* Indonesia down ahead of cenbank meeting on Thurs
* Thailand gains on surprise rise in July exports
* Philippine markets closed for a holiday
By Niyati Shetty
Aug 21 (Reuters) - Most Southeast Asian stock markets closed
lower on Wednesday as investors anxiously awaited a couple of
U.S. Federal Reserve events for clues on further rate cuts,
while Thai shares gained on strong export data.
Market participants looked forward to the minutes of the
Fed's July meeting due later in the day and the annual Jackson
Hole seminar later this week for hints on what additional steps
policymakers will take to boost economic growth. MKTS/GLOB
Worries of a sharp economic slowdown have compounded as the
Sino-U.S. trade war shows no signs of abating. U.S. President
Donald Trump said on Tuesday a confrontation with China was
necessary even if it caused short-term harm to the U.S. economy.
Indonesian shares .JKSE fell 0.7% ahead of a central bank
policy meeting on Thursday, with financials accounting for most
of the losses.
Bank Indonesia is expected to keep key interest rates on
hold, a Reuters poll showed, as recent market volatility rooted
in worries about global growth will likely delay further cuts on
top of the one in July. Bank Rakyat Indonesia (Persero) Tbk PT BBRI.JK slipped
1.2% and Bank Mandiri (Persero) Tbk PT BMRI.JK lost 2%.
Singapore stocks .STI declined, dragged by financials and
industrials. Lender DBS Group Holdings Ltd DBSM.SI fell 0.5%
and conglomerate Jardine Strategic Holdings Ltd JSH.SI slipped
1.5%.
Fitch Ratings said Singapore would be among the Asian
developed markets that would be hit the hardest by a sharp
economic slowdown in China, given its close trade links with the
mainland. Thai stocks .SETI gained 0.8% as investors cheered data
showing customs-cleared exports unexpectedly rose in July for
the first time in five months. The data comes a day after Thailand's finance ministry cut
its 2019 economic growth forecast to 3.0% from 3.8% projected in
April, due to falling exports. Nomura Holdings maintained its 2019 growth guidance at 3.0%
and said "the Bank of Thailand will also likely revise its GDP
growth forecast" and "follow up with another 25 basis point
policy rate cut next month, taking the policy rate to a
historical low of 1.25%."
Vietnam shares .VNI gained, supported by financial and
real estate stocks, with Joint Stock Commercial Bank for Foreign
Trade of Viet Nam VCB.HM adding 4%.
The Philippine market .PSI was closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3122.57 3135.95 -0.43
Bangkok 1638.24 1625.57 0.78
Jakarta 6252.967 6295.738 -0.68
Kuala Lumpur 1594.59 1602.75 -0.51
Ho Chi Minh 994.38 984.67 0.99
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3122.57 3068.76 1.75
Bangkok 1638.24 1563.88 4.75
Manila 7886.91 7,466.02 5.64
Jakarta 6252.967 6,194.50 0.94
Kuala Lumpur 1594.59 1690.58 -5.68
Ho Chi Minh 994.38 892.54 11.41