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Shreya Mariam Job

REFILE-UPDATE 2-Australia's Domain sees signs for market recovery after annual loss

16 Aug 2019

Aug 16 Real estate classifieds platform Domain Holdings Australia on Friday posted a wider annual net loss as a steep property downturn led to a writedown, but the company sees green shoots of a market recovery in 2020, sending its shares higher.

SE Asia Stocks-Most subdued in thin trade; all eyes on Trump-Xi meeting

28 Jun 2019

* Indonesia falls for quarter after rising for three * Thai May exports contract * Philippines up for fourth consecutive quarter By Shreya Mariam Job June 28 Most Southeast Asian stock markets ended flat on Friday in lacklustre trade, as investors held off taking fresh positions on the last trading day of the quarter and ahead of a crucial meeting between the leaders of the United States and China. U.S. President Donald Trump said earlier in the day he had not promised Chinese President Xi Jinping a reprieve from escalating tariffs in a trade war that is casting a shadow on global growth, but felt their talks planned for the next day would be productive. "With much of the fate of the global economy hanging on the outcome of this weekend, and the likely direction of markets also crucially dependent on the outcome of talks, today has the eerie sense of a slow march to the gallows, listening out hopefully for calls of a reprieve from the prison governor," an ING note said commenting on the G20 and Xi-Trump meeting. The Philippine index fell 0.7% with financials and consumer stocks dragging the index. The index, however, posted its fourth consecutive quarterly gain, rising 1%. Universal Robina Corp and SM Prime Holdings Inc dropped 4.6% and 2.1% , respectively. Thai stocks traded relatively flat. The country's May current account deficit was $0.38 billion, the first deficit since September 2014, after exports in May contracted 7.2% from a year earlier, after declining 2.9% in April. Vietnam's benchmark recouped some of the losses from the previous session with real estate and consumer stocks boosting the index. Shares of Vinhomes JSC gained 2.3%, while Saigon Beer Alcohol Beverage Corp added 1.1%. The country's economic growth remained strong in the second quarter, backed by robust exports and foreign investment amid the ongoing trade war between Washington and Beijing. Financials drove the Indonesian stocks slightly higher. The index snapped a three-quarter rally and fell 1.7% for the quarter ending June. Indonesia's annual inflation rate is seen slowing in June from a month earlier as prices of goods and services return to normal following the Muslim fasting month of Ramadan, a Reuters poll showed. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3321.61 3328.6 -0.21 Bangkok 1730.34 1731.64 -0.08 Manila 7999.71 8057.64 -0.72 Jakarta 6358.629 6352.71 0.09 Kuala Lumpur 1672.13 1672.7 -0.03 Ho Chi Minh 949.94 943.11 0.72 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3321.61 3068.76 8.24 Bangkok 1730.34 1563.88 10.64 Manila 7999.71 7,466.02 7.15 Jakarta 6358.629 6,194.50 2.65 Kuala Lumpur 1672.13 1690.58 -1.09 Ho Chi Minh 949.94 892.54 6.43 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Investors bide time ahead of Trump-Xi meeting

