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Anushka Trivedi

REFILE-SE Asia Stocks-Philippines drops to over 3-week low; most other markets fall

27 Sep 2019

(Corrects to remove extraneous words in sixth paragraph) * Philippines posts 0.7% weekly loss * Malaysia closes at over four-year low * Thai shares rise on consumer stocks By Anushka Trivedi Sept 27 Philippine stocks closed at their lowest in over three weeks on Friday as investors pulled out cash to invest in an influx of new listings, while most other regional markets inched lower as dismal China data fanned concerns about slowing growth. Movement in the Philippines' benchmark had been muted for most of the week, though Friday's 1% fall led to a weekly loss of 0.7%. "Right now the market is suffering from outflows because investors are preparing for IPOs in the pipeline", said Oliver Plana, head of sales at Asiasec Equities. Financial and industrial stocks dominated losses on the index, with SM Prime Holdings falling 1.6%. Furnishing retailer AllHome Corp and coconuts products maker Axelum Resources Corp were among the latest companies to price their IPOs, as the Southeast Asian nation sees a revival in listings after just one new float last year. Escalating concerns over a slowdown in the economy prompted the country's central bank to unveil a 100 basis point cut in the banks' reserve requirement after market close, following an ease in monetary policy on Thursday. Analysts said the central bank's move to cut its benchmark interest rate for a third time this year on Thursday had largely been priced in. Most other Southeast Asian markets traded lower after data showed a contraction in China's August industrial profit due to weak demand and a trade spat with the United States. Malaysian shares lost 0.6% to drop to their lowest since Sept. 7, 2015, as financials faltered. The index posted its fourth straight weekly loss. The country's biggest listed firm Malayan Banking Bhd fell 1.2% and was among the top drags. Financials led declines in Indonesian shares as well, with country's benchmark index sliding 0.5%. Elsewhere, Thai stocks gained 0.4% as consumer stocks climbed. The Thai government's latest stimulus package designed to boost consumer spending, will benefit big cap consumer firms such as CP ALL PCL and Berli Jucker PCL in the coming days, said analysts at PhilipCapital. Vietnam shares climbed 0.7% on strength in financials. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3125.63 3125.81 -0.01 Bangkok 1643.76 1636.75 0.43 Manila 7819.22 7896.48 -0.98 Jakarta 6196.889 6230.334 -0.54 Kuala Lumpur 1584.14 1593 -0.56 Ho Chi Minh 997.84 990.75 0.72 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3125.63 3068.76 1.85 Bangkok 1643.76 1563.88 5.11 Manila 7819.22 7,466.02 4.73 Jakarta 6196.889 6,194.50 0.04 Kuala Lumpur 1584.14 1690.58 -6.30 Ho Chi Minh 997.84 892.54 11.80 (Editing by Aditya Soni)

