REFILE-SE Asia Stocks-Rise as rate-cut hopes build up
(Corrects day of the week to Wednesday from Thursday) * Investors hope Fed may follow ECB chief Draghi's easing tilt * Focus on Philippine, Indonesia cenbank decisions on Thursday * Singapore jumps to near 6-week peak, Malaysia near 3-month high By Rashmi Ashok June 19 (Reuters) - Southeast Asian stock markets rose on Wednesday as comments by European Central Bank (ECB) President Mario Draghi indicating the possibility of fresh rate cuts or asset purchases fuelled talks of a worldwide wave of central bank stimulus. Markets got an extra boost when U.S. President Donald Trump confirmed that he would meet with Chinese President Xi Jinping at the G20 summit later this month, and said talks between the two countries would restart after a recent lull. "Dovish ECB and positive headway on trade war may spur bargain hunting in Asia today. However, gains will likely be capped with the market still waiting on the Fed," ING said in a note. Market participants now hope the U.S. Federal Reserve would follow the ECB and open the door to future rate cuts. The Fed is scheduled to release a statement at 1800 GMT on Wednesday, followed by a press conference by Chairman Jerome Powell. The Philippine and Indonesian central banks are set to meet on Thursday to review monetary policy. "With increased odds of the Fed easing, we don't think Asian central banks will resist easing pressure for too long... We now see most Asian central banks riding a wave of easing by the next quarter," ING said. Singapore stocks surged as much as 1.5% to a near six-week high, with large caps gaining the most. Lenders DBS Group Holdings and United Overseas Bank packed on 3.1% and 2.1%, respectively. Indonesian shares climbed for a second straight session with telecom and financial stocks dominating gains. Telekomunikasi Indonesia Tbk added 2.3%. Malaysian stocks hit a near three-month high, with top gainer Malaysia Airports Holdings advancing as much as 6.7%. Electric utility Tenaga Nasional rose 1.5%. Philippine shares edged higher, backed largely by real estate stocks. Conglomerate Ayala Land rose 1.7%, while property developer SM Prime Holdings added 1.2%. Vietnam shares jumped on the back of financial and real estate stocks, while Thailand found support from heavyweight energy stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS at 0301 GMT Change on the day Market Current Previous close Pct Move Singapore 3285.88 3238.73 1.46 Bangkok 1695.84 1683.6 0.73 Manila 7948.39 7922.04 0.33 Jakarta 6307.311 6257.33 0.80 Kuala Lumpur 1661.81 1652.76 0.55 Ho Chi Minh 948.54 944.01 0.48 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3285.88 3068.76 7.08 Bangkok 1695.84 1563.88 8.44 Manila 7948.39 7,466.02 6.46 Jakarta 6307.311 6,194.50 1.82 Kuala Lumpur 1661.81 1690.58 -1.70 Ho Chi Minh 948.54 892.54 6.27 (Reporting by Rashmi Ashok in Bengaluru; Editing by Subhranshu Sahu)