28 Jun 2019

* Indonesia set to snap three quarterly gains * Philippines up for fourth straight quarter By Shreya Mariam Job June 28 Most Southeast Asian stock markets traded in a tight range on Friday as investors laid off heavy bets on the last day of the quarter and ahead of a key trade meeting between leaders of the world's top two economies. U.S. President Donald Trump has agreed to no preconditions for his high-stakes meeting with Chinese President Xi Jinping on the sidelines of the G20 summit this weekend and is maintaining his threat to impose new tariffs on Chinese goods, White House economic adviser Larry Kudlow said on Thursday. This comes after the South China Morning Post reported on Thursday, citing sources, that Washington and Beijing had agreed to a tentative truce in their trade dispute that would delay new U.S. tariffs. "For now, we are reduced to headline-watching ahead of the Xi-Trump meeting, with markets reactive to stray reports on purported Xi-Trump outcomes," OCBC said in a note. Philippine shares were the top losers in Southeast Asia, dragged by industrials, but were headed for a fourth straight quarterly gain. SM Investment Corp shed 1.5% on Friday, while JG Summit Holdings Inc dropped 1.9%. Singapore stocks edged lower after a near 1% jump in the previous session, as the central bank considers cutting its economic growth forecast for the year. Recent economic indicators suggest year-on-year economic growth could be weaker in the second quarter than a decade-low 1.2% achieved in the first quarter due to a global slowdown partly caused by trade tensions, central bank chief Ravi Menon said. Jardine Matheson Holdings Ltd and Hongkong Land Holdings Ltd dropped 1.2% and 1.1%, respectively. Vietnam shares traded little changed, but were set for a third consecutive monthly drop. Data released earlier showed Vietnam likely posted a trade surplus of $400 million in June, compared to a $1.3 billion deficit in May. Consumer prices rose 2.16% in June from a year earlier, and gross domestic product grew 6.71% in the second quarter, slower than an expansion of 6.82% in the first quarter. Petrovietnam Gas JSC gained 3.8%, while Saigon Beer Alcohol Beverage Corp rose 0.2%. Indonesian stocks inched higher with financials supporting the gains, but were headed for their first quarterly fall in four. Bank Central Asia Tbk Pt and Bank Negara Indonesia Tbk Pt climbed 0.6% and 2.5%, respectively. Thai stocks were flat ahead of May trade figures expected later in the day. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As of 0410 GMT Change on the day Market Current Previous close Pct Move Singapore 3325.12 3328.6 -0.10 Bangkok 1731.8 1731.64 0.01 Manila 8000.54 8057.64 -0.71 Jakarta 6359.44 6352.71 0.11 Kuala Lumpur 1672.88 1672.7 0.01 Ho Chi Minh 943.45 943.11 0.04 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3325.12 3068.76 8.35 Bangkok 1731.8 1563.88 10.74 Manila 8000.54 7,466.02 7.16 Jakarta 6359.44 6,194.50 2.66 Kuala Lumpur 1672.88 1690.58 -1.05 Ho Chi Minh 943.45 892.54 5.70 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most rise after report of tentative Sino-U.S. trade truce

27 Jun 2019

* Singapore snaps three-day losing streak * Vietnam falls near 2% * Thai hits near 9-month closing high By Shreya Mariam Job June 27 Most Southeast Asian stock markets rose on Thursday, with Singapore leading gains, boosted by news of a tentative trade truce between the United States and China ahead of a key meeting between the leaders of the two economies this week. Details of the agreement, which would halt the next round of U.S. tariffs on an additional $300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the South China Morning post said citing sources. Singapore's benchmark gained the most in the region, to hit a near two-month closing high. It rose as much as 1% during the day before ending 0.8% higher. Industrials and financials stocks boosted the rally on the index with DBS Group Holdings Ltd, rising 1.4% and Jardine Matheson Holdings gaining 1.5%. The city-state has been hit the worst by the damaging effects of the drawn-out Sino-U.S. trade war, especially since negotiations faltered in May. With a high dependency on China, the trade reliant economy would benefit by a trade truce. The Indonesian benchmark gained 0.7% with telecom and financial stocks supporting the index. Telekomunikasi Indonesia and Bank Central Asia Tbk Pt recouped losses from the previous session with a 2.8% and 1.2% rise, respectively. The Thai index gained as much as 0.8% to a near nine-month high during the session before closing 0.6% higher, buoyed by telecom and energy stocks. Advanced Info Service PCL and PTT Exploration and Production PCL added 3.9% and 1.5%, respectively. Philippine stocks rose 0.6% with industrials contributing most of the gains. SM Investments rose 2.6%, while International Container Terminal Services Inc rose 1.7%. Meanwhile, Vietnam stocks dropped 1.7% to their lowest close since Feb. 12, with utilities and real estate stocks dragging the index. Petrovietnam Gas JSC slumped 6.4%, while Vingroup JSC dipped 1.7%. Vietnam has emerged as one of the largest beneficiaries of the trade war between Beijing and Washington, as some businesses are shifting their supply chains away from China in order to avoid tariffs. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3328.6 3301.25 0.83 Bangkok 1731.64 1722.21 0.55 Manila 8057.64 8013.57 0.55 Jakarta 6352.71 6310.489 0.67 Kuala Lumpur 1672.7 1674.49 -0.11 Ho Chi Minh 943.11 959.13 -1.67 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3328.6 3068.76 8.47 Bangkok 1731.64 1563.88 10.73 Manila 8057.64 7,466.02 7.92 Jakarta 6352.71 6,194.50 2.55 Kuala Lumpur 1672.7 1690.58 -1.06 Ho Chi Minh 943.11 892.54 5.67 (Reporting by Shreya Mariam Job; Editing by Rashmi Aich)

