* Singapore snaps four consecutive weekly losses
* Philippines posts 3rd straight weekly gain
* Thailand up 2.1% this week, biggest since late Jan
By Niyati Shetty
June 7 (Reuters) - Southeast Asian stock markets closed
slightly higher on Friday on prospects of global central banks
easing monetary policy to prop up economic growth, but trading
volumes across the region were low with China and Hong Kong
markets closed for holidays.
After top Federal Reserve officials took a more dovish
stance this week, investors around the globe are focussing on
the timing of a rate cut by the U.S. central bank. MKTS/GLOB
Investors are now focused on the U.S. employment report
later in the day for further cues about the health of the
world's largest economy.
"Should the U.S. ease monetary policy, perhaps some of the
headwinds building up can be assuaged, and the long global
expansion cycle can be prolonged, goes the (market's) thinking,"
DBS Bank said in a note.
Meanwhile, China's central bank chief, Yi Gang, told
Bloomberg in an interview that there was "tremendous" room for
fiscal and monetary policy easing if the bitter trade war with
the United States worsened. Singapore stocks .STI gained 0.6%, underpinned by
financials, and snapped four straight weekly falls.
DBS Group Holdings Ltd DBSM.SI rose 0.6% on Friday and
United Overseas Bank Ltd UOBH.SI gained 1.1%.
Philippine shares .PSI added 0.3% and clocked a third
consecutive weekly gain. Financials and industrials drove gains,
with BDO Unibank Inc BDO.PS and JG Summit Holdings Inc
JGS.PS adding 1.3% and 1.2%, respectively.
Vietnam shares .VNI climbed 1.1% for the day but posted a
third weekly loss. Real estate stocks Vinhomes JSC VHM.HM and
Vingroup JSC VIC.HM were among the top gainers on Friday.
Thai stocks .SETI were flat on Friday, but posted a weekly
gain of 2.1%, the most since late January.
Earlier this week, Thailand's new parliament confirmed
military junta leader General Prayuth Chan-o-cha as the prime
minister, five years after he seized power from an elected
government while he was army chief. With the appointment a major overhang on the Thai market is
removed, DBS Bank said, adding that the market would now focus
on potential stimulus measures to boost the economy in the
second half of the year.
Indonesian financial markets were closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3166.29 3146.18 0.64
Bangkok 1653.5 1653.41 0.01
Manila 7983.98 7959.86 0.30
Kuala Lumpur 1649.33 1644.09 0.32
Ho Chi Minh 958.28 948.21 1.06
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3166.29 3068.76 3.18
Bangkok 1653.5 1563.88 5.73
Manila 7983.98 7,466.02 6.94
Kuala Lumpur 1649.33 1690.58 -2.44
Ho Chi Minh 958.28 892.54 7.37