SE Asia Stocks-Indonesia extends gains on dovish comments from cenbank official
* Singapore down for sixth session in seven * Malaysia rebounds from prvs session's loss By Soumyajit Saha Aug 8 (Reuters) - Indonesian shares rose over 1% on Thursday, extending gains into the second session after dovish comments from a top central bank official boosted investor sentiment, while Singapore stocks closed lower for a sixth session in seven on industrials. Bank Indonesia's new senior deputy governor, Destry Damayanti, said on Wednesday she expected "the direction of monetary policy easing to last long into the future". The central bank cut its benchmark rate by 25 basis points last month, which many analysts saw as the start to an easing cycle. Elsewhere, China's exports unexpectedly returned to growth in July that left the country with a trade surplus of $45.06 billion, compared to analysts' forecast for a $40 billion surplus. The banking sector helped Indonesian stocks rise the most in the region, with Bank Rakyat Indonesia (Persero) gaining 1% while Bank Mandiri (Persero) added 2%. Industrials like Jardine Matheson Holdings and Jardine Strategic Holdings dragged on Singapore shares . Jardine Matheson and Jardine Strategic fell 3.8% and 1.3%, respectively. A 20% drop in Yangzijiang Shipbuilding Holdings caused considerable drag on the industrial sector, said Joel Ng, an analyst with KGI Securities. Malaysian shares rebounded from the previous session's losses, helped by financial and consumer stocks. RHB Bank gained 2%, while palm oil producer Sime Darby Plantations rose 4.7%. Thai shares edged lower, hurt by losses in the energy sector as oil prices fell earlier in the day. PTT PCL and PTT Exploration and Production fell 1.7% and 2%, respectively. Philippine shares were flat, as gains in telecom stocks offset losses in financials. The central bank cut its benchmark rate by 25 basis points, as expected, after the economy expanded slower than expected in the second quarter. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3168.94 3184.69 -0.49 Bangkok 1665.12 1669.44 -0.26 Manila 7914.16 7917.39 -0.04 Jakarta 6274.671 6204.195 1.14 Kuala Lumpur 1616.02 1604.7 0.71 Ho Chi Minh 975.24 965.93 0.96 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3168.94 3068.76 3.26 Bangkok 1665.12 1563.88 6.47 Manila 7914.16 7,466.02 6.00 Jakarta 6274.671 6,194.50 1.29 Kuala Lumpur 1616.02 1690.58 -4.41 Ho Chi Minh 975.24 892.54 9.27 (Reporting by Soumyajit Saha, additional reporting by Anushka Trivedi; Editing by Subhranshu Sahu)
