* Indonesia touches over two-month high
* Malaysia reverses track to fall slightly
By Soumyajit Saha
July 10 (Reuters) - Most Southeast Asian stock markets rose
slightly on Wednesday in thin trade, with Singapore leading the
gains, as markets awaited further direction from U.S. Federal
Reserve Chair Jerome Powell's congressional testimony slated
later in the day.
Expectations of a dovish rate policy has been a major
stimulant to movement over the last few months, in the face of a
global economic slowdown due to the Sino-U.S. trade war.
"A July cut is not quite a done deal, and Powell may well
suggest as much by deliberately not committing to cutting rates
at the upcoming July FOMC," Mizuho Bank said in a note to
clients.
Markets are now anxious for an actual cut, after reigning in
their hopes of a deeper rate cut following bright U.S. jobs data
in June. Singapore's index .STI snapped a three-session losing
streak to rise 0.6%. The benchmark index was largely propped up
by buying in large caps such as DBS Group Holdings DBSM.SI and
United Overseas Bank UOBH.SI .
The Thai benchmark .SETI gained about 0.5% in early trade,
boosted by gains in financial and energy sector stocks.
Lender Kasikornbank Pcl KBANK.BK rose as much as 0.8%,
while oil explorer PTT Exploration and Production PCL PTTEP.BK
rose as much as 1.1%.
The Indonesian benchmark .JKSE hit a more than two-month
high, buoyed by gains in financials. Bank Negara Indonesia
(Persero) BBNI.JK rose as much as 1.1%.
Meanwhile, Malaysia's index .KLSE bucked the trend to fall
slightly, hurt by losses in industrial and utility shares.
Philippine stocks .PSI were flat, while Vietnam's index
.VNI rose 0.5% in early trade.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0410 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3349.72 3329.46 0.61
Bangkok 1730.8 1721.48 0.54
Manila 8043.02 8042.04 0.01
Jakarta 6406.952 6388.323 0.29
Kuala Lumpur 1680.17 1682.87 -0.16
Ho Chi Minh 973.97 969.05 0.51
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3349.72 3068.76 9.16
Bangkok 1730.8 1563.88 10.67
Manila 8043.02 7,466.02 7.73
Jakarta 6406.952 6,194.50 3.43