SE Asia Stocks-Most fall on U.S. political woes, trade worries

27 Sep 2019

* Trump whistle-blower report adds to political discord * Fall in China's Aug industrial profits also weighs * Singapore declines on technical recession risk By Anushka Trivedi Sept 27 Most Southeast Asian stock markets edged lower on Friday, with Philippines leading the fall, as a slew of political and trade-related concerns kept risk appetite in check. A whistle-blower report released on Thursday said U.S. President Donald Trump not only abused his office in an attempt to solicit Ukraine's interference in the 2020 U.S. election for his benefit, but that the White House tried to "lock down" evidence about the conduct. Developments on the trade war front were quite mixed, with the United States not budging to extend a temporary waiver that lets American companies work with Huawei. On the other hand, Chinese officials played up Beijing's willingness to buy more U.S. products. "The market isn't clear on what to make of the latest impeachment developments in the U.S. ... it remains in limbo trying to decide how the 'whistle-blower' impeachment push may impact the White House's decisions on trade negotiations," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Also adding to market jitters was a decline in China's August industrial profits after a brief gain in the previous month, suggesting renewed pressure due to the trade war and slowdown in domestic demand. Philippine shares declined 0.8% on weakness in industrials and financials. International Container Terminal Services Inc dipped 3.7% to a six-week low, while lender BDO Unibank Inc fell 2.7%. Singapore stocks dropped 0.3% to a three-week trough as risks of a technical recession loomed. UOB analysts said they see chances of a technical recession in the third quarter after data released on Thursday showed a steep contraction in August industrial production. They also downgraded the city-state's full-year manufacturing output outlook after the dismal print. Real estate stocks Mapletree Commercial Trust and CapitaLand Mall Trust led losses. Indonesian shares shed also fell, with financials accounting for most of the losses after sharp gains in the previous session. Heavyweights Bank Central Asia Tbk PT and Bank Rakyat Indonesia (Persero) Tbk PT slipped as much as 1% each. Malaysian shares ticked down on weakness in consumer stocks. Palm oil producers Sime Darby Plantation Bhd and Kuala Lumpur Kepong Bhd declined 2.3% and 0.4%, respectively. Meanwhile, Vietnam shares rose 0.4%, helped by financials. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0356 GMT Change on the day Market Current Previous close Pct Move Singapore 3115.79 3125.81 -0.32 Bangkok 1633.24 1636.75 -0.21 Manila 7836.23 7896.48 -0.76 Jakarta 6207.146 6230.334 -0.37 Kuala Lumpur 1585.85 1593 -0.45 Ho Chi Minh 995.44 990.75 0.47 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3115.79 3068.76 1.53 Bangkok 1633.24 1563.88 4.44 Manila 7836.23 7,466.02 4.96 Jakarta 6207.146 6,194.50 0.20 Kuala Lumpur 1585.85 1690.58 -6.19 Ho Chi Minh 995.44 892.54 11.53 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most tick up on trade optimism; Indonesia sees best day in month

26 Sep 2019

* Trump says China trade deal could be 'soon' * Singapore flat ahead of industrial output data * Philippines cenbank decision awaited By Anushka Trivedi Sept 26 Most Southeast Asian stock markets edged higher on Thursday, with Indonesian shares gaining the most, as hints of progress in talks to resolve the U.S.-China tariff dispute lifted investor mood and tempered a shadow over the global economic outlook. U.S. President Donald Trump on Wednesday said a deal to end the longstanding trade war between world's two biggest economies, which has caused a pall over global fiscal growth, could happen sooner than expected. Trump's comments sparked a rally in global equities but gains in Southeast Asia were limited in a low-volume trading session as the unpredictable nature of the trade spat has caused immense volatility in the regional markets over the past year. "Market sentiment remains fragile and ultra-sensitive to any development around the U.S.-China trade conflict," Han Tan, market analyst at FXTM said in a note. "Considering the fact that a rapid deterioration in U.S.-China relations is not without precedence, investors will continue scouring the horizon for any signals that can push risk sentiment either way," he added. Leading gains in the region, Indonesian stocks marked their best session in a month, underpinned by financials. Lenders Bank Central Asia Tbk PT and Bank Rakyat Indonesia (Persero) Tbk PT rose 1.9% and 1.2%, respectively. Thai stocks edged up 0.6% after the central bank stood pat on interest rates. The Bank of Thailand on Wednesday scaled down its 2019 economic and export forecast, with analysts at OCBC expecting a rate cut in the fourth quarter. The Singapore index was trading steady ahead of the release of its monthly industrial production figures, which are expected to contract by 0.7% on-year. The Philippine benchmark index dipped as investors kept a cautious stance ahead of the Bangko Sentral ng Pilipinas policy decision later in the day where a 25 bps cut is largely anticipated. Losses in the industrial sector weighed, with International Container Terminal Services Inc and Alliance Global Group Inc being the biggest drags in the index. Meanwhile, the Asian Development Bank (ADB) slashed https://www.bworldonline.com/adb-slashes-forecasts-for-philippine-economic-growth-with-much-of-asia its growth outlook for the Philippine economy for years 2019 and 2020, citing slowdown in the global growth and in domestic investment. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0409 GMT Change on the day Market Current Previous close Pct Move Singapore 3125.06 3125.82 -0.02 Bangkok 1637.48 1628.38 0.56 Manila 7888.91 7896.24 -0.09 Jakarta 6193.728 6146.404 0.77 Kuala Lumpur 1591.15 1589.58 0.10 Ho Chi Minh 987.62 987.3 0.03 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3125.06 3068.76 1.83 Bangkok 1637.48 1563.88 4.71 Manila 7888.91 7,466.02 5.66 Jakarta 6193.728 6,194.50 -0.01 Kuala Lumpur 1591.15 1690.58 -5.88 Ho Chi Minh 987.62 892.54 10.65 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Singapore drops on trade tensions, Trump impeachment probe

