to remain challenging for the sector. Philippines saw its worst trading session in over two months on weakness in real estate stocks, but managed to log fifth straight monthly gain. Property developer SM Prime Holdings and Ayala Land Inc shaved over 2.5% each, while a fall in electricity retailer Aboitiz Power Corp's shares after poor second-quarter results also pressured the main board. Meanwhile, Vietnam shares rose 0.6% to snap a streak of three monthly losses in a row. Upbeat second-quarter earnings of Vietnam's largest listed firm Vingroup JSC and state-run lender Vietinbank aided the main board. Thai shares inched up after it clocked a trade surplus of $4.4 billion for June, but ended the month 1.1% lower. The Indonesian benchmark closed little changed. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3300.75 3350.54 -1.49 Bangkok 1711.97 1706.49 0.32 Manila 8045.8 8150.46 -1.28 Jakarta 6390.505 6376.996 0.21 Kuala Lumpur 1634.87 1642.69 -0.48 Ho Chi Minh 991.66 986.02 0.57 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3300.75 3068.76 7.56 Bangkok 1711.97 1563.88 9.47 Manila 8045.8 7,466.02 7.77 Jakarta 6390.505 6,194.50 3.16 Kuala Lumpur 1634.87 1690.58 -3.30 Ho Chi Minh 991.66 892.54 11.11 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Most fall as Trump trade warning weighs

31 Jul 2019

* Philippines drops over 1% to 3-week lows * Malaysia sees biggest intraday loss in over two months * Thai shares little changed ahead of June trade data By Anushka Trivedi July 31 Most Southeast Asian stock markets edged lower on Wednesday as U.S. President Donald Trump's fresh warning to China amid ongoing trade talks weighed on the market, with Philippines shedding over 1% to three-week lows. As a fresh round of trade talks between the world's top two economies started in Shanghai on Tuesday, Trump blamed Beijing for not upholding its promise to buy more U.S. agricultural products and warned it against waiting out his current presidential term to strike a trade deal. Trump's trade threat weighs on risk-taking while investors are also likely to tread a cautious path ahead of the U.S. Federal Reserve's policy decision, ING said in a note. Later in the day, the Fed is widely expected to slash rates by 25 basis points for the first time since the financial crisis more than a decade ago. Hopes of a rate cut have supported a bull run in risk assets worldwide recently. Meanwhile, sentiment was dented further as China's factory activity declined for a third straight month in July, underlining growing strains on Southeast Asia's biggest trade partner as the Sino-U.S. trade war hits business profits, confidence and investment. Philippine stocks dropped 1.2% to three-week lows, making them the top losers in Southeast Asia. Electricity retailer Aboitiz Power Corp was among the top drags, with a fall of 2.2% after it reported a slip in second-quarter net income. In other news, fast-food chain Jollibee Foods Corp said it would enter the Indonesian market with its newly acquired U.S. chain Coffee Bean & Tea Leaf. Malaysian shares fell 0.6%, their biggest intraday loss in over two months. Financials tugged the benchmark lower, with Public Bank Bhd and Hong Leong Financial Group Bhd shedding over 2% each. Thai shares were little changed ahead of June trade data. Exports are under pressure as the country continues to suffer from a downturn in China's economy and the U.S.-China trade tiff, with UOB Global Economics and Markets Research stating in a note last week that it does not see any export growth this year for Thailand. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0405 GMT Market Current Previous close Pct Move Singapore 3346.73 3350.54 -0.11 Bangkok 1708.46 1706.49 0.12 Manila 8059.23 8150.46 -1.12 Jakarta 6359.35 6376.996 -0.28 Kuala Lumpur 1634.07 1642.69 -0.52 Ho Chi Minh 987.42 986.02 0.14 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3346.73 3068.76 9.06 Bangkok 1708.46 1563.88 9.24 Manila 8059.23 7,466.02 7.95 Jakarta 6359.35 6,194.50 2.66 Kuala Lumpur 1634.07 1690.58 -3.34 Ho Chi Minh 987.42 892.54 10.63 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most fall ahead of Fed meeting; Indonesia rises

