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Shreya Mariam Job

SE Asia Stocks-Most fall on poor China industrial output data, Philippines worst hit

14 Jun 2019

* Thai stocks post fourth straight weekly gain * Weak China industrial output growth weighs * Vietnam snaps three sessions of losses By Shreya Mariam Job June 14 Most Southeast Asian stock markets fell on Friday, with Philippines leading declines, as disappointing output growth in China frayed investor sentiment and curbed risk appetite. Industrial output growth in China, the region's biggest trade partner, unexpectedly slowed to a more than 17-year low in May, while investment also cooled, in the latest sign of weakening demand in the world's second-largest economy as the United States ramped up trade pressure. Regional stocks moved in tandem with broader Asian stocks hit by worries of slowing growth in the world's second largest economy with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3%. The Philippine index pared some of its early losses to close 0.8% lower. For the week, the index recorded a marginal gain. "From our perspective, these declines are driven by mostly profit-taking... since a lot of these companies rallied for the past week," said Rachelle C Cruz, an analyst at AP Securities. Shares of SM Investment Corp dropped 2.1%, while Ayala Land Inc slipped 1.9%. The Indonesian benchmark dropped 0.4%, dragged by consumer and financials stocks. The index rose 0.7% this week. Charoen Pokphand Indonesia Tbk Pt shed 5.1% to close at more than two week low. Bank Negara Indonesia (Persero) Tbk Pt dipped 1.7%. Financial and utility stocks drove losses on the Malaysian index, with shares of Public Bank Bhd and Tenaga Nasional Bhd losing 1.3% and 1.1%, respectively. For the week, the benchmark dipped 0.3%. Thai stocks closed the session marginally lower but posted its fourth consecutive weekly gain of 1.1%. Vietnam's index snapped three sessions of losses to end 0.4% higher and snapped three sessions of losses with financial stocks contributing the most to the gains. For the week, the index dropped 0.5%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3222.63 3220.66 0.06 Bangkok 1672.33 1674.14 -0.11 Manila 7990.2 8051.76 -0.76 Jakarta 6250.265 6273.082 -0.36 Kuala Lumpur 1638.63 1643.74 -0.31 Ho Chi Minh 953.61 950.08 0.37 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3222.63 3068.76 5.01 Bangkok 1672.33 1563.88 6.93 Manila 7990.2 7,466.02 7.02 Jakarta 6250.265 6,194.50 0.90 Kuala Lumpur 1638.63 1690.58 -3.07 Ho Chi Minh 953.61 892.54 6.84 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Play defensive ahead of China data, Philippines drops nearly 1%

14 Jun 2019

* Philippines on track for 4th straight weekly gain * China industrial production, retail sales data awaited * Indonesia on track for third straight session of falls By Shreya Mariam Job June 14 Most Southeast Asian stock markets traded in a tight range on Friday as investors awaited a host of data from China, with Philippines shedding nearly 1% on the back of industrials. China will release May industrial production, retail sales and investment numbers later in the day which could throw light on the impact of strenuous Sino-U.S. trade relations on the world's second-largest economy. The U.S. Federal Reserve is meeting on June 18-19 and investors are keen to see if its monetary policy stance is in sync with market expectations for a near-term rate cut. Investment manager Vanguard now sees the chance of a U.S. recession in the next 12-18 months at 40%, up from 30%, and believes the Fed will implement an "insurance" rate cut as early as next week. However, a Reuters poll suggests that the Fed will maintain rates. Philippine shares fell 0.9% on Friday but were headed for a fourth straight weekly gain. JG Summit Holdings Inc declined 2.1%, while International Container Terminal Services Inc dropped 2.4%. "From our perspective these declines are driven by mostly profit-taking... since a lot of these companies rallied for the past week," said Rachelle C Cruz, an analyst at AP Securities. ICT shares had gained 8% this week up to last close, while JG Summit had gained 3.3%. Indonesian stocks slid 0.3%, dragged by consumer stocks. Unilever Indonesia Tbk Pt dropped 0.9%. For the week, however, the key Jakarta stock index was up 1.3%. Vietnam stocks gained 0.4% on the back of financials, but were down 0.9% for the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0324 GMT Change on the day Market Current Previous close Pct Move Singapore 3219.09 3220.66 -0.05 Bangkok 1673.39 1674.14 -0.04 Manila 7975.86 8051.76 -0.94 Jakarta 6256.461 6273.082 -0.26 Kuala Lumpur 1642.12 1643.74 -0.10 Ho Chi Minh 953.72 950.08 0.38 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3219.09 3068.76 4.90 Bangkok 1673.39 1563.88 7.00 Manila 7975.86 7,466.02 6.83 Jakarta 6256.461 6,194.50 1.00 Kuala Lumpur 1642.12 1690.58 -2.87 Ho Chi Minh 953.72 892.54 6.85 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Malaysia ends at 2-week low; Singapore gains on China's stimulus hopes

