SE Asia Stocks-Most fall ahead of Fed policy decision
* Singapore hits two-week low * Thai markets closed for holiday By Anushka Trivedi July 29 (Reuters) - Most Southeast Asian stock markets fell on Monday as investors exercised caution ahead of a widely anticipated rate cut by the Federal Reserve, with the focus shifting to whether the U.S. central bank will signal further monetary stimulus. The Fed is broadly expected to dish out a quarter point rate-cut at its policy review that ends on Wednesday, but markets await chief Jerome Powell's speech to look for cues on further policy easing as a protracted tariff dispute with China continues to damage business sentiment. Meanwhile, lead negotiators from the United States and China are set to meet in Shanghai on Tuesday for their first face-to-face interaction since trade talks stalled in May, although hopes of an immediate breakthrough are limited. U.S. President Donald Trump on Friday warned that China could hold out until after the U.S. election in 2020 to secure a trade deal to be able to negotiate with a different president. "All talk and no action, will make for but shallow relief and so sustained and significant 'risk on' reaction from U.S.-China trade talks is highly unlikely," Mizuho said in a note to clients. In Southeast Asia, Singapore stocks, which are sensitive to developments in the Sino-U.S. trade tiff, declined 0.7% to two-week lows. Industrials were the top losers with in-flight catering service provider SATS Ltd and Hutchison Port Holdings Trust shedding 1.6% and 2.2%, respectively. In other news, DBS Group Holdings Ltd, Southeast Asia's biggest lender, reported quarterly record net interest income. DBS was the first Singapore bank to report earnings, with rival banks soon to follow. DBS shares were 0.7% lower after rising in early trade. Philippine shares shed 0.7% amid broad-based losses. Power generator First Gen Corp dropped 1.9%, while property developer GT Capital Holdings skidded 2%. Indonesian shares edged lower to five-week lows due to weakness in consumer and telecom stocks. Bucking the trend, Vietnam shares inched higher. Thailand's stock market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3341.98 3363.76 -0.65 Bangkok Manila 8128.83 8183.99 -0.67 Jakarta 6308.422 6325.237 -0.27 Kuala Lumpur 1643.58 1647.96 -0.27 Ho Chi Minh 993.99 993.35 0.06 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3341.98 3068.76 8.90 Bangkok 1717.97 1563.88 9.85 Manila 8128.83 7,466.02 8.88 Jakarta 6308.422 6,194.50 1.84 Kuala Lumpur 1643.58 1690.58 -2.78 Ho Chi Minh 993.99 892.54 11.37 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)