30 Jul 2019

* Indonesian cigarette maker Hanjaya Mandala Sampoerna rises on upbeat earnings * Thai stocks slip to their lowest in over a month * Malaysian stock market closed for holiday By Anushka Trivedi July 30 Indonesian shares rose over 1% on Tuesday, amid weakness in other Southeast Asian markets, as investors bought back beaten stocks, while stellar quarterly results by a local cigarette maker also bolstered risk appetite. Indonesia's biggest tobacco company PT Hanjaya Mandala Sampoerna Tbk's shares clocked their best performance in almost a year after it reported a near 11% jump in first-half net income. Broad-based gains pushed the Jakarta index to its biggest intraday rise in six weeks during the session. Cigarette makers in Indonesia have suffered since U.S.-based e-cigarette brand Juul was introduced on July 10, with Hanjaya's stock price slipping over 10% since, as of last close. "It's more of a technical rebound after 4 to 5 sessions of weakness that we've seen. I think it's more of bottom fishing for some stocks," said Taye Shim, head of research at Mirae Asset Sekuritas. Meanwhile, most other Southeast Asian markets edged lower ahead of the U.S. Federal Reserve meeting, where it is widely expected to ease its monetary policy. Investors are also eyeing the central bank chief Jerome Powell's speech for further direction. A quarter-point cut has mostly been factored in but recent upbeat U.S. data, such as jump in second-quarter GDP, has dimmed chances of an aggressive rate-cut. Vietnam's main board lost 1.2%, underpinned by losses in real estate and financial sectors. Philippine shares declined 0.5% on weakness in financial and industrial stocks, but the benchmark is on track to close higher for the fifth straight month. Thai stocks slipped to their lowest in over a month after government data showed its factory output declined more than expected in June. The country's manufacturing production index (MPI) in June fell 5.54% from a year earlier, dragged down by lower production of cars, rubber products and petroleum, while a Reuters poll predicted a drop of 3.15%. Among shares, construction material supplier The Siam Cement PCL and Global Power Synergy PCL were among top laggards on the benchmark. Singapore shares were little changed, while Malaysian stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3350.54 3346.39 0.12 Bangkok 1706.49 1717.97 -0.67 Manila 8150.46 8053.92 1.20 Jakarta 6376.996 6299.035 1.24 Ho Chi Minh 986.02 997.94 -1.19 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3350.54 3068.76 9.18 Bangkok 1706.49 1563.88 9.12 Manila 8150.46 7,466.02 9.17 Jakarta 6376.996 6,194.50 2.95 Kuala Lumpur 1642.69 1690.58 -2.83 Ho Chi Minh 986.02 892.54 10.47 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Philippines skids as investors book profits in heavyweights

30 Jul 2019

* Malaysia stock market closed for holiday * Indonesia sees best session in almost 2 weeks * Thai June factory output worse than f'cast By Anushka Trivedi July 30 Philippine shares fell on Tuesday as investors locked in profits in heavyweight stocks, while other Southeast Asian markets were tepid ahead of the U.S. Federal Reserve's policy meeting. The benchmark Philippine stock index declined 0.8%, with SM Investments Corp and Universal Robina Corp weighing on the index ahead of their quarterly results later this week. Prospects of monetary policy easing by the Philippine central bank and a widely expected rate cut by the Fed have helped keep the index buoyant for the past four months, with the benchmark on track for its biggest monthly gain since March. "Banks have been quite strong, but there are a lot of big names that are about to release their results... So, I think the market is just waiting for those results as catalysts before putting bigger positions," said Fio Dejesus, an equity research analyst at RCBC Securities. Other Southeast Asian markets traded in a tight range ahead of the Fed Policy meeting starting later in the day. A 25 basis point cut has mostly been factored in and investors now await the conclusion of the meeting on Wednesday to gauge the direction the Fed will take in the near-term. Market participants also kept a tab on the fresh round of dialogue between top officials from the United States and China in Shanghai to deescalate the tariff dispute. Indonesia's main board logged its best intraday gain in almost two weeks, on the back of telecom and material stocks. Telekomunikasi Indonesia (Persero) Tbk PT rose 2.1% and PT Steel Pipe Industry of Indonesia Tbk jumped 10.8% to its highest in over five months. An index of Jakarta's 45 most liquid stocks rose 0.6%. Thai shares were little changed with data showing factory output missed forecasts in June. The country's manufacturing production index (MPI) in June fell 5.54% from a year earlier, dragged down by lower production of cars, rubber products and petroleum. Malaysia's stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3351.7 3346.39 0.16 Bangkok 1713.83 1717.97 -0.24 Manila 8123.96 8188.52 -0.79 Jakarta 6333.59 6299.035 0.55 Ho Chi Minh 997.82 997.94 -0.01 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3351.7 3068.76 9.22 Bangkok 1713.83 1563.88 9.59 Manila 8123.96 7,466.02 8.81 Jakarta 6333.59 6,194.50 2.25 Kuala Lumpur 1642.69 1690.58 -2.83 Ho Chi Minh 997.82 892.54 11.80 (Reporting by Anushka Trivedi in Bengaluru; Additional reporting by Soumyajit Saha; Editing by Subhranshu Sahu)