25 Sep 2019

* Singapore stocks end at 3-week lows * Thai shares dip slightly after cenbank downgrades growth outlook * Indonesia ticks up to snap four-session losing streak By Anushka Trivedi Sept 25 Trade-sensitive Singapore stocks had their worst session in one month on Wednesday as hopes of a trade deal faded on tough rhetoric from Washington and Beijing and as U.S. lawmakers launched an impeachment inquiry into President Donald Trump. Trump on Tuesday delivered a stinging criticism of China's trade practices at the United Nations General Assembly, prompting a response from China's top diplomat who said Beijing had no intention to "play the Game of Thrones on the world stage." The comments rattled wider Asian equities and kept most markets in the region subdued. Since chances of the inquiry into Trump's actions leading to his removal from office are quite low, immediate damage to the markets from his remarks about China would be much more significant than reports of his impeachment, said Joel Ng, an equity research analyst at KGI Securities. Singapore's benchmark index dropped almost 1% to a three-week low and was the biggest loser in the region. Industrial and financial sectors accounted for most of the losses on the benchmark, with conglomerate Jardine Matheson Holdings falling 1% and lender DBS Group Holdings Ltd shedding 1.2%. Malaysian stocks extended loses into a third session. The country's August inflation came in line with expectations, but analysts warned of price pressures remaining in check due to slowdown in growth. Thai shares dipped after the country's central bank lowered its 2019 export and economic growth forecast, while holding interest rates steady. Philippine's benchmark index pared earlier losses to end flat on last-minute buying in financial stocks such as SM Prime Holdings and Ayala Corp. Elsewhere, Indonesian shares snapped a four-session losing streak to end 0.1% higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3125.82 3155.46 -0.94 Bangkok 1628.38 1630.5 -0.13 Manila 7896.24 7893.94 0.03 Jakarta 6146.404 6137.608 0.14 Kuala Lumpur 1589.58 1592.33 -0.17 Ho Chi Minh 987.3 988.13 -0.08 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3125.82 3068.76 1.86 Bangkok 1628.38 1563.88 4.12 Manila 7896.24 7,466.02 5.76 Jakarta 6146.404 6,194.50 -0.78 Kuala Lumpur 1589.58 1690.58 -5.97 Ho Chi Minh 987.3 892.54 10.62 (Reporting by Anushka Trivedi in Bengaluru; Editing by Aditya Soni)

