* Genting Malaysia top loser in Malaysia
* Indonesia breaks from four sessions of losses
By Soumyajit Saha
Aug 7 (Reuters) - Most Southeast Asian stock markets rose on
Wednesday, with Philippines rising nearly 2%, as the United
States and China toned down their hawkish trade rhetoric.
Beijing helped pull the yuan back on Tuesday from its lowest
in over a decade, after Washington had labelled it a currency
manipulator in a tit-for-tat escalation of the trade war.
Larry Kudlow, director of the White House National Economic
Council, added to signs of relief after he said Washington was
willing to continue trade talks and planning to host a Chinese
delegation for talks in September. "Together with China's moderate CNY fixing yesterday,
(Kudlow's comment) has poured some soothing oil on troubled
market waters," ING Group said in a note to clients.
ING Group added it was "an uneasy calm" and that Kudlow's
invitation "sounds a bit like being invited to the birthday
party of the kid who bullies you at school. I'd probably tell my
parents I didn't want to go".
Philippine shares .PSI gained the most in Southeast Asia
ahead of a central bank policy decision on Thursday, with
heavyweights SM Prime Holdings SMPH.PS and BDO Unibank
BDO.PS rising 2.5% and 4% respectively.
A Reuters poll shows the central bank is expected to cut
rates by 25 basis points, as July annual inflation slowed to a
two-year low. A smaller trade deficit in June also helped boost
sentiment. Indonesian shares .JKSE advanced after four sessions of
losses, with lenders Bank Rakyat Indonesia (Persero) BBRI.JK
and Bank Central Asia BBCA.JK rising 4.2% and 2% respectively.
Bank Indonesia's new senior deputy governor, Destry
Damayanti, said she expected "the direction of monetary policy
easing to last long into the future". The central bank had cut
its benchmark rate by 25 basis points last month. Malaysian stocks .KLSE fell, dragged by tourist resort
business Genting Malaysia Bhd GENM.KL and related company
Genting Bhd GENT.KL .
Genting Malaysia plunged 11.9% after the company said it had
decided to acquire and privatise loss-making Empire Resorts Inc
NYNY.O . Genting Bhd lost 7.1%.
Thai shares .SETI edged lower as gains after an unexpected
rate cut by the central bank were outweighed by losses in the
energy sector due to weak oil prices. O/R
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3184.69 3170.47 0.45
Bangkok 1669.44 1671.48 -0.12
Manila 7917.39 7766.75 1.94
Jakarta 6204.195 6119.471 1.38
Kuala Lumpur 1604.7 1611.79 -0.44
Ho Chi Minh 965.93 964.61 0.14
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3184.69 3068.76 3.78
Bangkok 1669.44 1563.88 6.75
Manila 7917.39 7,466.02 6.05
Jakarta 6204.195 6,194.50 0.16
Kuala Lumpur 1604.7 1690.58 -5.08
Ho Chi Minh 965.93 892.54 8.22