* Philippines rises for 4th straight session
* Vietnam's Vingroup rises on unit stake sale
* Malaysia market closed for holiday
By Shreya Mariam Job
Sept 9 (Reuters) - Southeast Asian stock markets closed
slightly higher in thin-volume trade on Monday, as investors
shrugged off an easing in lending norms by the Chinese central
bank and waited for more clarity on monetary easing by other
major central banks.
Investors now await the European Central Bank policy meeting
later this week and the Sept. 17-18 meeting of the U.S. Federal
Reserve for clues on rates.
Investor sentiment was however broadly positive as weak data
out of the United States and China spurred hopes of further
stimulus measures to prop up floundering economic growth in the
world's two top economies. U.S. job growth slowed more than expected in August, with
retail hiring declining for a seventh straight month. Economists
said the report was consistent with an economy that was slowing.
Meanwhile, China's exports unexpectedly fell in August, hurt
by a slowdown in shipments to the United States, raising the
case for more stimulus as the Sino-U.S. trade war drags on.
The bleak data comes after central banks of both countries
indicated a move toward sustaining economic growth.
Federal Reserve Chair Jerome Powell said the Fed would
continue to act "as appropriate" to sustain the economic
expansion in the world's biggest economy. Meanwhile, the People's Bank of China said it was cutting
the amount of cash that banks must hold as reserves for the
third time this year, releasing 900 billion yuan ($126.35
billion) in liquidity to shore up the flagging economy.
"Clearly, China is moving away from the direct prime-pump
while focusing more on boosting consumption and structural
reform. This may limit the spill-over effect of China's stimulus
on the regional economies," OCBC said in a note to clients.
Data also shows valuations of Asian shares took a hit in
August after a sharp selloff due to an escalation in the
Sino-U.S. trade war, with MSCI's broadest index of Asia-Pacific
shares .MIAP00000PUS declining 3.4%.
Philippine stocks .PSI closed 0.3% higher, extending gains
into a fourth session, boosted by financials.
SM Prime Holdings Inc SMPH.PS gained 1.3%, while Bank of
the Philippine Islands BPI.PS rose 4.2%.
Vietnam shares .VNI closed little changed, with real
estate conglomerate Vingroup JSC VIC.HM rising 1.2% after a
consortium led by Singapore's state investor GIC Pte Ltd
GIC.UL signed an agreement to buy a stake in one of its units
for $500 million. Indonesian shares .JKSE rose 0.3%, driven by consumer and
energy stocks.
United Tractors Tbk Pt UNTR.JK rose 8%, while Charoen
Pokphand Indonesia Tbk Pt CPIN.JK advanced 5.5%.
The Malaysian stock market .KLSE was closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3146.33 3144.48 0.06
Bangkok 1671.22 1670.06 0.07
Manila 7960.12 7933.47 0.34
Jakarta 6326.213 6308.95 0.27
Ho Chi Minh 974.12 974.08 0.00
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3146.33 3068.76 2.53
Bangkok 1671.22 1563.88 6.86
Manila 7960.12 7,466.02 6.62
Jakarta 6326.213 6,194.50 2.13
Ho Chi Minh 974.12 892.54 9.14