SE Asia Stocks-Most rise as tentative trade truce report boosts sentiment

27 Jun 2019

* Singapore set to snap three straight gains * SM Investments up after 5 sessions of losses By Shreya Mariam Job June 27 Most Southeast Asian stock markets rose on Thursday as investors cheered a report of tentative trade truce between the United States and China ahead of a meeting between leaders of the two nations at the G20 summit this weekend. Details of the agreement, which would halt the next round of U.S. tariffs on an additional $300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the South China Morning Post reported, citing sources. U.S. President Donald Trump said on Wednesday that a trade deal with Chinese President Xi Jinping was possible this weekend and also raised a possibility that he might impose a lower tariff on a $300 billion list of Chinese imports. Broader Asian shares also revelled with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%. Singapore stocks gained the most in Southeast Asia, heading for their first session gain in four. Financials were the top gainers with DBS Group Holdings Ltd , the city-state's biggest lender, rising 1.6% and United Overseas Bank Ltd climbing 1.3%. Singapore has been hit badly by the damaging effects of the prolonged Sino-U.S. trade war compared with its regional peers given its dependency on China. With exports equal to about 200% its gross domestic product, the trade-reliant economy is expected to grow at its slowest pace in a decade this year. Thai shares rose on the back of telecom and industrial stocks. PTT Exploration and Production PCL and Advance Info Service PCL advanced 1.1% and 1.5%, respectively. The central bank cut its forecasts for 2019 economic growth and exports for the third time in six months, but held its benchmark interest rate steady at its meeting on Wednesday. "We don't see them defying the easing pressure for too long. Absent any scope of fiscal stimulus, the monetary policy will have to do all the heavy-lifting," ING said in a note referring to the central bank maintaining policy rates. Industrials helped Philippine stocks rise. SM Investments Corp added 1.4% and was on track to snap a five-session losing streak. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0355 GMT Change on the day Market Current Previous close Pct Move Singapore 3319.83 3301.25 0.56 Bangkok 1729.06 1722.21 0.40 Manila 8037.17 8013.57 0.29 Jakarta 6334.36 6310.489 0.38 Kuala Lumpur 1674.02 1674.49 -0.03 Ho Chi Minh 956.01 959.13 -0.33 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3319.83 3068.76 8.18 Bangkok 1729.06 1563.88 10.56 Manila 8037.17 7,466.02 7.65 Jakarta 6334.36 6,194.50 2.26 Kuala Lumpur 1674.02 1690.58 -0.98 Ho Chi Minh 956.01 892.54 7.11 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most end lower as Fed dashes aggressive rate cut hopes

