* Indonesian index hits over one-month closing high
* Thai benchmark posts fifth straight gain
* U.S.-Mexico deal buoys investor sentiment
By Shreya Mariam Job
June 10 (Reuters) - Southeast Asian stock markets rose on
Monday, on expectations of a rate cut by the U.S. Federal
Reserve, following weak U.S. jobs data, and as a deal between
Mexico and the United States soothed fears of another front to a
trade war.
U.S. job growth slowed sharply in May and wages rose less
than expected raising hopes of an imminent rate cut while U.S.
President Donald trump calling off tariffs against Mexico helped
calm investors who feared another front to a global trade war. "The movement was driven by the news of tariffs not being
implemented against Mexico. Expectations of a rate cut going
forward is also providing some level of support to the market.
Markets have generally been oversold over the last one month,"
said Joel Ng, an analyst with KGI Securities.
Asian equity markets saw heavy outflows in May as a sudden
escalation in the U.S.-China trade war threatened to put more
pressure on export-reliant regional economies and companies
which are highly reliant on Chinese sales.
The sell-off, however, seems to be wearing off with broader
Asian stocks firming. MSCI's index of Asia-Pacific shares
outside Japan .MIAPJ0000PUS rose as much as 1%.
Indonesian stocks .JKSE rose 1.3% to close at an over
one-month high, with financial and telecom stocks aiding the
rise.
Indonesia's annual consumer inflation rate picked up pace in
May from a month earlier on the back of Ramadan festivities
spending, data from the statistics bureau showed on Monday.
Central bank governor Perry Warjiyo said on Monday the
country's inflation rate was expected to remain at a low level
and under control. Shares of Telekomunikasi Indonesia TLKM.JK and Bank Negara
Indonesia BBNI.JK gained 3.6% and 3.3%, respectively.
The country's 45 most liquid stocks .JKLQ45 gained 1.9%.
Singapore's benchmark .STI pared some of its earlier gains
to close 0.7% higher, with real estate stocks boosting the index
helped by a 5.9% rise in shares of City Development Ltd CTDM.SI
following progress on the Millennium & Copthorne Hotels Plc
MLC.L acquisition.
Millennium & Copthorne Hotels has agreed to the takeover
proposal from City Developments in a deal that values the
British company at 2.23 billion pounds ($2.84 billion), the
companies said on Friday. Meanwhile, the Philippine index .PSI gained 0.8% on the
back of real estate and industrial stocks.
Universal Robina Corp URC.PS added 0.8% while SM
Investments Corp SM.PS firmed 2.4%.
The Thai index .SETI extended gains into a fifth straight
session underpinned by energy and financial stocks. PTT
Exploration and Production PCL PTTEP.BK and Bank of Ayudhya
PCL BAY.BK rose 2.4% and 0.7%, respectively.
Consumer and financial stocks helped push the Vietnam index
.VNI 0.5% higher, while the Malaysian benchmark .KLSE rose
0.4% supported by telecom and industrial stocks.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3188.11 3166.29 0.69
Bangkok 1664.73 1653.5 0.68
Manila 8045.39 7983.98 0.77
Jakarta 6289.61 6209.117 1.30
Kuala Lumpur 1655.47 1649.33 0.37
Ho Chi Minh 962.9 958.28 0.48
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3188.11 3068.76 3.89
Bangkok 1664.73 1563.88 6.45
Manila 8045.39 7,466.02 7.76
Jakarta 6289.61 6,194.50 1.54
Kuala Lumpur 1655.47 1690.58 -2.08
Ho Chi Minh 962.9 892.54 7.88