* Fed trims rate by 25 bps
* Singapore hits near 3-month high
* Indonesian shares drop on utility, telecom stocks
By Anushka Trivedi
Oct 31 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Singapore leading gains, after the U.S.
central bank delivered an expected quarter-point rate-cut to
support economic growth.
The U.S. Federal Reserve on Wednesday eased policy for the
third time this year, but hinted there would be no further cuts
unless the economy takes a turn for the worse. However, due to mounting geopolitical and trade tensions,
the futures markets are already pricing in 25-50 bps cuts by mid
2020, and the Fed's move is seen as "not quite so much a
'hawkish cut' as it may be a 'dovish pause'", Mizuho analysts
said in a note.
Singapore shares .STI advanced 0.6% to their highest in
nearly three months, buoyed by financial stocks. The index is on
track to add 3.4% for the month.
The city-state's central bank said its economy will struggle
next year as slowing growth in China and Sino-U.S. trade
tensions choke investments, but growth in domestic financial and
retail sectors should help offset a slowdown in high-tech
manufacturing, it added. DBS Group Holdings Ltd DBSM.SI and United Overseas Bank
Ltd UOBH.SI climbed over 1% each.
Thai benchmark .SETI rose 0.4%, helped by financial and
utility stocks.
Siam Commercial Bank PCL SCB.BK was up 2.2%, while Energy
Absolute EA.BK jumped as much as 3.6%.
Malaysian shares .KLSE advanced 0.3% to their highest in
four weeks as banking stocks gained.
Meanwhile, Indonesian shares .JKSE slipped 0.6% as
telecoms and utility stocks dragged.
Heavyweight Telekomunikasi Indonesia (Persero) Tbk PT
TLKM.JK lost 2.6%, while natural gas distributor Perusahaan
Gas Negara Tbk PT PGAS.JK dropped 7.8%.
A local news report said https://katadata.co.id/berita/2019/10/30/tak-dapat-restu-kementerian-esdm-harga-gas-pgn-batal-naik
that government blocked PGAS's plans to raise gas prices
November 1 onwards.
Philippine stocks .PSI dipped, with financials dominating
losses on the benchmark. The index is on track to rise 2.9% this
month.
Property developer Ayala Land Inc ALI.PS shed 1% while
Bank of the Philippine Islands BPI.PS fell 2.9%.
Elsewhere, data showed that factory activity in China,
Southeast Asia's biggest trade partner, shrank for the sixth
straight month in October, pointing to further pressure on its
manufacturers as they grapple with weakest growth in nearly 30
years. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3227.35 3207.92 0.61
Bangkok 1608.4 1601.83 0.41
Manila 7984.05 8020.06 -0.45
Jakarta 6257.907 6295.747 -0.60
Kuala Lumpur 1585.33 1580 0.34
Ho Chi Minh 1001.01 1000.89 0.01
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3227.35 3068.76 5.17
Bangkok 1608.4 1563.88 2.85
Manila 7984.05 7,466.02 6.94
Jakarta 6257.907 6,194.50 1.02
Kuala Lumpur 1585.33 1690.58 -6.23
Ho Chi Minh 1001.01 892.54 12.15