SE Asia Stocks-Most fall as investors await Fed policy stance

By Niyati Shetty

21 August 2019 at 12:47 am

* Singapore down up to 0.6%, snaps 2 sessions of gains * Minutes of July Fed meet due later on Wednesday * Thai shares gain after July exports rise unexpectedly By Niyati Shetty Aug 21 (Reuters) - Most Southeast Asian markets fell on Wednesday, with Singapore leading declines, as investors waited for minutes of U.S. central bank's July meeting. The markets look forward to hints about any further monetary policy easing, following global recession fears that dampened risk sentiment last week. "Asian markets may see some retracement today (Wednesday) amid some modest profit-taking" ahead of the Fed's July minutes due later in the day and Chair Jerome Powell's speech on Friday, OCBC Bank said in a note to clients. Singapore stocks declined after two sessions of gains, with financial and industrial sectors weighing on the index. Jardine Strategic Holdings fell 2% and United Overseas Bank slipped 1.1%. Indonesian equities declined as financials took a toll. Lenders Bank Mega Tbk PT and Bank Mandiri (Persero) Tbk PT slumped 8.1% and 1.4%, respectively. Meanwhile, the Thai bourse climbed after data on Wednesday showed custom-cleared annual exports rose 4.28% in July from a year ago, contrary to a 2.3% drop expected in a Reuters poll. The data comes a day after Thailand's finance ministry cut its 2019 economic growth forecast to 3.0% from the 3.8% it projected in April, due to falling exports. Oil & gas explorer PTT Exploration and Production added 1.7%, while trading firm Berli Jucker rose 3.8%. Vietnam stocks were poised to gain for a sixth straight session. Philippine markets were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0444 GMT Market Current Previous close Pct Move Singapore 3119.84 3135.95 -0.51 Bangkok 1634.25 1625.57 0.53 Jakarta 6262.59 6295.738 -0.53 Kuala Lumpur 1599.66 1602.75 -0.19 Ho Chi Minh 990.89 984.67 0.63 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3119.84 3068.76 1.66 Bangkok 1634.25 1563.88 4.50 Manila 7886.91 7,466.02 5.64 Jakarta 6262.59 6,194.50 1.10 Kuala Lumpur 1599.66 1690.58 -5.38 Ho Chi Minh 990.89 892.54 11.02 (Reporting by Niyati Shetty in Bengaluru; editing by Uttaresh.V)

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