October 24, 2019 / 4:43 AM / 25 days ago

SE Asia Stocks-Indonesian shares at 6-week high ahead of c.bank meeting; Singapore up

    * BI expected to cut benchmark rate by 25 bps - Reuters poll
    * Indonesia set to rise for 10th straight session
    * MAS chief says Singapore economy may recover in few
quarters -
Bloomberg

    By Sameer Manekar
    Oct 24 (Reuters) - Indonesian stocks hit a six-week high on
Thursday ahead of the central bank's key rate decision, while
Singapore shares rose on hopes of a revival in economic growth
in the city-state. 
    Indonesian stocks rose as much as 0.8% and were on
track for a 10th straight session of gains.
    Bank Indonesia (BI) is expected to cut its benchmark rate by
25 basis points later on Thursday, according to a Reuters poll,
as the central bank looks to shore up an economy struggling to
maintain its growth trajectory.
   "BI will probably cut (its) policy rate again given external
resilience, waning growth momentum and lacklustre credit
growth," Mizuho Bank said in a note to clients. 
    Financials were the biggest gainers on the index, with Bank
Central Asia advanced 0.7% to a record high, while
Bank Mandiri gained 2.5%.
    Singapore's Straits Times index added 0.9%, after
posting its biggest decline in two weeks in the previous
session.
    Monetary Authority of Singapore chief Ravi Menon in an
interview here
 to Bloomberg said the city-state may be a few quarters away
from a recovery as the current cycle bottoms out toward the end
of the year and into next year. 
    He also added that the MAS had a fair amount of space on the
monetary policy front without having to think about quantitative
easing. 
    The central bank had eased its policy for the first time in
three years earlier this month after it narrowly dodged
recession in the third quarter.
    Financials and industrials were the biggest gainers, with
heavyweights DBS Group Holdings and Jardine Matheson
Holdings rising 1.3% and 2.8%, respectively.
    Thailand's benchmark traded sideways, but climbed as
much as 0.4% to a one-week high in early trade. Markets were
closed on Wednesday for a holiday.
    Index heavyweight PTT Exploration and Production PCL
 gained 3% and Electricity Generating PCL
added 3.2%.
   Philippine stocks and the Vietnam bourse were
marginally up, while Malaysian shares inched lower. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0436 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3170.09   3144.28         0.82
 Bangkok                1631.03   1631.46         -0.03
 Manila                 7947.48   7933.76         0.17
 Jakarta                6305.233  6257.806        0.76
 Kuala Lumpur           1567.2    1568.79         -0.10
 Ho Chi Minh            989.78    987.79          0.20
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3170.09   3068.76         3.30
 Bangkok                1631.03   1563.88         4.29
 Manila                 7947.48   7,466.02        6.45
 Jakarta                6305.233  6,194.50        1.79
 Kuala Lumpur           1567.2    1690.58         -7.30
 Ho Chi Minh            989.78    892.54          10.89
 
 (Reporting by Sameer Manekar in Bengaluru
Editing by Jacqueline Wong)
  
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