SE Asia Stocks-Most fall as focus turns to Fed
* Indonesia down ahead of cenbank meeting on Thurs * Thailand gains on surprise rise in July exports * Philippine markets closed for a holiday By Niyati Shetty Aug 21 (Reuters) - Most Southeast Asian stock markets closed lower on Wednesday as investors anxiously awaited a couple of U.S. Federal Reserve events for clues on further rate cuts, while Thai shares gained on strong export data. Market participants looked forward to the minutes of the Fed's July meeting due later in the day and the annual Jackson Hole seminar later this week for hints on what additional steps policymakers will take to boost economic growth. Worries of a sharp economic slowdown have compounded as the Sino-U.S. trade war shows no signs of abating. U.S. President Donald Trump said on Tuesday a confrontation with China was necessary even if it caused short-term harm to the U.S. economy. Indonesian shares fell 0.7% ahead of a central bank policy meeting on Thursday, with financials accounting for most of the losses. Bank Indonesia is expected to keep key interest rates on hold, a Reuters poll showed, as recent market volatility rooted in worries about global growth will likely delay further cuts on top of the one in July. Bank Rakyat Indonesia (Persero) Tbk PT slipped 1.2% and Bank Mandiri (Persero) Tbk PT lost 2%. Singapore stocks declined, dragged by financials and industrials. Lender DBS Group Holdings Ltd fell 0.5% and conglomerate Jardine Strategic Holdings Ltd slipped 1.5%. Fitch Ratings said Singapore would be among the Asian developed markets that would be hit the hardest by a sharp economic slowdown in China, given its close trade links with the mainland. Thai stocks gained 0.8% as investors cheered data showing customs-cleared exports unexpectedly rose in July for the first time in five months. The data comes a day after Thailand's finance ministry cut its 2019 economic growth forecast to 3.0% from 3.8% projected in April, due to falling exports. Nomura Holdings maintained its 2019 growth guidance at 3.0% and said "the Bank of Thailand will also likely revise its GDP growth forecast" and "follow up with another 25 basis point policy rate cut next month, taking the policy rate to a historical low of 1.25%." Vietnam shares gained, supported by financial and real estate stocks, with Joint Stock Commercial Bank for Foreign Trade of Viet Nam adding 4%. The Philippine market was closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3122.57 3135.95 -0.43 Bangkok 1638.24 1625.57 0.78 Jakarta 6252.967 6295.738 -0.68 Kuala Lumpur 1594.59 1602.75 -0.51 Ho Chi Minh 994.38 984.67 0.99 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3122.57 3068.76 1.75 Bangkok 1638.24 1563.88 4.75 Manila 7886.91 7,466.02 5.64 Jakarta 6252.967 6,194.50 0.94 Kuala Lumpur 1594.59 1690.58 -5.68 Ho Chi Minh 994.38 892.54 11.41 (Reporting by Niyati Shetty; Editing by Subhranshu Sahu)
