* Singapore up as much as 1%
* Thailand hits over 9-month high
By Soumyajit Saha
July 11 (Reuters) - Most Southeast Asian stock markets rose
on Thursday, with Singapore leading gains, as investors cheered
U.S. Federal Reserve Chairman Jerome Powell's comments
bolstering prospects of an interest rate cut.
Powell promised to closely monitor economic data to see its
implications on growth and inflation, adding that he "would act
as appropriate to sustain the expansion". The chairman also warned that the simmering Sino-U.S. trade
war posed a threat to economic growth, in what seemed to be a
confirmation of wide expectations of a rate cut later this
month.
"Equally telling was the fact that he downplayed a strong
payrolls report, saying that there is no sign of overheating in
the job market at home" Mizuho Bank said in a note to clients.
Singapore's index .STI led the gains in the region, buoyed
by rise in financials. Shares of lenders DBS Group Holdings Ltd
DBSM.SI and United Overseas Bank Ltd UOBH.SI rose as much as
1.9% and 1.5%, respectively.
The Thai benchmark .SETI hit a more than nine-month high,
as appointment of a cabinet under Prime Minister Prayuth
Chan-Ocha soothed investor sentiment. "For now, the end of the political stalemate is positive
news for the local markets," ING group said in a note to
clients.
The Philippine index .PSI was buoyed by gains in real
estate stocks. SM Prime Holdings Inc SMPH.PS and Ayala Land
Inc ALI.PS were up as much as 1.2% and 2%, respectively.
The Malaysian index .KLSE was flat, as gains in telecom
stocks offset losses in consumer sector counters.
Palm oil producers such as Sime Darby Plantation Bhd
SIPL.KL and IOI Corporation Bhd IOIB.KL dragged the index,
affected by a fall in palm oil prices in the first half of the
year due to slow demand. The Indonesian benchmark .JKSE advanced slightly, helped
by gains in financials.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0329 GMT
Market Current Previous close Pct Move
Singapore 3362.66 3340.42 0.67
Bangkok 1743.17 1739.43 0.22
Manila 8105.98 8078.21 0.34
Jakarta 6415.645 6410.683 0.08
Kuala Lumpur 1677.8 1678.97 -0.07
Ho Chi Minh 975.65 973.65 0.21
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3362.66 3068.76 9.58
Bangkok 1743.17 1563.88 11.46
Manila 8105.98 7,466.02 8.57
Jakarta 6415.645 6,194.50 3.57
Kuala Lumpur 1677.8 1690.58 -0.76
Ho Chi Minh 975.65 892.54 9.31