SE Asia Stocks-Most subdued ahead of U.S. Fed verdict
* Federal Reserve will conclude two-day meet later in the day * Malaysia at 1-week low, dragged by consumer stocks * Thai index leads declines as energy stocks tumble By Anushka Trivedi Sept 18 (Reuters) - Most Southeast Asian stock markets were tepid on Wednesday amid cautious mood as investors awaited a widely expected interest rate cut by the U.S. Federal Reserve, while a slew of regional central bank meetings kept a lid on risk appetite. The U.S. central bank will conclude a two-day policy review on Wednesday, with markets mostly pricing in a quarter-point cut, but a show of strong manufacturing output for August on Tuesday forced investors to walk back some of their dovish ambitions. Federal funds futures implied late on Tuesday that traders saw about a 51% chance of Fed easing the key borrowing costs. "In the absence of any surprise in the rate move, investors will be looking at the message from the FOMC in the statement and subsequent press conference. The risk probably sits once again with a hawkish cut and if this comes to fruition, then expect stock markets to take a hit along with risk trades overall," said Nick Twidale, director and co-founder, Xchainge. Markets have largely pinned their hopes on central banks to cut their lending rates, with the Indonesian central bank set to meet on Thursday, while the People's Bank of China is slated to decide on its benchmark rates later this week. Leading declines, Thai shares came under pressure as a slump in oil prices hurt energy stocks. Oil and gas majors PTT PCL and PTT Exploration and Production dropped 3.2% and 3.9%, respectively. Malaysian stocks hit a one-week low, dragged by consumer stocks. Leading palm oil producers Kuala Lumpur Kepong Bhd and Sime Darby Plantation Bhd lost 1.1% and 1.4%, respectively. The Philippine bourse extended losses into a second session following local reports https://businessmirror.com.ph/2019/09/18/house-sets-probe-into-pogo-operations of a potential shutdown for the Philippines Offshore Gaming Operators. Casino operator Bloomberry Resorts Corp, among the top drags on the benchmark, slipped as much as 2.5%. Meanwhile, Indonesian stocks advanced on the back of consumer stocks. Top cigarette maker Hanjaya Mandala Sampoerna rebounded after diving nearly 20% earlier this week after the government announced steep price and tax hikes. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3171.26 3183 -0.37 Bangkok 1655.09 1663.93 -0.53 Manila 7901.52 7932.23 -0.39 Jakarta 6265.166 6236.69 0.46 Kuala Lumpur 1596.46 1604.3 -0.49 Ho Chi Minh 995.74 996.74 -0.10 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3171.26 3068.76 3.34 Bangkok 1655.09 1563.88 5.83 Manila 7901.52 7,466.02 5.83 Jakarta 6265.166 6,194.50 1.14 Kuala Lumpur 1596.46 1690.58 -5.57 Ho Chi Minh 995.74 892.54 11.56 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)
