* China's Q2 GDP growth weakest in 27 years
* Indonesia June trade balance lags expectation
By Soumyajit Saha
July 15 (Reuters) - Philippine shares .PSI jumped over
1.5% on Monday to their highest in more than 15 months, after a
local daily reported of more scope for policy easing quoting the
top central bank official, while Indonesian stocks .JKSE were
headed for a fourth session of gains in five.
The Philippine Star newspaper quoted https://www.philstar.com/business/2019/07/15/1934695/more-room-cut-rates-q3-benjamin-diokno
the central bank governor, Benjamin Diokno, as saying dovish
commentary from the U.S. Federal Reserve chairman last week,
coupled with a recent uptick in the domestic inflation outlook,
had provided more room to cut rates.
"All eyes" were on the governor's commentary, said Fio
Dejesus, an equity research analyst at RCBC Securities.
"There is also some optimism moving into the second quarter,
because the first-quarter GDP was not stellar," he added.
The Bangko Sentral ng Pilipinas cut its benchmark interest
rate by 25 basis points in May to support growth, after the
economy grew weaker than expected in the first quarter.
Risk sentiment was also aided by prospects of further
stimulus by China after its economic growth in the June quarter
slowed to the weakest in at least 27 years. "There is no denying (that) trade tensions are indeed coming
home to roost in a very real way. In response, we expect that
China will unleash an effective and targeted combination of
fiscal and monetary easing to avert adverse shocks," Mizuho Bank
said in a note to clients.
Large caps were top gainers in the Philippines, with
property developer SM Prime Holdings SMPH.PS up 1.7%, while
conglomerate SM Investments Corp SM.PS added 4.3%.
Financial and consumer stocks were top gainers in Indonesia,
with Bank Central Asia Tbk BBCA.JK rising 1%, while cigarette
maker Hanjaya Mandala Sampoerna HMSP.JK climbed 1.7%
Meanwhile, data showed June trade balance came in below
expectations. Thai stocks .SETI rose marginally, helped by gains in
energy stocks.
Malaysian shares .KLSE fell slightly, while Singapore
stocks .STI traded sideways.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0346 GMT
Market Current Previous close Pct Move
Singapore 3353.09 3357.34 -0.13
Bangkok 1733.28 1731.59 0.10
Manila 8267.42 8141.82 1.54
Jakarta 6415.265 6373.345 0.66
Kuala Lumpur 1667.64 1669.45 -0.11
Ho Chi Minh 975.06 975.4 -0.03
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3353.09 3068.76 9.27
Bangkok 1733.28 1563.88 10.83
Manila 8267.42 7,466.02 10.73
Jakarta 6415.265 6,194.50 3.56
Kuala Lumpur 1667.64 1690.58 -1.36
Ho Chi Minh 975.06 892.54 9.25