SE Asia Stocks-Falter on Trump's impeachment inquiry, trade tensions

25 Sep 2019

* Push for Trump impeachment increases political risk * Philippine stocks at four-week low * Thai stocks down ahead of cenbank policy decision By Anushka Trivedi Sept 25 Southeast Asian stock markets dropped on Wednesday as investors offloaded risky assets after the launch of a formal impeachment inquiry against U.S. President Donald Trump raised prospects of more political uncertainty in the world's largest economy. Democrats in the U.S. House of Representatives on Tuesday launched a formal impeachment inquiry into President Donald Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election. Meanwhile, Trump's scathing remarks at the United Nations Assembly accusing China of currency manipulation and intellectual property theft also risked riling a tariff dispute that has embroiled global equities over the past year. "If an impeachment enquiry looks like ending his (Donald Trump's) re-election chances in 2020, he may throw caution to the wind and harden his attitude to a China trade deal, increasing the chances of a global recession next year," said Jeffrey Halley, senior market analyst, Asia Pacific, OANDA. Leading losses, the Philippine bourse plummeted 1.2% to a four-week trough on the back of financial and consumer sectors. Heavyweight SM Prime Holdings fell 1.2%, while food processing firm Universal Robina Corp dropped 4.9% to its lowest in more than a month. Singapore stocks, counted among the most sensitive to global trade tensions, marked their worst session in three weeks. Industrial and financials dominated losses in the benchmark, with conglomerate Jardine Matheson Holdings Ltd slumping 1.8% and lender DBS Holdings Ltd falling 1.2%. Malaysian shares were set for a third session of declines, while data on Wednesday showed that consumer price index had risen 1.5% in August from a year earlier, in line with Reuters' outlook. Analysts, however, expect slowing economic growth to keep price pressures in check. Palm oil producer Sime Darby Plantation Bhd, which shed 2%, was the top drag in the index. Thai stocks were trading lower ahead of a policy decision by the central bank, which is expected to hold rates steady. For Asian Companies click: SOUTHEAST ASIAN STOCK MARKETS As at 0400 GMT Change on the day Market Current Previous close Pct Move Singapore 3134.56 3155.46 -0.66 Bangkok 1628.42 1630.5 -0.13 Manila 7798.55 7893.94 -1.21 Jakarta 6121.535 6137.608 -0.26 Kuala Lumpur 1587.25 1592.33 -0.32 Ho Chi Minh 984.88 988.13 -0.33 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3134.56 3068.76 2.14 Bangkok 1628.42 1563.88 4.13 Manila 7798.55 7,466.02 4.45 Jakarta 6121.535 6,194.50 -1.18 Kuala Lumpur 1587.25 1690.58 -6.11 Ho Chi Minh 984.88 892.54 10.35 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Indonesia sags on slowdown worries; most others up on trade hopes

24 Sep 2019

* Indonesia falls for fourth session, hits 7-week low * Philippines snaps five-session losing streak * Thailand edges up ahead of central bank decision By Anushka Trivedi Sept 24 Indonesian shares fell over 1% on Tuesday, extending losses into a fourth session amid fears of an economic slowdown, while most other Southeast Asian markets inched higher after U.S. officials confirmed trade talks with China would start next month. The benchmark Jakarta stock index has declined 2.2% in the past four sessions after the central bank warned of its economy taking a hit from the global economic slowdown, and said it expected 2019 growth below the midpoint of 5%-5.4%. DBS analysts said they expected growth in Southeast Asia's second-biggest economy to soften in the second half, citing recent decline in several key indicators such as cement sales, manufacturing activity and credit growth. Financial and consumer stocks accounted for most of the losses, with Bank Central Asia Tbk PT dropping 1.3%, while infrastructure developer Astra International Tbk PT slumped 2.3%. Other markets in the region received a lift from an improved Sino-U.S. trade tone, but gains were capped as downbeat business activity figures from the euro zone, merely two weeks after the European Central Bank announced stimulatory measures, dented sentiment. "Trade issues are going head to head with central bank stimulus and investors are once again left trying to figure out which play will come out on top," said Nick Twidale, director & co-founder at Xchainge. Trade war developments are expected to become the centrepiece over the next few sessions, he added. Singapore stocks, among the most exposed to trade tensions, tacked on 0.4% on financials. Thai and Philippine shares advanced on hopes of rate cuts by their respective central banks this week. The Thai central bank is set to meet for a policy review on Wednesday, where chances of policy easing were solidified after factory output data for August came in well below expectations, according to analysts at ING. Meanwhile, Philippine shares snapped a five-day losing streak, driven by property developers such as SM Prime Holdings and Megaworld Corp. The market is pricing in a rate cut by Bangko Sentral ng Pilipinas on Thursday and hence buying in interest rate-sensitive stocks, said Jeffrey Lucero, an equity analyst at RCBC Securities. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous close Pct Move Singapore 3155.46 3143.24 0.39 Bangkok 1630.5 1622.79 0.48 Manila 7893.94 7867.51 0.34 Jakarta 6137.608 6206.199 -1.11 Kuala Lumpur 1592.33 1592.93 -0.04 Ho Chi Minh 988.13 985.75 0.24 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3155.46 3068.76 2.83 Bangkok 1630.5 1563.88 4.26 Manila 7893.94 7,466.02 5.73 Jakarta 6137.608 6,194.50 -0.92 Kuala Lumpur 1592.33 1690.58 -5.81 Ho Chi Minh 988.13 892.54 10.71 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Most tepid as dismal euro zone data stokes slowdown fears

