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SE Asia Stocks-Most end higher as central banks turn dovish

Published 06/04/2019, 06:08 PM
Updated 06/04/2019, 06:10 PM
SE Asia Stocks-Most end higher as central banks turn dovish
STI
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DBSM
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UOBH
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KLSE
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SETI
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PSI
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ALI
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SMPH
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AOT
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CPALL
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BID
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SAB
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VNI
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* Thailand up; May CPI +1.15% y/y, above forecast
* Philippines down 1.7%, snaps 5 sessions of gains

By Niyati Shetty
June 4 (Reuters) - Most Southeast Asian stock markets closed
higher on Tuesday as central banks across the globe tilt towards
monetary easing in the wake of an intensifying U.S.-China trade
war and weak economic indicators.
Australia's central bank cut its cash rate to a record low
of 1.25%, a day after a Federal Reserve policymaker said the
U.S. central bank might have to cut rates soon.
U.S. Treasury yields tumbled on Monday since investors
seeking protection from market volatility looked outside for
better returns.
"As lower for longer becomes the theme in the developed
market space, investors will look to Asia for yield," DBS Bank
said in note to clients.
Thai shares .SETI rose 1.1%, the most since Jan. 7, aided
by industrials and consumer staples.
Data released earlier in the day showed that annual headline
consumer price index rose 1.15% year-on-year in May, above a
Reuters poll forecast of 1.0% increase, but below April's 1.23%
rise. The central bank has left its policy interest rate unchanged
so far this year after tightening in December for the first time
since 2011, as inflation remains benign and growth slows.
ANZ said in a note that it expected "the Bank of Thailand to
forego any remaining hawkish bias and keep its policy rate on
hold throughout 2019."
Airports of Thailand PCL AOT.BK rose 2% and CP All PCL
CPALL.BK gained 2.5%.
Singapore shares .STI advanced 0.6%, supported by
financials. DBS Group Holdings Ltd DBSM.SI gained 0.9% and
United Overseas Bank Ltd UOBH.SI added 1.7%.
With an almost 10% month-on-month decline last month,
banking stocks are now offering attractive dividend yields, KGI
Securities said in a note.
Vietnam shares .VNI added 0.5%, boosted by financials and
consumer staples.
Joint Stock Commercial Bank for Investment and Development
of Vietnam BID.HM and Saigon Beer Alcohol Beverage Corp
SAB.HM rose 4.6% and 1.1%, respectively.
Philippine shares .PSI declined 1.7% and snapped five
straight sessions of gains, weighed down by real estate stocks.
Ayala Land Inc ALI.PS slipped 3.7% and SM Prime Holdings
Inc SMPH.PS lost 3.1%.
Malaysian shares .KLSE fell 0.7% in half-day trade. The
market will be closed on Wednesday and Thursday for holidays.
Indonesian financial markets are closed for holidays this
week.

For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS

Market Current Previous close Pct Move
Singapore 3142.37 3123.46 0.61
Bangkok 1637.69 1620.22 1.08
Manila 7945.37 8084.88 -1.73
Kuala Lumpur 1644.09 1655.31 -0.68
Ho Chi Minh 951.16 946.47 0.50

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3142.37 3068.76 2.40
Bangkok 1637.69 1563.88 4.72
Manila 7945.37 7,466.02 6.42
Kuala Lumpur 1644.09 1690.58 -2.75
Ho Chi Minh 951.16 892.54 6.57

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