* Bank Indonesia cuts key rates by 25 bps to 5.50%
* Philippines weighed down by property stocks
* Singapore July inflation data due on Friday
By Niyati Shetty
Aug 22 (Reuters) - Indonesian stocks cut losses to close
slightly lower on Thursday as a surprise interest rate reduction
by the central bank calmed investors worried about a possible
economic slowdown, while Philippine shares extended falls to
their lowest close in nearly a week.
Bank Indonesia (BI) cut key rates for a second month in a
row, this time by 25 basis points to 5.5%, saying it was acting
pre-emptively in anticipation of a global economic
slowdown. The central bank said it would continue with an
"accommodative policy mix", but ING senior economist Nicholas
Mapa said he expected "BI to monitor closely the next moves of
the U.S. Federal Reserve as well as the stability of rupiah
before seriously considering further rate cuts in the near
term".
The key Jakarta stock index .JKSE recovered from early
falls to trade in positive territory after the rate-cut news,
before ending down 0.2%.
Materials and telecom stocks weighed the most, with
Indocement Tunggal Prakarsa Tbk PT INTP.JK slipping 2.4% and
Telekomunikasi Indonesia (Persero) Tbk PT TLKM.JK falling
0.5%.
Broader Asia was also down as investors looked at central
banks in hopes for stimulus to shore up economic growth, while
uncertainty over the outlook for U.S. interest rate cuts
lingered. MKTS/GLOB
Minutes of the Fed's July meeting released on Wednesday
showed deep splits among policymakers over whether to cut
interest rates last month, raising the stakes for Chair Jerome
Powell's speech at a gathering of global policymakers on Friday.
Philippine stocks .PSI declined for a second straight
session, dragged by property stocks as China urged the country
to ban online gaming after welcoming its move to stop accepting
applications for online gaming licences. Office landlords with significant exposure to Philippine
offshore gaming operators, including Megaworld Corp MEG.PS ,
D.M. Wenceslao & Associates DMW.PS , and Filinvest Land
FLI.PS were heavily sold down by investors, RCBC Securities
said in a note. Megaworld slumped 8.5% and DMW fell 4.6%.
Malaysian stocks .KLSE rose 0.5%, with IOI Corp Bhd
IOIB.KL adding 1.7% and Misc Bhd MISC.KL gaining 1%.
Singapore equities .STI edged higher ahead of July
inflation data due on Friday.
Core inflation likely eased to its slowest pace in nearly
three years last month, a Reuters poll showed, reinforcing hopes
that the central bank would loosen policy later this year.
Singapore Telecommunications Ltd STEL.SI rose 1.6% and
conglomerate Jardine Matheson Holdings JARD.SI added 1.4%.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3127.74 3122.57 0.17
Bangkok 1633.56 1638.24 -0.29
Manila 7848.83 7886.91 -0.48
Jakarta 6239.245 6252.967 -0.22
Kuala Lumpur 1602.47 1594.59 0.49
Ho Chi Minh 997.26 994.38 0.29
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3127.74 3068.76 1.92
Bangkok 1633.56 1563.88 4.46
Manila 7848.83 7,466.02 5.13
Jakarta 6239.245 6,194.50 0.72
Kuala Lumpur 1602.47 1690.58 -5.21
Ho Chi Minh 997.26 892.54 11.73