SE Asia Stocks-Indonesia, Malaysia outperform other markets; Fed chair testimony awaited
* Malaysia snaps four sessions of losses * Indonesia recovers to close higher By Soumyajit Saha July 9 (Reuters) - Indonesia and Malaysia shares rose on Tuesday, outperforming tepid performances by other Southeast Asian markets as investors awaited the U.S. Federal Reserve chairman's congressional testimony for cues on rate cuts. Market participants have dialled back their expectations of a sharp rate cut by the Fed at its next meeting, after June U.S. non-farm payrolls rose above expectations. Markets of late have benefited from hopes of increased dovish action from the Fed as the global economy faced the brunt of a simmering Sino-U.S. trade war. "The Fed is likely to pay increased attention to softening global developments when setting policy," Mizuho Bank said in a note to clients. Malaysian shares snapped a four-day losing streak on Tuesday, helped by gains in telecom stocks. The central bank stood pat on its key interest rate, as was widely expected, at a policy meeting on Tuesday. Bank Negara Malaysia was the first central bank in Southeast Asia to cut rates in response to sluggish growth in the world economy earlier this year. Indonesian shares recovered from earlier losses to close 0.6% higher, helped by financials. Both Bank Central Asia and Bank Negara Indonesia (Persero) rose 2% each. An index of the country's 45 most liquid stocks ended 0.8% higher. Thai stocks closed 0.55% lower, dragged down by the energy sector. Oil and gas explorers PTT PCl and PTT Exploration and Production PCL fell 1% and 1.1% respectively. Philippine shares ended marginally lower as losses in some large caps weighed on the index. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3329.46 3334.23 -0.14 Bangkok 1721.48 1731.03 -0.55 Manila 8042.04 8051.52 -0.12 Jakarta 6388.323 6351.827 0.57 Kuala Lumpur 1682.87 1677.64 0.31 Ho Chi Minh 969.05 966.35 0.28 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3329.46 3068.76 8.50 Bangkok 1721.48 1563.88 10.08 Manila 8042.04 7,466.02 7.72 Jakarta 6388.323 6,194.50 3.13 Kuala Lumpur 1682.87 1690.58 -0.46 Ho Chi Minh 969.05 892.54 8.57 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
