* Markets await U.S. Fed Chair Powell's speech due late
Friday
* Philippine set to fall for a third straight session
* Singapore core inflation seen slowing to near 3-yr low -
poll
By Niyati Shetty
Aug 23 (Reuters) - Most Southeast Asian stock markets
dropped on Friday as investors kept to the sidelines amid
uncertainty over the outlook of U.S. interest rates, while fears
of a global economic slowdown persisted.
The U.S. Federal Reserve has come under increasing pressure
to cut borrowing costs more, including a call by President
Donald Trump on Wednesday for the central bank to reduce its
benchmark rate.
With U.S. bond markets signalling a looming recession,
markets are also eagerly awaiting a speech by Fed chair, Jerome
Powell, who is due to speak at a gathering of global
policymakers later in the day. MKTS/GLOB
"The rhetoric from a few regional Fed Presidents yesterday
(Thursday) underscored the divided tone within the Fed and
reinforced market view that there is no pre-set path for more
rate cuts," OCBC Bank said in note.
Philippine stocks .PSI declined to a more than one-week
low, with real estate firms weighing on the index for a second
session after China urged the Manila government to ban online
gaming and support its crackdown on cross-border gambling.
Conglomerate Alliance Global Group AGI.PS , casino hotels
operator Bloomberry Resorts Corp BLOOM.PS and property firm
Ayala Land ALI.PS were among the top laggards, retreating as
much as 4.5%, 3.1% and 1.7%, respectively.
Singapore equities .STI dropped ahead of the city-state's
inflation data, with conglomerate Jardine Matheson Holdings
JARD.SI slipping up to 1.2% and Singapore Technologies
Engineering STEG.SI losing 1.7%.
The country's core inflation is seen easing to its slowest
pace in nearly three years, a Reuters poll showed, shoring up
expectations that the local central bank will loosen policy
later this year to boost the economy. The Jakarta index .JKSE was little changed a day after
Bank Indonesia unexpectedly trimmed key interest rates by 25
basis points for a second straight month, a pre-emptive move in
anticipation of a flagging global economy. Bucking the trend, the Thai index .SETI advanced up to
0.6%, and was slated to post gains of 0.4% for the week.
Airports of Thailand AOT.BK added 0.7% and PTT PCL PTT.BK
climbed 1.2%.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0330 GMT
Market Current Previous close Pct Move
Singapore 3118.06 3127.74 -0.31
Bangkok 1639.22 1633.56 0.35
Manila 7776.29 7848.83 -0.92
Jakarta 6235.901 6239.245 -0.05
Kuala Lumpur 1601.51 1602.47 -0.06
Ho Chi Minh 995.58 997.26 -0.17
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3118.06 3068.76 1.61
Bangkok 1639.22 1563.88 4.82
Manila 7776.29 7,466.02 4.16
Jakarta 6235.901 6,194.50 0.67
Kuala Lumpur 1601.51 1690.58 -5.27
Ho Chi Minh 995.58 892.54 11.54