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SE Asia Stocks-Rise on fresh Fed rate-cut bets; Indonesia leads

Published 07/19/2019, 06:09 PM
Updated 07/19/2019, 06:10 PM
SE Asia Stocks-Rise on fresh Fed rate-cut bets; Indonesia leads
STI
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JKLQ45
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JKSE
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KLSE
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SETI
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PSI
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BBCA
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MINT
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SCBB
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HMSP
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* Indonesia's central bank notes strength in data
* Fitch upgrades Thailand's outlook

By Soumyajit Saha
July 19 (Reuters) - Southeast Asian stock markets ended
higher on Friday with Indonesia leading the pack, as global
shares cheered a revival of deeper U.S. rate-cut hopes following
distinctly dovish commentary from two top Federal Reserve
officials.
Fed Vice Chair Richard Clarida and New York Fed President
John Williams urged policymakers to be proactive in stimulating
the economy amidst rising risks, and not wait for potential
economic problems to materialize. The comments almost sealed the Fed cutting rates by 25 basis
points and revived hopes of an even deeper 50 basis points cut.
"No matter how you dissect Fed Williams comments when
combined with an equally dovish Fed Clarida, if it looks like a
dove and coos like a dove, it's probably a dove," said Stephen
Innes, managing partner at Vanguard Markets, in a note.
Indonesian shares .JKSE rose to their highest close in
over 12 weeks and led the regional pack, boosted by financial
and consumer stocks. The benchmark rose 1.3% over the week.
Central bank Governor Perry Warjiyo said Indonesia's
economic indicators, including results of business and banking
surveys, showed an improvement in activity at the start of the
third quarter. Lender Bank Central Asia BBCA.JK gained 0.7%, while
cigarette maker Hanjaya Mandala Sampoerna HMSP.JK rose 2.6%.
An index of Indonesia's 45 most liquid stocks .JKLQ45 rose
0.8%.
Thai stocks .SETI rose for the ninth consecutive week.
Strength in external and public finances in Thailand have
endured over several years, leading to increasing confidence
that "lingering political risks are unlikely to derail sound
macroeconomic management", said credit rating agency Fitch.
Lender Siam Commercial Bank SCB.BK rose 1.4%, while
restaurant owner Minor International MINT.BK rose 4.3%.
Singapore stocks .STI advanced, pushed up by the financial
sector. The index reversed course from last week to gain 0.6%
over this week.
Philippine shares .PSI rose slightly, and gained for the
second consecutive week. Malaysian stocks .KLSE gained for the
day, but fell 0.7% over the week.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3377.96 3361.05 0.50
Bangkok 1735.1 1723.44 0.68
Manila 8270.07 8258.05 0.15
Jakarta 6456.539 6403.294 0.83
Kuala Lumpur 1658.19 1648.93 0.56
Ho Chi Minh 982.34 976.05 0.64

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3377.96 3068.76 10.08
Bangkok 1735.1 1563.88 10.95
Manila 8270.07 7,466.02 10.77
Jakarta 6456.539 6,194.50 4.23
Kuala Lumpur 1658.19 1690.58 -1.92
Ho Chi Minh 982.34 892.54 10.06


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