SE Asia Stocks-Inch higher on rate-cut hopes, US jobs data awaited
* Singapore snaps four consecutive weekly losses * Philippines posts 3rd straight weekly gain * Thailand up 2.1% this week, biggest since late Jan By Niyati Shetty June 7 (Reuters) - Southeast Asian stock markets closed slightly higher on Friday on prospects of global central banks easing monetary policy to prop up economic growth, but trading volumes across the region were low with China and Hong Kong markets closed for holidays. After top Federal Reserve officials took a more dovish stance this week, investors around the globe are focussing on the timing of a rate cut by the U.S. central bank. Investors are now focused on the U.S. employment report later in the day for further cues about the health of the world's largest economy. "Should the U.S. ease monetary policy, perhaps some of the headwinds building up can be assuaged, and the long global expansion cycle can be prolonged, goes the (market's) thinking," DBS Bank said in a note. Meanwhile, China's central bank chief, Yi Gang, told Bloomberg in an interview that there was "tremendous" room for fiscal and monetary policy easing if the bitter trade war with the United States worsened. Singapore stocks gained 0.6%, underpinned by financials, and snapped four straight weekly falls. DBS Group Holdings Ltd rose 0.6% on Friday and United Overseas Bank Ltd gained 1.1%. Philippine shares added 0.3% and clocked a third consecutive weekly gain. Financials and industrials drove gains, with BDO Unibank Inc and JG Summit Holdings Inc adding 1.3% and 1.2%, respectively. Vietnam shares climbed 1.1% for the day but posted a third weekly loss. Real estate stocks Vinhomes JSC and Vingroup JSC were among the top gainers on Friday. Thai stocks were flat on Friday, but posted a weekly gain of 2.1%, the most since late January. Earlier this week, Thailand's new parliament confirmed military junta leader General Prayuth Chan-o-cha as the prime minister, five years after he seized power from an elected government while he was army chief. With the appointment a major overhang on the Thai market is removed, DBS Bank said, adding that the market would now focus on potential stimulus measures to boost the economy in the second half of the year. Indonesian financial markets were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3166.29 3146.18 0.64 Bangkok 1653.5 1653.41 0.01 Manila 7983.98 7959.86 0.30 Kuala Lumpur 1649.33 1644.09 0.32 Ho Chi Minh 958.28 948.21 1.06 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3166.29 3068.76 3.18 Bangkok 1653.5 1563.88 5.73 Manila 7983.98 7,466.02 6.94 Kuala Lumpur 1649.33 1690.58 -2.44 Ho Chi Minh 958.28 892.54 7.37 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu Sahu)