24 Sep 2019

* Indonesian shares at 7-week low * Malaysian stocks on track to fall for second session * Thai stocks little changed after Aug manufacturing data By Anushka Trivedi Sept 24 Most Southeast Asian stock markets were subdued on Tuesday as poor business activity readings from the euro zone and concerns about slowing global growth kept risk appetite in check. The manufacturing sector was in doldrums in Germany, Europe's biggest economy, while the French business activity also shrank in September, a survey on Monday showed, as global trade issues caught up to the euro bloc and stoked fears of a recession. "The world's economic growth momentum has stuttered amid heightened global trade tensions ... Any sudden spike in geopolitical or trade tensions, along with a rapid deterioration in the global economy's projected path forward, is expected to return safe-haven assets to 2019 highs," Han Tan, market analyst at FXTM said in a note. The concerns over developments in the U.S.-China trade dispute also lingered in the background, with investors staying on the sidelines after a Chinese agriculture delegation cancelled their visit to Montana. Leading declines, Indonesian shares were poised for a fourth session of losses as they shed 1.3% to hit a seven-week low. Financials and consumer stocks dominated the losses with Bank Central Asia Tbk PT falling 0.8% and cigarette maker Hanjaya Mandala Sampoerna Tbk PT slumping 2.6%. An index of Jakarta's forty-five most liquid stocks was 1.6% lower. The Malaysian bourse was set to extend declines to a second session, with resource and consumer sectors leading losses, while Philippine shares flitted between positive and negative territory. Bucking the sombre mood, Singapore stocks ticked up on the back of financial stocks amid hopes of monetary easing. The city-state's core inflation gauge in August remained at a three-year low, data showed on Monday, prompting analysts at OCBC to reaffirm rate-cut expectations by the country's central bank at its October meeting. Heavyweight DBS Group Holdings Ltd was among the top gainers in the index as it tacked on 0.6%. Thai shares were trading mostly flat after government data implied that the country's manufacturing output had slumped more than expected in August. Thailand's manufacturing sector, one of its main drivers of growth, reported a 4.4% decline in activity for August, as it continues to be strained by the Sino-U.S. trade dispute. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3158.82 3143.24 0.50 Bangkok 1625.66 1622.79 0.18 Manila 7876.98 7867.51 0.12 Jakarta 6126.103 6206.199 -1.29 Kuala Lumpur 1589.1 1592.93 -0.24 Ho Chi Minh 988.8 985.75 0.31 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3158.82 3068.76 2.93 Bangkok 1625.66 1563.88 3.95 Manila 7876.98 7,466.02 5.50 Jakarta 6126.103 6,194.50 -1.10 Kuala Lumpur 1589.1 1690.58 -6.00 Ho Chi Minh 988.8 892.54 10.78 (Reporting by Anushka Trivedi in Bengaluru, Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most end lower; Philippines extends losses