26 Jun 2019

* Thai cenbank cuts 2019 growth forecast * Singapore falls for third straight session * Philippines leads declines By Shreya Mariam Job June 26 Most Southeast Asian stock markets slid on Wednesday, with Philippines leading declines, as U.S. Federal Reserve officials' comments thwarted market expectations of an aggressive monetary easing in the next meeting. Federal Reserve officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant U.S. interest rate cut of half a percentage point as soon as its next meeting. "Fed Chairman (Jerome) Powell threw a curveball the market was not expecting, talking down the chances for a rate hike in July as he indicated he was still gauging the impact of the ongoing trade war on the US economy," ING said in a note. Philippine's benchmark fell the most in the region, with industrials dragging the index. Shares of SM Investments Corp and Aboitiz Equity Ventures Inc shed 1% and 1.6%, respectively. The Thai index closed relatively flat after the country's central bank held interest rate steady for the fourth straight meeting. The Bank of Thailand cut its forecasts for 2019 economic growth and exports for the third time in six months. It now expects 2019 economic growth of 3.3%, rather than the 3.8% seen three months ago. Singapore's index edged marginally lower, declining for the third straight day, with shares of information technology firm Venture Corporation Ltd falling the most. Singapore's industrial production fell slightly more than expected in May from a year earlier as electronics output continued to drag. Amid a global tech slump and prolonged Sino-U.S. trade tensions, the export-reliant city state has taken a heavy hit. Declines on the Malaysian benchmark index were mostly concentrated among utility stocks, with state-utility firm Tenaga Nasional Bhd dropping 1.6%. Malaysia's annual inflation rate in May remained unchanged at 0.2% for the third month in a row. The Indonesian benchmark reversed course to end the session 0.2% lower. Shares of Bank Central Asia Tbk Pt and Astra International Tbk Pt were the biggest drags on the index, losing 0.8% and 1.4%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3301.25 3304.27 -0.09 Bangkok 1722.21 1721.33 0.05 Manila 8013.57 8034.09 -0.26 Jakarta 6310.489 6320.445 -0.16 Kuala Lumpur 1674.49 1676.61 -0.13 Ho Chi Minh 959.13 960.13 -0.10 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3301.25 3068.76 7.58 Bangkok 1722.21 1563.88 10.12 Manila 8013.57 7,466.02 7.33 Jakarta 6310.489 6,194.50 1.87 Kuala Lumpur 1674.49 1690.58 -0.95 Ho Chi Minh 959.13 892.54 7.46 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Most markets slip as Fed curbs dovish enthusiasm

26 Jun 2019

* Thai central bank policy decision awaited * Indonesia up for 2nd day, Philippines top loser By Shreya Mariam Job June 26 Most Southeast Asian stock markets slipped on Wednesday as comments from U.S. Federal Reserve officials curbed rate-cut enthusiasm. Fed officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant rate cut of half a percentage point as soon as its next meeting. Fed Chair Jerome Powell said the central bank was "insulated from short-term political pressures" and that Fed policymakers were wrestling with whether uncertainties around U.S. tariffs, Washington's conflict with trading partners and tame inflation require a rate cut. "This suggests a more measured and calibrated easing response from the Fed, pushing back on markets' aggressive pricing of Fed rate cuts," Mizuho Bank said in a note. Philippine stocks shed 0.4% with industrials accounting for most of the losses. SM Investments Corp dipped and Universal Robina Corp fell 1.3% each. Singapore stocks slipped marginally ahead of manufacturing output data for May. Manufacturing output last month was expected to have declined 2.2% from a year earlier, according to a Reuters poll. It rose 0.1% in April. The export-reliant economy has been hit by a prolonged trade war between the United States and China, and the data would shed light on whether the city state is out of the woods. Malaysian stocks traded in a tight range. Loss was broad-based with Tenaga Nasional Bhd and Sime Darby Plantation Bhd declining 0.7% and 0.6%, respectively. Malaysia's consumer price index in May rose 0.2% from a year earlier, missing the 0.3% increase forecast by a Reuters poll. Thai stocks edged lower ahead of a central bank policy decision. The Bank of Thailand is expected to keep its benchmark policy rate steady for a fourth straight meeting, a Reuters poll showed. Meanwhile, Indonesian shares rose for a second straight session, supported by modest gains in telecom and financial stocks. Telekomunikasi Indonesia and Bank Central Asia gained 0.8% and 0.3%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As At 0357 GMT Change on the day Market Current Previous close Pct Move Singapore 3298.32 3304.27 -0.18 Bangkok 1719.99 1721.33 -0.08 Manila 8000.07 8034.09 -0.42 Jakarta 6325 6320.445 0.07 Kuala Lumpur 1674.18 1676.61 -0.14 Ho Chi Minh 959.39 960.13 -0.08 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3298.32 3068.76 7.48 Bangkok 1719.99 1563.88 9.98 Manila 8000.07 7,466.02 7.15 Jakarta 6325 6,194.50 2.11 Kuala Lumpur 1674.18 1690.58 -0.97 Ho Chi Minh 959.39 892.54 7.49 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most subdued on trade talk concerns; Indonesia climbs

