SE Asia Stocks-Most gain as Fed hints at rate cuts; Philippines slips
* Philippine, Indonesian cenbank decisions due later * Asian central banks expected to follow Fed's stance By Rashmi Ashok June 20 (Reuters) - Most Southeast Asian stock markets edged higher on Thursday, as dovish comments from the U.S. Federal Reserve boosted global equities, while signs that Sino-U.S. trade talks were set to resume also helped sentiment. The Fed on Wednesday signalled interest rate cuts beginning as early as July, saying it was ready to battle growing global and domestic economic risks, in a marked shift in tone since its last policy meeting. The commentary was widely seen as more dovish than expected, sending global stocks higher. Singapore shares were the top performers in Southeast Asia, heading for a fifth winning session in six. Lender DBS Group Holdings was among the top gainers, up 1.5%. Thailand, Malaysia and Vietnam notched modest gains. Meanwhile, market participants keenly await policy decisions from the Philippine and Indonesian central banks due later in the day. The Bangko Sentral ng Pilipinas (BSP) is expected cut benchmark rates for the second meeting in a row, though a Reuters poll suggested it would be a close call as policymakers try to strike a balance between supporting growth and curbing inflation pressures. "After cutting (rates by) 25 bps (basis points) in May, the main uncertainty now is how patient BSP will be in allowing for impact of the latest rate cut to materialize and we think that another rate cut this week can't be ruled out," analysts at Mizuho Bank said in a note. Philippine stocks slipped in thin trade as investors adopted a wait-and-watch stance ahead of the central bank's rate decision. Volumes were at a small fraction of their 30-day average. Large-cap industrial stocks accounted for most of the losses, with conglomerates SM Investments Corp and JG Summit Holdings declining 1.9% and 2.1%, respectively. Indonesian stocks inched lower after adding 2.4% in the previous two sessions. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS at 0307 GMT Change on the day Market Current Previous close Pct Move Singapore 3311.11 3288.17 0.70 Bangkok 1710.84 1705.98 0.28 Manila 7975.83 8017.01 -0.51 Jakarta 6331.927 6339.262 -0.12 Kuala Lumpur 1668.98 1666.54 0.15 Ho Chi Minh 950.61 949.69 0.10 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3311.11 3068.76 7.90 Bangkok 1710.84 1563.88 9.40 Manila 7975.83 7,466.02 6.83 Jakarta 6331.927 6,194.50 2.22 Kuala Lumpur 1668.98 1690.58 -1.28 Ho Chi Minh 950.61 892.54 6.51 (Reporting by Rashmi Ashok; Editing by Subhranshu Sahu)