13 Jun 2019

* Vietnam posts third straight loss * Malaysia drops to two-week closing low * Thai index posts fourth consecutive gain By Shreya Mariam Job June 13 The Malaysian stock market hit a two-week closing low on Thursday dragged by utility stocks, as a U.S.-China standoff over terms of a trade deal dampened investor sentiment, while hopes of further stimulus from Beijing boosted some of its trading partners such as Singapore. China's commerce ministry said on Thursday Beijing will not yield to any "maximum pressure" from Washington, and any attempt by the United States to force China into accepting a trade deal will fail. However, the few markets in the Southeast Asian region found support after China's Vice Premier Liu He signalled further stimulus by the regulators to shore up its ailing economy. Beijing has plenty of policy tools and is capable of dealing with various challenges, Liu said at a financial forum in Shanghai. The government will roll out more strong measures to promote reforms and opening up, he added. This comes after data showed China's credit growth was weaker than expected in May, and ahead of retail sales and industrial output data expected on Friday. "...The Chinese economy is currently a stimulus-driven economy but regular economic activity has slowed down" ING said in a note to its clients. The Malaysian benchmark index closed in the red, as utility stocks dragged. Shares of state utility firm Tenaga Nasional Bhd closed at an over two-week low, falling 1.8% in the session. Meanwhile, shares of Genting Bhd dropped 2.1%. Vietnam's index declined 0.4%, weighed down by consumer and real estate stocks. Shares of Vietnam Dairy Products JSC slipped 1.6%, while those of top property stock Vingroup JSC dipped 0.4%. The Indonesian benchmark also inched lower. Indonesia's economic growth in 2019 is expected to be slower than a 5.3% target in the state budget due to more sluggish global economic growth, lower trade volume and low commodity prices, its finance minister said on Thursday. Meanwhile, Singapore's benchmark index erased early losses to end the session 0.4% higher with financial and consumer stocks supporting the index. Wilmar International Ltd gained 2.4%, while City Developments Ltd posted an eight-day winning streak rising 2.5%. The Philippine index reversed course to end slightly higher, with a jump in volumes in the last half hour of trade. Industrial stocks drove gains in the index with International Container Terminal Services and JG Summit Holdings Inc adding 3.1% and 2.3%, respectively. The Thai index extended gains into its fourth consecutive session with a 0.2% rise. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3220.66 3207.74 0.40 Bangkok 1674.14 1671.11 0.18 Manila 8051.76 8030.98 0.26 Jakarta 6273.082 6276.177 -0.05 Kuala Lumpur 1643.74 1650.74 -0.42 Ho Chi Minh 950.08 954.17 -0.43 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3220.66 3068.76 4.95 Bangkok 1674.14 1563.88 7.05 Manila 8051.76 7,466.02 7.85 Jakarta 6273.082 6,194.50 1.27 Kuala Lumpur 1643.74 1690.58 -2.77 Ho Chi Minh 950.08 892.54 6.45 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Most track broader Asia lower as trade optimism fades