20 Sep 2019

* Most markets close lower for the week * Philippines slides for fourth straight session * Thai shares slump to 3-week low after weak Aug export data By Anushka Trivedi Sept 20 Most Southeast Asian stock markets fell on Friday, with Philippines declining for a fourth straight session, as fears of an escalation in the Middle East tension gathered pace. The markets were volatile all week, after the United States blamed Tehran for the attack on Saudi oil facilities over the weekend and said it was "locked and loaded" for a potential response. "There is fear of further tensions in the Middle East. That's why emerging markets such as the Philippines have been suffering due to hot money outflows. So, the funds are going back to safe-haven assets," Rachel Cruz, research analyst at AP Securities said. The Philippine benchmark index was in the red for a fourth straight session, bogged down by financials. Index heavyweights SM Prime Holdings and Ayala Land Inc dropped 2% and 2.2%, respectively, whereas the benchmark shed 1.5% for the week. Vietnam shares slipped 0.7% on weakness in financial stocks, while adding 0.3% for the week to be the only gainer in the region. The Thai bourse skidded to a three-week low after data showed a 4% slump in exports for August. The decline was bigger than a Reuters forecast of a 2% fall in shipments, the main driver of Thai growth. Among top losers were industrial and financial stocks, while the index lost 1.6% for the week. Indonesian stocks fell for a second session with financial and consumer sectors dominating losses and logged a 1.6% fall this week. The country's central bank eased interest rates on Thursday and relaxed lending rules in a bid to revive the sluggish economy, but the move failed to lift sentiment as fears of waning growth kicked in. The bank's governor indicated that the economy is weaker than expected, with analysts at ANZ seeing the effectiveness of monetary policy in bolstering growth to be quite limited. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3159.68 3158.8 0.03 Bangkok 1636.2 1640.66 -0.27 Manila 7871.11 7911.32 -0.51 Jakarta 6231.473 6244.47 -0.21 Kuala Lumpur 1597.41 1596.28 0.07 Ho Chi Minh 990.36 997.1 -0.68 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3159.68 3068.76 2.96 Bangkok 1636.2 1563.88 4.62 Manila 7871.11 7,466.02 5.43 Jakarta 6231.473 6,194.50 0.60 Kuala Lumpur 1597.41 1690.58 -5.51 Ho Chi Minh 990.36 892.54 10.96 (Reporting by Anushka Trivedi in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Edge lower; Philippines leads losses on foreign outflows

20 Sep 2019

* Philippines extends losses to a fourth session * Indonesian stocks pressured by financials, consumer sectors * Thai shares flat after data shows decline in Aug exports By Anushka Trivedi Sept 20 Southeast Asian stock markets dropped on Friday, with the Philippine index leading losses as many foreign investors pulled money out of emerging markets following a spike in geopolitical tensions. An attack on Saudi Arabia's key oil facilities last weekend heightened tensions between the United States and Iran, as the former blamed Tehran for the attacks and added that potential retaliation measures would be implemented if needed. The attacks and subsequent exchange between both countries have spurred a bout of volatility in the markets, with most Southeast Asian equities heading for a weekly decline. The Philippine bourse was set to end lower for a fourth straight session. Financials dominated losses in the benchmark, with heavyweight SM Prime Holdings Inc shedding 1.3%. "There is fear of further tensions in the Middle East and that's why emerging markets such as the Philippines have been suffering in terms of money outflows. So most of the funds are going back into safe assets and that has been a big impact to the performance of PSI," Rachel Cruz, research analyst, AP Securities. Indonesian stocks were little changed as gains were capped by a decline in banking and consumer sectors. The country's central bank on Thursday slashed interest rates for a third straight month, while also relaxing some lending rules in a bid to stimulate Southeast Asia's biggest economy marred by the prolonged U.S.-China trade tussle and a slowdown in global demand. However, analysts at Citibank expect the measures to aid only marginally, as a drop in revenue of commodity exporters could lead to negative spill-overs to the domestic economy. "This will cast clouds on company capex plans in affected sectors, as well as on banks' risk appetite for lending," analysts said. Lenders Bank Rakyat Indonesia (Persero) Tbk PT and Bank Mandiri (Persero) Tbk PT faltered over 1% each, whereas poultry feed maker Charoen Pokphand Indonesia Tbk PT shaved off 2.4% from the index. Malaysian shares extended declines to a third session, dented by consumer and telco sectors. A continued weakness in palm oil prices hurt stocks such as Kuala Lumpur Kepong Bhd, which dropped to a nearly four-year low, while telecom services provider Maxis Bhd lost 1.8%. Thai shares were trading flat shortly after government data showed the country's customs-cleared exports in August had declined 4% year-over-year. Meanwhile, Singapore shares traded a tick higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS as at 0422 GMT Change on the day Market Current Previous close Pct Move Singapore 3160.32 3158.8 0.05 Bangkok 1636.2 1640.66 -0.27 Manila 7890.83 7911.32 -0.26 Jakarta 6219.077 6244.47 -0.41 Kuala Lumpur 1591.4 1596.28 -0.31 Ho Chi Minh 996.29 997.1 -0.08 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3160.32 3068.76 2.98 Bangkok 1636.2 1563.88 4.62 Manila 7890.83 7,466.02 5.69 Jakarta 6219.077 6,194.50 0.40 Kuala Lumpur 1591.4 1690.58 -5.87 Ho Chi Minh 996.29 892.54 11.62 (Reporting by Anushka Trivedi in Bengaluru; Editing by Sherry Jacob-Phillips)