SE Asia Stocks-Most decline ahead of Fed policy meeting

29 Jul 2019

* Singapore leads losses * Indonesia at 5-week low * Thai markets closed for holiday By Anushka Trivedi July 29 Most Southeast Asian stock markets fell on Monday, with Singapore leading losses, as investors trimmed their exposure in risky assets a day before the key U.S. Federal Reserve policy meeting. A 25 bps cut by the U.S. central bank is all but confirmed, with the market's focus now on cues from Fed chairman Jerome Powell’s guidance about the easing cycle. "The improved U.S. GDP data does not change the forecast on that (the 25 bps rate cut), but it does reduce the probability of a potential 50 bps (cut) and the number of rate-cuts for the rest of 2019" said Alfonso Esparza, a senior market analyst at OANDA. Singapore's main board slipped 0.5% to a near three-week low on weakness in financials. Earlier in the day, Southeast Asia's biggest lender DBS Group Holdings Ltd's second-quarter profit topped expectations. But analysts see a tough road ahead for the city-state's banks due to a recent slowdown in the country's economy and a drop in interest rates. DBS lost 0.9%, whereas rivals Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd, which are due to report earnings later this week, shed 0.4% and 0.7%, respectively. Indonesian shares declined 0.4% to their lowest in over a month, with losses concentrated in the consumer sector. Share prices of local cigarette makers have declined since the launch of U.S.-based e-cigarette brand Juul in Indonesia in early-July. Heavyweight PT Hanjaya Mandala Sampoerna Tbk has dropped 10.2% since July 10. "We estimate that 3-5% of the cigarette market is at risk of competition from e-cigarettes in the medium term, mainly in the higher-priced mild and white segments" Janni Asman, analyst at Maybank Kim Eng Sekuritas said. Elsewhere, Philippine stocks ended flat, while the Thai stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3346.39 3363.76 -0.52 Bangkok Manila 8188.52 8183.99 0.06 Jakarta 6299.035 6325.237 -0.41 Kuala Lumpur 1642.69 1647.96 -0.32 Ho Chi Minh 997.94 993.35 0.46 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3346.39 3068.76 9.05 Bangkok 1717.97 1563.88 9.85 Manila 8188.52 7,466.02 9.68 Jakarta 6299.035 6,194.50 1.69 Kuala Lumpur 1642.69 1690.58 -2.83 Ho Chi Minh 997.94 892.54 11.81 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Most fall ahead of Fed policy decision

29 Jul 2019

* Singapore hits two-week low * Thai markets closed for holiday By Anushka Trivedi July 29 Most Southeast Asian stock markets fell on Monday as investors exercised caution ahead of a widely anticipated rate cut by the Federal Reserve, with the focus shifting to whether the U.S. central bank will signal further monetary stimulus. The Fed is broadly expected to dish out a quarter point rate-cut at its policy review that ends on Wednesday, but markets await chief Jerome Powell's speech to look for cues on further policy easing as a protracted tariff dispute with China continues to damage business sentiment. Meanwhile, lead negotiators from the United States and China are set to meet in Shanghai on Tuesday for their first face-to-face interaction since trade talks stalled in May, although hopes of an immediate breakthrough are limited. U.S. President Donald Trump on Friday warned that China could hold out until after the U.S. election in 2020 to secure a trade deal to be able to negotiate with a different president. "All talk and no action, will make for but shallow relief and so sustained and significant 'risk on' reaction from U.S.-China trade talks is highly unlikely," Mizuho said in a note to clients. In Southeast Asia, Singapore stocks, which are sensitive to developments in the Sino-U.S. trade tiff, declined 0.7% to two-week lows. Industrials were the top losers with in-flight catering service provider SATS Ltd and Hutchison Port Holdings Trust shedding 1.6% and 2.2%, respectively. In other news, DBS Group Holdings Ltd, Southeast Asia's biggest lender, reported quarterly record net interest income. DBS was the first Singapore bank to report earnings, with rival banks soon to follow. DBS shares were 0.7% lower after rising in early trade. Philippine shares shed 0.7% amid broad-based losses. Power generator First Gen Corp dropped 1.9%, while property developer GT Capital Holdings skidded 2%. Indonesian shares edged lower to five-week lows due to weakness in consumer and telecom stocks. Bucking the trend, Vietnam shares inched higher. Thailand's stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3341.98 3363.76 -0.65 Bangkok Manila 8128.83 8183.99 -0.67 Jakarta 6308.422 6325.237 -0.27 Kuala Lumpur 1643.58 1647.96 -0.27 Ho Chi Minh 993.99 993.35 0.06 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3341.98 3068.76 8.90 Bangkok 1717.97 1563.88 9.85 Manila 8128.83 7,466.02 8.88 Jakarta 6308.422 6,194.50 1.84 Kuala Lumpur 1643.58 1690.58 -2.78 Ho Chi Minh 993.99 892.54 11.37 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

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