13 Jun 2019

* Malaysia drops to its lowest since May 31 * Philippines leads losses in region * Vietnam on track for a third straight loss By Shreya Mariam Job June 13 Most Southeast Asian stocks dropped on Thursday, in line with broader Asia, as hopes of Washington and Beijing making headway on the sidelines of G20 summit faded, crimping risk sentiment. Trump declined to set a deadline on Wednesday for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but "testy" after China walked back commitments for a trade deal. "Markets, however, are maybe responding less to the day-by-day switch in message, than to the ongoing grind that the existing situation is exerting," ING said in a note, referring to the Sino-U.S. trade standoff. Hopes that the United States and China will clinch a deal on the sidelines of a Group of 20 summit meeting in Osaka on June 28-29 have been fading, also hurting sentiment and driving bond yields down. Meanwhile, a slump in oil prices also weighed on markets with prices dropping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth. Leading the declines in the region, Philippine stocks resumed trade after a market holiday to drop 0.8%. Real estate and industrial stocks were battered, with Ayala Land Inc and SM Investment Corp dropping 1.8% and 1.5% respectively. The Malaysian benchmark stock index, which hit its lowest since May 31, was dented by losses in utility and healthcare shares. The biggest laggard on the index - state utility firm Tenaga Nasional Bhd - saw its worst session in a month, while IHH Healthcare Bhd dropped 1.8%. Singapore stocks extended declines to a second session, with industrials weighing on the index. The city-state's retail sales fell 1.8% in April compared with a year-ago period, signalling a decline in consumer spending, data showed on Wednesday. Vietnam stocks fell 0.5% with real estate company Vinhomes JSC and Petrovietnam Gas JSC dropping 2.5% and 1.5%, respectively. Thai stocks edged lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS at 0414 GMT Change on the day Market Current Previous close Pct Move Singapore 3202.18 3207.74 -0.17 Bangkok 1668.5 1671.11 -0.16 Manila 7970.35 8030.98 -0.75 Jakarta 6279.098 6276.177 0.05 Kuala Lumpur 1641.67 1650.74 -0.55 Ho Chi Minh 949.58 954.17 -0.48 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3202.18 3068.76 4.35 Bangkok 1668.5 1563.88 6.69 Manila 7970.35 7,466.02 6.76 Jakarta 6279.098 6,194.50 1.37 Kuala Lumpur 1641.67 1690.58 -2.89 Ho Chi Minh 949.58 892.54 6.39 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most fall on China slowdown worries; trade gloom

12 Jun 2019

* Singapore snap four sessions of gains * Indonesia posts lowest close since May 31 * Philippines closed for a holiday By Shreya Mariam Job June 12 Most Southeast Asian stock markets fell on Wednesday, with Vietnam taking the biggest hit, as fears of slowing growth in China and dwindling hopes of progress in Sino-U.S. trade talks dampened the trading sentiment. Investors across broader Asia were wary about slowing growth in China and paling expectations of a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping to work towards a resolution to a prolonged trade war. MSCI's broadest index of Asia-Pacific shares outside Japan had slipped 0.6% after two days of gains. Meanwhile, China's factory inflation slowed in May as faltering manufacturing hit demand, reinforcing worries about cooling growth in the world's second-largest economy, while a surge in food prices could add to consumer grievances about living costs. Leading declines in the region, Vietnam's benchmark index shed 0.8%, with real estate and financial stocks dragging the index. Shares of Petrovietnam Gas JSC lost 2.4% while Vingroup JSC dipped 0.9%. The country had a trade deficit of $1.3 billion in May, matching the government's forecast, customs data showed after market hours on Tuesday. Indonesian stocks fell 0.5%, snapping a four- session rally. Financial and telecom stocks contributed to the losses with Bank Central Asia Tbk Pt down 1.1% and Telekomunikasi Indonesia, which was trading ex-dividend from Wednesday, down 2.0%. Indonesia's central bank sees economic growth of 5.1-5.5% in 2020, while continuing to monitor global economic conditions to assess whether there is scope for an "accommodative monetary policy", Bank Indonesia governor Perry Warjiyo said. Meanwhile, Singapore's index reversed course to fall 0.1%, ending a winning streak of four consecutive gains. "Hard for traders to take any aggressive stance on the market, especially with an upcoming event, which is the meeting between President Trump and Xi," said Paul Chew, head of research at Phillip Securities Research. The country's retail sales fell 1.8% in April from the previous year, showing a decline in consumer spending and thereby domestic demand. Consumer stock Thai Beverage PCL shed 1.8%. The index was also weighed by industrial and real estate stocks with Jardine Matheson Holdings Ltd dropping 1% and Hongkong Land Holdings Ltd sliding 2.9%. Meanwhile, Thailand's index ended marginally higher helped by gains in financials and telecom stocks. The Philippine 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 3207.74 3209.58 -0.06 Bangkok 1671.11 1670.41 0.04 Jakarta 6276.177 6305.992 -0.47 Kuala Lumpur 1650.74 1651.2 -0.03 Ho Chi Minh 954.17 962.07 -0.82 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3207.74 3068.76 4.53 Bangkok 1671.11 1563.88 6.86 Jakarta 6276.177 6,194.50 1.32 Kuala Lumpur 1650.74 1690.58 -2.36 Ho Chi Minh 954.17 892.54 6.91 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Most fall on China growth fears, trade standoff