25 Jun 2019

* Philippines snaps five-day rally * Thai cenbank policy decision on Wednesday * Indonesia snaps three-day losing streak By Shreya Mariam Job June 25 Most Southeast Asian stock markets traded sideways on Tuesday, as investors remained wary ahead of a crucial meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit. Trump views the meeting as a chance to see where Beijing stands on the trade war, and is "comfortable with any outcome" from the talks, a senior U.S. official said on Monday. Investors across the board exercised caution amid the uncertainty shrouding the results of the meeting with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.4%. Philippine's index snapped five consecutive sessions of gains and ended 0.3% lower, with losses among heavyweight real estate stocks weighing on the index. Ayala Land Inc and SM Prime Holdings Inc shed 2.4% and 1.2%, respectively. The country had a budget balance of 2.6 billion pesos ($50.62 million) in May. Financial stocks pulled Singapore's benchmark index marginally lower, with DBS Group Holdings Ltd and United overseas Bank Ltd down 0.7% and 0.6%, respectively. Thai stocks reversed course to end the session 0.3% higher, as investors awaited key policy decisions by the Bank of Thailand on Wednesday. The country's central bank is expected to keep its benchmark policy rate steady for a fourth straight meeting, according to a Reuters poll. ING, an outlier calling a cut in the upcoming policy meeting, forecast a 25 basis point policy rate cut to 1.50%. "...both equities and government bonds stand to benefit from lower interest rates, without causing too much impact for the currency, which is benefiting from a strong external payments position," ING said in a note to clients. Meanwhile, the country's May manufacturing production index dropped 3.99% from a year earlier compared to a forecast fall of 0.1% in a Reuters poll. Shares of Charoen Pokphand Foods PCL and Indorama Ventures PCL gained 1.8% and 1.6%, respectively. Indonesian stocks snapped three sessions of losses and gained 0.5%, boosted by material and energy stocks with a 7% rise in Bayan Resources Tbk Pt and 0.8% rise in Telekomunikasi Indonesia supporting the index. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3304.27 3311.53 -0.22 Bangkok 1721.33 1716 0.31 Manila 8034.09 8060.58 -0.33 Jakarta 6320.445 6288.465 0.51 Kuala Lumpur 1676.61 1676.13 0.03 Ho Chi Minh 960.13 962.85 -0.28 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3304.27 3068.76 7.67 Bangkok 1721.33 1563.88 10.07 Manila 8034.09 7,466.02 7.61 Jakarta 6320.445 6,194.50 2.03 Kuala Lumpur 1676.61 1690.58 -0.83 Ho Chi Minh 960.13 892.54 7.57 ($1 = 51.3600 Philippine pesos) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

SE Asia Stocks-Most edge lower ahead of Trump-Xi G20 meeting

25 Jun 2019

* Philippines up for sixth consecutive session * Indonesia higher after 3 sessions of falls * Thai May factory output data misses forecast By Shreya Mariam Job June 25 Most Southeast Asian stock markets slipped on Tuesday as investors refrained from taking any fresh positions ahead of key trade talks between presidents of the United States and China on the sidelines of a G20 summit this week. U.S. President Donald Trump views the meeting with Chinese President Xi Jinping as a chance to see where Beijing stands on the trade war, and is "comfortable with any outcome" from the talks, a senior U.S. official said on Monday. "The most likely outcome is that both Trump and Xi will shake hands and agree to get back to the negotiation table, with no clear timeline or commitment for a trade 'deal'," Mizuho Bank said in a note. Thai stocks declined 0.4% on disappointing factory output data and ahead of a central bank policy decision on Wednesday. Factory output dropped 3.99% in May from a year earlier, dragged by lower production of cars and rubber products. That compared with a forecast of 0.1% fall in a Reuters poll, and against April's 2.03% gain. Meanwhile, the central bank is expected to keep benchmark policy rate steady for a fourth straight meeting, according to a Reuters poll, despite slowing growth and the way many Asian central banks have shifted toward easing policy. PTT PCL and Advanced Info Service PCL dropped 1% and 1.5%, respectively. Vietnam stocks dropped 0.2% with financials accounting for most of the decline. Indonesian shares gained 0.5% after three consecutive sessions of losses, boosted by consumer and financial stocks. A surprise trade surplus in May spurred hopes for improvements in the country's trade outlook despite the damaging Sino-U.S. trade war. Telekomunikasi Indonesia and Unilever Indonesia Tbk Pt gained 0.8% and 1.3%, respectively. Philippine stocks edged up, heading for a sixth straight sessions of gains. Industrials and financials were among the top performers with SM Investments Corp and BDO Unibank Inc rising 0.4% and 0.7%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0336 GMT Change on the day Market Current Previous close Pct Move Singapore 3309.14 3311.53 -0.07 Bangkok 1709.31 1716 -0.39 Manila 8068.01 8060.58 0.09 Jakarta 6322.402 6288.465 0.54 Kuala Lumpur 1674.79 1676.13 -0.08 Ho Chi Minh 960.55 962.85 -0.24 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3309.14 3068.76 7.83 Bangkok 1709.31 1563.88 9.30 Manila 8068.01 7,466.02 8.06 Jakarta 6322.402 6,194.50 2.06 Kuala Lumpur 1674.79 1690.58 -0.93 Ho Chi Minh 960.55 892.54 7.62 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Indonesia falls most on high oil prices, trade-talk woes

