SE Asia Stocks-Rise on fresh Fed rate-cut bets; Indonesia leads
* Indonesia's central bank notes strength in data * Fitch upgrades Thailand's outlook By Soumyajit Saha July 19 (Reuters) - Southeast Asian stock markets ended higher on Friday with Indonesia leading the pack, as global shares cheered a revival of deeper U.S. rate-cut hopes following distinctly dovish commentary from two top Federal Reserve officials. Fed Vice Chair Richard Clarida and New York Fed President John Williams urged policymakers to be proactive in stimulating the economy amidst rising risks, and not wait for potential economic problems to materialize. The comments almost sealed the Fed cutting rates by 25 basis points and revived hopes of an even deeper 50 basis points cut. "No matter how you dissect Fed Williams comments when combined with an equally dovish Fed Clarida, if it looks like a dove and coos like a dove, it's probably a dove," said Stephen Innes, managing partner at Vanguard Markets, in a note. Indonesian shares rose to their highest close in over 12 weeks and led the regional pack, boosted by financial and consumer stocks. The benchmark rose 1.3% over the week. Central bank Governor Perry Warjiyo said Indonesia's economic indicators, including results of business and banking surveys, showed an improvement in activity at the start of the third quarter. Lender Bank Central Asia gained 0.7%, while cigarette maker Hanjaya Mandala Sampoerna rose 2.6%. An index of Indonesia's 45 most liquid stocks rose 0.8%. Thai stocks rose for the ninth consecutive week. Strength in external and public finances in Thailand have endured over several years, leading to increasing confidence that "lingering political risks are unlikely to derail sound macroeconomic management", said credit rating agency Fitch. Lender Siam Commercial Bank rose 1.4%, while restaurant owner Minor International rose 4.3%. Singapore stocks advanced, pushed up by the financial sector. The index reversed course from last week to gain 0.6% over this week. Philippine shares rose slightly, and gained for the second consecutive week. Malaysian stocks gained for the day, but fell 0.7% over the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3377.96 3361.05 0.50 Bangkok 1735.1 1723.44 0.68 Manila 8270.07 8258.05 0.15 Jakarta 6456.539 6403.294 0.83 Kuala Lumpur 1658.19 1648.93 0.56 Ho Chi Minh 982.34 976.05 0.64 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3377.96 3068.76 10.08 Bangkok 1735.1 1563.88 10.95 Manila 8270.07 7,466.02 10.77 Jakarta 6456.539 6,194.50 4.23 Kuala Lumpur 1658.19 1690.58 -1.92 Ho Chi Minh 982.34 892.54 10.06 (Reporting by Soumyajit Saha; editing by Gopakumar Warrier)