12 Jun 2019

* Malaysia drops to lowest since May 31 * Singapore on track for fifth straight gain * Philippines closed for holiday By Shreya Mariam Job June 12 Most Southeast Asian stock markets fell on Wednesday, with Malaysia leading declines, as escalating tensions on the U.S.-China trade front and concerns of slowing growth in China curbed risk sentiment. Broader Asian markets were also tepid with investor sentiment soured by deepening dents in the Sino-U.S. trade negotiations and China growth worries. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.38% after two days of gains. "Expect investors to remain antsy with U.S. Commerce Secretary expecting no major breakthrough deals, while official rhetoric from China continues to harden," OCBC said in a note. China vowed a tough response if the United States insists on escalating trade tensions amid ongoing negotiations, after U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on China. "Tariffs are a great negotiating tool," Trump tweeted On Tuesday. Meanwhile, China's factory gate inflation slowed in May amid sluggish commodity demand and faltering manufacturing activity , fuelling worries growth in the world's second-largest economy is slipping. Consumer prices, however, soared at their fastest pace in over a year. Malaysian stocks dropped as much as 0.5% to their lowest since May 31, dragged by telecom and utility shares. Maxis Bhd dropped 1.4%, while Tenaga Nasional Bhd slid 1.8%. Indonesian stocks dipped 0.3%, dragged by telecom stocks. Telekomunikasi Indonesia Tbk Pt, which trades ex-dividend from Wednesday, dipped 2.7%. Indonesia's central bank sees economic growth of 5.1-5.5% in 2020, while continuing to monitor global economic conditions to assess whether there is scope for an "accommodative monetary policy", Bank Indonesia governor Perry Warjiyo said on Tuesday. Thai shares dipped hurt by broad based losses. Bangkok Dusit Medical Services PCL and PTT PCL dropped 2.5% and 0.5%, respectively. Bucking the trend, Singapore stocks rose and were on track to post their fifth straight session of gains. DBS Group Holdings Ltd and Jardine Cycle & Carriage Ltd firmed 0.7% and 1.9%, respectively. Philippine market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0316 GMT Change on the day Market Current Previous close Pct Move Singapore 3215.52 3209.58 0.19 Bangkok 1666.47 1670.41 -0.24 Jakarta 6285.814 6305.992 -0.32 Kuala Lumpur 1642.98 1651.2 -0.50 Ho Chi Minh 959.04 962.07 -0.31 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3215.52 3068.76 4.78 Bangkok 1666.47 1563.88 6.56 Jakarta 6285.814 6,194.50 1.47 Kuala Lumpur 1642.98 1690.58 -2.82 Ho Chi Minh 959.04 892.54 7.45 (Reporting by Shreya Mariam Job in Bengaluru; editing by Gopakumar Warrier)

SE Asia Stocks-Singapore gains tracking broader Asia, Malaysia slips

11 Jun 2019

* Singapore rises for the fourth straight day * Philippines snaps three sessions of gains * Thailand gains for sixth day By Shreya Mariam Job June 11 Singapore stocks gained the most in the Southeast Asian region on Tuesday, tracking broader Asian shares, while Malaysian shares slipped into the red dragged by utility stocks. The reprieve from the U.S. calling off tariffs on Mexico waned after China will respond firmly if the United States insists on escalating trade tensions, the foreign ministry said in response to President Donald Trump's threats of further tariffs if no deal was reached at the G20 summit. Meanwhile, the region's biggest trade partner, China, took further steps to support its economy stating it will allow local governments to use proceeds from special bonds as capital for major investment projects, in a bid to support the slowing economy amid an escalating trade war with the United States. This boosted investor sentiment sending MSCI's broadest index of Asia-Pacific shares outside Japan 0.9% higher. Singapore stocks rose to a near one-month closing high with real estate and financial stocks boosting the index. Real estate giant Capitaland Ltd rose as much as 3.3%, seeing its best session in over two months, after announcing divestment of interests in three companies handling malls in China for 2.96 billion Chinese yuan ($428.19 million), through its unit and other associated companies. Shares of lenders Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd gained 0.8% and 0.6%, respectively. The Thai benchmark rose 0.3% to close higher for the sixth straight day, boosted by a 1.7% rise in shares of Charoen Pophpand Foods PCL and a 1.9% rise in shares of Gulf Energy Development PCL . The Indonesian index reversed losses to end 0.3% higher with healthcare and consumer stocks supporting the index. Malaysian stocks shed 0.3% with financials and utilities counters dragging the index. Malaysia's industrial production index rose 4.0% in April from a year earlier, faster than the previous month, higher than the 2.7% median estimate by nine economists surveyed by Reuters. "We believe the BNM (Bank Negara Malaysia) will take comfort in the latest data, which will enable them to leave policy on hold for the rest of the year after their 25bp rate cut in May," an ING note said. Shares of Tenaga Nasional Bhd shed 2.2%, while Hong Leong Bank Bhd dipped 1.3%. The Philippine index erased early gains to close 0.2% lower, snapping three sessions of gains, with loses concentrated among industrial and financial stocks. The country's April exports increased 0.4% from a year earlier, while imports dipped 1.9%, bringing the trade deficit to $3.50 billion. Shares of SM Investments Corp fell 1.7%, while Bank of the Philippine Islands dropped 1.4%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3209.58 3188.11 0.67 Bangkok 1670.41 1664.73 0.34 Manila 8030.98 8045.39 -0.18 Jakarta 6305.992 6289.61 0.26 Kuala Lumpur 1651.2 1655.47 -0.26 Ho Chi Minh 962.07 962.9 -0.09 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3209.58 3068.76 4.59 Bangkok 1670.41 1563.88 6.81 Manila 8030.98 7,466.02 7.57 Jakarta 6305.992 6,194.50 1.80 Kuala Lumpur 1651.2 1690.58 -2.33 Ho Chi Minh 962.07 892.54 7.79 ($1 = 6.9128 Chinese yuan renminbi) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Singapore rises tracking broader Asia

