* Thai cenbank cuts 2019 growth forecast
* Singapore falls for third straight session
* Philippines leads declines
By Shreya Mariam Job
June 26 (Reuters) - Most Southeast Asian stock markets slid
on Wednesday, with Philippines leading declines, as U.S. Federal
Reserve officials' comments thwarted market expectations of an
aggressive monetary easing in the next meeting.
Federal Reserve officials on Tuesday pushed back on market
expectations and presidential pressure for the central bank to
deliver a significant U.S. interest rate cut of half a
percentage point as soon as its next meeting. "Fed Chairman (Jerome) Powell threw a curveball the market
was not expecting, talking down the chances for a rate hike in
July as he indicated he was still gauging the impact of the
ongoing trade war on the US economy," ING said in a note.
Philippine's benchmark .PSI fell the most in the region,
with industrials dragging the index.
Shares of SM Investments Corp SM.PS and Aboitiz Equity
Ventures Inc AEV.PS shed 1% and 1.6%, respectively.
The Thai index .SETI closed relatively flat after the
country's central bank held interest rate steady for the fourth
straight meeting.
The Bank of Thailand cut its forecasts for 2019 economic
growth and exports for the third time in six months. It now
expects 2019 economic growth of 3.3%, rather than the 3.8% seen
three months ago. Singapore's index .STI edged marginally lower, declining
for the third straight day, with shares of information
technology firm Venture Corporation Ltd VENM.SI falling the
most.
Singapore's industrial production fell slightly more than
expected in May from a year earlier as electronics output
continued to drag. Amid a global tech slump and prolonged Sino-U.S. trade
tensions, the export-reliant city state has taken a heavy hit.
Declines on the Malaysian benchmark index .KLSE were
mostly concentrated among utility stocks, with state-utility
firm Tenaga Nasional Bhd TENA.KL dropping 1.6%.
Malaysia's annual inflation rate in May remained unchanged
at 0.2% for the third month in a row. The Indonesian benchmark .JKSE reversed course to end the
session 0.2% lower.
Shares of Bank Central Asia Tbk Pt BBCA.JK and Astra
International Tbk Pt ASII.JK were the biggest drags on the
index, losing 0.8% and 1.4%, respectively.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3301.25 3304.27 -0.09
Bangkok 1722.21 1721.33 0.05
Manila 8013.57 8034.09 -0.26
Jakarta 6310.489 6320.445 -0.16
Kuala Lumpur 1674.49 1676.61 -0.13
Ho Chi Minh 959.13 960.13 -0.10
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3301.25 3068.76 7.58
Bangkok 1722.21 1563.88 10.12
Manila 8013.57 7,466.02 7.33
Jakarta 6310.489 6,194.50 1.87
Kuala Lumpur 1674.49 1690.58 -0.95
Ho Chi Minh 959.13 892.54 7.46