* Philippines rises to over 15-month closing high
* Vietnam posts seven-week closing high
* Markets await June U.S. inflation data
By Soumyajit Saha
July 11 (Reuters) - Most Southeast Asian stock markets ended
higher on Thursday, with Philippines rising nearly 1% to an over
15-month closing high, as investors embraced a noticeably dovish
stance in the U.S. Federal Reserve Chairman's testimony to the
Congress.
Fed chief Jerome Powell seemed to lay ground for a rate cut
later this month as he noted the effect of the Sino-U.S. trade
war on the economy, pledging to "act appropriately" to counter a
slowdown. Market participants now await U.S. inflation figures for
June due out later in the day, to better gauge the extent of the
rate cut.
"We are now beyond the realm of a 25 bp cut, the market's
pricing in about 65% chance of a 50 bp cut at the July FOMC
meeting heading into tonight's key US CPI print," Stephen Innes,
managing partner at Vanguard Markets Ltd, said in a note.
Philippine shares .PSI advanced for a second straight
session, helped by real estate and banking stocks.
Property developer SM Prime Holdings Inc SMPH.PS rose
1.8%, while lender BDO Unibank Inc BDO.PS was up 1.9%.
Singapore shares .STI rose on the back of financials.
Lenders DBS Group Holdings Ltd DBSM.SI and United Overseas
Bank Ltd UOBH.SI ended 0.8% and 0.1% higher, respectively.
Vietnam shares .VNI advanced to a seven-week closing high,
helped by financial and energy stocks.
Lender Joint Stock Commercial Bank for Investment and
Development of Vietnam BID.HM climbed 3.2%, while oil explorer
Vietnam National Petroleum Group PLX.HM rose 0.9%.
Indonesian shares .JKSE edged higher, aided by financials,
while Malaysia .KLSE and Thai stocks .SETI closed little
changed.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3350.45 3340.42 0.30
Bangkok 1740.45 1739.43 0.06
Manila 8154.49 8078.21 0.94
Jakarta 6417.066 6410.683 0.10
Kuala Lumpur 1679.26 1678.97 0.02
Ho Chi Minh 978.63 973.65 0.51
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3350.45 3068.76 9.18
Bangkok 1740.45 1563.88 11.29
Manila 8154.49 7,466.02 9.22
Jakarta 6417.066 6,194.50 3.59
Kuala Lumpur 1679.26 1690.58 -0.67
Ho Chi Minh 978.63 892.54 9.65