11 Jun 2019

* Philippines on track for fourth straight gain * Singapore real estate co CapitaLand surges * Malaysia April factory output beats forecast By Shreya Mariam Job June 11 Singapore stocks rose on Tuesday, taking cues from broader Asian markets, while Indonesia slipped from a more than one-month high hit in the previous session with consumer stocks weighing on the index. Optimism following the U.S.-Mexico trade and migration deal was dampened by U.S. President Donald Trump's threats to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at a Group of 20 summit later this month. Meanwhile, Southeast Asia's biggest trade partner, China, said on Monday it would allow local governments to use proceeds from special bonds as capital for major investment projects, sending the Shanghai Composite index 1.9% higher. Singapore stocks extended gains into a fourth session on the back of real estate stocks. CapitaLand Ltd climbed as much as 3% in its biggest intraday gain in more than two months, after the real estate company said its unit and associated companies would divest their interests in three companies that hold three malls in China for an agreed value of 2.96 billion Chinese yuan ($427.90 million). Philippine shares gained 0.5%, boosted by real estate and industrial stocks, and were headed for a fourth consecutive session of gains. The country's April exports increased 0.4% from a year earlier, while imports dipped 1.9%, bringing the trade deficit to $3.50 billion. Ayala Land Inc and SM Prime Holdings gained 0.6% and 1%, respectively. Meanwhile, Indonesian shares dipped 0.2% after posting their biggest intraday percentage gain in over two years on Monday. Consumer stocks were among the top losers with Astra International Tbk Pt and Unilever Indonesia Tbk Pt shedding 2.6% and 1%, respectively. Malaysian stocks edged lower, dragged by financials. Data released earlier showed that Malaysia's industrial production index rose 4.0% in April from a year earlier, faster than the previous month. April's annual output growth was higher than the 2.7% median estimate by nine economists surveyed by Reuters. The pace was faster than March's growth of 3.1%. Fitch Ratings said in a report that while it expected Malaysian household debt risks to continue to moderate, pockets of vulnerability remained in banks' exposure to lower-income households and personal loans. Hong Leong Bank Bhd dropped as much as 1.7%, while Malayan Banking Bhd slipped as much as 0.7%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0410 GMT Market Current Previous close Pct Move Singapore 3201.44 3188.11 0.42 Bangkok 1666.19 1664.73 0.09 Manila 8088.12 8045.39 0.53 Jakarta 6278.919 6289.61 -0.17 Kuala Lumpur 1651.79 1655.47 -0.22 Ho Chi Minh 961.59 962.9 -0.14 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3201.44 3068.76 4.32 Bangkok 1666.19 1563.88 6.54 Manila 8088.12 7,466.02 8.33 Jakarta 6278.919 6,194.50 1.36 Kuala Lumpur 1651.79 1690.58 -2.29 Ho Chi Minh 961.59 892.54 7.74 ($1 = 6.9175 Chinese yuan) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

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

10 Jun 2019

* 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 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)

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

10 Jun 2019

* 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 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. For Asian Companies click; 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)

World News

Trump says Iran may have shot down U.S. drone by mistake

U.S. President Donald Trump played down Iran's downing of a U.S. military drone on Thursday, saying he suspected it was shot by mistake and that "it would have made a big difference" to him if the remotely-controlled aircraft had been piloted.