* Singapore sees worst trading day in almost two months
* Markets have priced in chances of 25 bps rate cut - CMC
Markets
By Soumyajit Saha
July 8 (Reuters) - Southeast Asian stock markets were down
on Monday as a strong showing in U.S. jobs data dampened
investor hopes of an aggressive Fed rate cut later this month.
U.S. nonfarm payrolls increased by 224,000 jobs as in June,
much more than the increase of 160,000 forecast by a Reuters
poll of economists. "A fabulous jobs report reduces the likelihood of a deep
interest rate cut at the FOMC meeting in end July," said
Margaret Yang Yan, Market Analyst at CMC Markets, a note.
Markets, however, have not completely ruled out a rate cut
in the face of the unresolved Sino-U.S. tariff war, with the
U.S. Federal Reserve promising to "act appropriately" to sustain
economic growth. Global equities have rallied of late on hopes
of stronger inflows after a cut from the Fed.
"Markets still priced in a 95% likelihood of a 25bps rate
cut and 5% chance of a 50bps cut," said Yan, adding the market
would look for further cues in Fed Chairman Jerome Powell's
testimony to the U.S. Congress on the economy later this week.
Singapore shares .STI fell the most in the region, losing
more than 1% in their worst day of trading in almost two months.
Lenders DBS Group Holdings Ltd DBSM.SI and United Overseas
Bank Ltd UOBH.SI fell as much as 1.1% each. Financials make up
the largest sector on the Singapore index.
Indonesian stocks .JKSE were lower, weighed down by
financial and consumer stocks. Bank Central Asia Tbk PT
BBCA.JK fell as much as 1.5%, while cigarette maker PT Hanjaya
Mandala Sampoerna Tbk HMSP.JK fell as much as 2.45%.
An index of Indonesia's 45 most liquid stocks .JKLQ45 fell
0.45%.
Philippine's benchmark index .PSI was dragged down by
financials, with lender BDO Unibank Inc BDO.PS falling as
much as 1.2%.
Malaysian stocks .KLSE were down about 0.4% after gaining
about 0.6% over the last week. Telecom services providers Axiata
Group Bhd AXIA.KL and Maxis Bhd MXSC.KL were down as much as
2.5% and 1.6%, respectively.
Thai stocks .SETI and Vietnam index .VNI were also
lower.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0326 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3327.5 3366.81 -1.17
Bangkok 1725.97 1731.23 -0.30
Manila 8105.82 8117.94 -0.15
Jakarta 6353.889 6373.477 -0.31
Kuala Lumpur 1676.59 1682.53 -0.35
Ho Chi Minh 971.37 975.34 -0.41
Change on year
Market Current End 2018 Pct Move
Singapore 3327.5 3068.76 8.43
Bangkok 1725.97 1563.88 10.36
Manila 8105.82 7466.02 8.57
Jakarta 6353.889 6194.498 2.57
Kuala Lumpur 1676.59 1690.58 -0.83
Ho Chi Minh 971.37 892.54 8.83