SE Asia Stocks-Most markets close lower after guarded Fed outlook

19 Sep 2019

* Thailand top loser; energy, telecom drag * Indonesia central bank lowers rates * Weak palm oil prices hurt Malaysian stocks By Anushka Trivedi Sept 19 Most Southeast Asian stock markets closed lower on Thursday, with Thailand leading the pack, after the U.S. Federal Reserve thwarted hopes of further policy easing. The Fed dished out a widely expected quarter-point rate cut on Wednesday but was decidedly hawkish in its tone, with Chair Jerome Powell describing the rate cut as an "insurance against ongoing risks" that includes stagnancy in global growth and longstanding trade tensions. "The ultimate problem with this type of Federal Open Market Committee dispersion model is that it's confusing, which means more uncertainty, and uncertainty is going to lead to risk reduction," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Thai shares extended falls into a second session and closed at a three-week low, with energy and telecom stocks accounting for most of the losses. Weak oil prices pushed state-run energy company PTT PCL 1.1% lower, while telecom services provider Advanced Info Service PCL dropped 2.2%. Indonesian shares fell 0.5% as an interest rate cut by the central bank failed to lift sentiment. Bank Indonesia delivered a widely expected 25 basis point rate cut but warned of its economy taking a hit from the global economic slowdown, and said it expected 2019 growth below the midpoint of 5%-5.4%. "A slight hawkish future stance of the Fed contributed to the pullback, also market seems unmoved despite a 25 bp rate cut," said Anugerah Zamzami Nasr, an equity research analyst at PT Phillip Sekuritas Indonesia. "We suspect that despite lower inflation and resilient external balance, Indonesian economic growth could be sluggish for the rest of the year and might need other non-monetary stimulus." Resources and telecom stocks were among the top losers, with heavyweight PT Telekomunikasi Indonesia Tbk dipping 0.9%. Kenanga Group analysts see top-line weakness in the second half for the company as changes in its product pricing are expected to lead to lower average revenue per user. Malaysian shares closed 0.2% lower, dragged by consumer and healthcare stocks. A decline in palm oil prices weighed on companies such as Sime Darby Plantation Bhd and IOI Corp Bhd, while hospital operator IHH Healthcare shed 1.7%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3158.8 3166.84 -0.25 Bangkok 1640.66 1654.14 -0.81 Manila 7911.32 7915.29 -0.05 Jakarta 6244.47 6276.633 -0.51 Kuala Lumpur 1596.28 1599.49 -0.20 Ho Chi Minh 997.1 995.15 0.20 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3158.8 3068.76 2.93 Bangkok 1640.66 1563.88 4.91 Manila 7911.32 7,466.02 5.96 Jakarta 6244.47 6,194.50 0.81 Kuala Lumpur 1596.28 1690.58 -5.58 Ho Chi Minh 997.1 892.54 11.71 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

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