24 Jun 2019

By Shreya Mariam Job June 24 Indonesia led declines among Southeast Asian stock markets on Monday, as investors were wary due to rising oil prices and uncertainties ahead of fresh round of Sino-U.S. trade talks, while Vietnam rose buoyed by financial and real estate stocks. Oil prices rose on Monday, extending vast gains last week prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran. On the other hand, investors are hoping for signs of a thaw in the prolonged trade war with the leaders of U.S. and China expected to meet at this week's G20 summit in Japan. Indonesian stocks dropped 0.4% leading declines in the region with telecom and material stocks dragging the index. Shares of Telekomunikasi Indonesia shed 1.5%, while Unilever Indonesia Tbk Pt shed 1.4%. The country's foreign trade surprisingly swung back to a surplus in May, against market expectations of a $1.38 billion deficit. However, oil and gas deficit was still rather elevated in May, according to an OCBC note. "In our view, we see that this May trade surplus does help to further strengthen the opportunity for Bank Indonesia (BI) to cut the benchmark rate soon in 3Q 2019 possibly by 25bps," the note added. Singapore's benchmark stock index dropped 0.3% dragged by industrials and financials. Singapore's all-items inflation picked up slightly in May and was higher than expected due to increased transport costs, data showed on Monday. Investors snapped up profits among financial stocks with United Overseas Bank Ltd shedding 1.8% and snapping 11 straight sessions of gains, and shares of Oversea-Chinese Banking Corp Ltd losing 0.6% after six consecutive sessions of gains. Meanwhile, Jardine Matheson Holdings Ltd shed 0.6%. Telecom stocks dragged the Malaysian benchmark 0.4% lower with Axiata group Bhd and Maxis Bhd shedding 1.2% and 1%, respectively. Meanwhile, Vietnam's index rose 0.4% with gains concentrated among financial and real estate stocks. Joint Stock Commercial bank for foreign trade of Viet Nam gained 2.8%, while Vingroup JSC rose 1.7%. Thai and Philippine indexes traded relatively flat. Thailand's annual manufacturing output in May probably eased slightly after unexpectedly rising in the previous month, a Reuters poll showed with data expected to be released on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3311.53 3321.4 -0.30 Bangkok 1716 1717.14 -0.07 Manila 8060.58 8055.47 0.06 Jakarta 6288.465 6315.436 -0.43 Kuala Lumpur 1676.13 1682.23 -0.36 Ho Chi Minh 962.85 959.2 0.38 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3311.53 3068.76 7.91 Bangkok 1716 1563.88 9.73 Manila 8060.58 7,466.02 7.96 Jakarta 6288.465 6,194.50 1.52 Kuala Lumpur 1676.13 1690.58 -0.85 Ho Chi Minh 962.85 892.54 7.88 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi Aich)

World News

EU rebuffs Johnson's Brexit gambit

The European Union on Tuesday rebuffed Prime Minister Boris Johnson's demand that it reopen the Brexit divorce deal, saying Britain had failed to propose any realistic alternative to an agreed insurance policy for the Irish border.