* Thailand July inflation lower-than-expected
* Philippines rebounds to close higher
By Anushka Trivedi
Aug 1 (Reuters) - Philippine shares rose on Thursday on
robust corporate results, while other Southeast Asian markets
traded in a thin range after the U.S. Federal Reserve thwarted
hopes of a lengthy easing cycle.
The Philippine main board .PSI reversed course from a
five-week low hit earlier in the session to close 0.7% higher.
Shares of Universal Robina Corp URC.PS and Bank of the
Philippine Islands BPI.PS lifted the benchmark as they
advanced on reporting a jump in quarterly net profit.
Real estate stocks also aided the index, which shows that
"investors are more positive on those sectors – both property
and banks because they've shown better-than-expected results",
said Rachel Cruz, a research analyst with AP Securities.
Vietnam shares .VNI climbed 0.6% after a private survey
showed new orders in July rose at the fastest pace this year on
increase in demand. Meanwhile, other Southeast Asian markets were subdued as the
Fed delivered an expected quarter-point cut on Wednesday but
steered clear of suggesting the need for any more monetary
stimulus in the near future.
Markets worldwide have rallied this year on the prospect of
U.S. central bank slashing rates for the first time in over a
decade, but Fed Chair Jerome Powell's hawkish remarks threw the
markets into a disarray on Thursday.
"We could see further pressure to global equities in the
coming weeks as summer doldrums take many investors to the
sidelines until we see fresh easing signals from the both the
Fed and the European Central Bank," Edward Moya, senior market
analyst at OANDA said.
Thai shares .SETI stumbled to their worst session in four
weeks, with financials and consumer stocks bearing the brunt.
Thailand's annual consumer price index rose 0.98% in July
from a year earlier, missing a Reuters poll forecast and came in
under the central bank's advised range for a second straight
month. The Bank of Thailand has downgraded the outlook for the
country's economy this year and does not expect export growth
but has shown unwillingness to chop interest rates, while
raising concerns over the risks of lower interest rates for
financial stability.
Indonesia shares .JKSE inched marginally lower with
financials dragging the index.
Lenders Bank Mandiri (Persero) Tbk PT BMRI.JK and Bank
Negara Indonesia (Persero) Tbk PT BBNI.JK dropped 2.5% and
2.7%, respectively.
A senior official at the Financial Services Authority
revealed that Indonesia plans to relax bank merger rules to
encourage more consolidation in the sector. L4N24X2N1
An index of Jakarta's 45 most liquid stocks .JKLQ45 dipped
0.6%.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3291.75 3300.75 -0.27
Bangkok 1699.75 1711.97 -0.71
Manila 8098.16 8045.8 0.65
Jakarta 6381.542 6390.505 -0.14
Kuala Lumpur 1639.07 1634.87 0.26
Ho Chi Minh 997.39 991.66 0.58
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3291.75 3068.76 7.27
Bangkok 1699.75 1563.88 8.69
Manila 8098.16 7,466.02 8.47
Jakarta 6381.542 6,194.50 3.02
Kuala Lumpur 1639.07 1690.58 -3.05
Ho Chi Minh 997.39 892.54 11.75