Advertisement

SE Asia Stocks-Most trade in tight range ahead of Fed chief's testimony

* Malaysian stocks subdued ahead of C.bank decision * Indonesia largest gainer in region By Soumyajit Saha July 9 (Reuters) - Most Southeast Asian stocks traded in a tight range on Tuesday as markets awaited cues from the U.S. Federal Reserve Chairman's testimony to the Congress this week. Buying in the region was subdued after stronger-than-expected U.S. jobs data in June lowered market expectations of a deep rate cut by the Fed. "Investors will likely opt to keep to the sidelines ahead of Fed Chairman Jerome Powell’s testimony to the Congress as hopes for deep rate cuts are being scaled back," ING Group said in a note to clients. Malaysian stocks moved marginally up, but trading was at a fraction of the 30-day average volume as the market awaited the Malaysian central bank's policy review later in the day. The regulator is widely expected to stay pat on its overnight policy rate of 3%, according to economists surveyed in a Reuters poll last week. Indonesian stocks edged up 0.3% with financials serving as the biggest boost. Bank Central Asia rose about 0.9% and was the biggest contributor to gains. An index of the country's 45 most liquid stocks rose 0.2%. Philippine stocks were 0.5% lower, weighed down by consumer stocks. Index heavyweights SM Investments Corp and Ayala Land were down more than 1% each. Singapore stocks slipped as extended losses in financial stocks outweighed slight gains in industrials. DBS Group, the largest stock on the index, fell 0.6% after losing for the last five sessions, while Jardine Matheson Holdings rose 0.3%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0336 GMT Change on the day Market Current Previous close Pct Move Singapore 3329.49 3334.23 -0.14 Bangkok 1731.15 1731.03 0.01 Manila 8015.54 8051.52 -0.45 Jakarta 6368.832 6351.827 0.27 Kuala Lumpur 1679.72 1677.64 0.12 Ho Chi Minh 965 966.35 -0.14 Change on year Market Current End 2018 Pct Move Singapore 3329.49 3068.76 8.50 Bangkok 1731.15 1563.88 10.70 Manila 8015.54 7466.02 7.36 Jakarta 6368.832 6194.498 2.81 Kuala Lumpur 1679.72 1690.58 -0.64 Ho Chi Minh 965 892.54 8.12 (Reporting by Soumyajit Saha, additional reporting by Ambar Warrick; editing by Uttaresh.V)