* Indonesian stocks up as much as 2.02%
* Singapore's City Developments sees best day in over 2 yrs
* Thai index on track for fifth straight gain
By Shreya Mariam Job
June 10 (Reuters) - Southeast Asian stock markets rose on
Monday, with Indonesia leading the pack, as weak U.S. jobs data
bolstered expectations of a Fed rate cut that could encourage
policy easing by regional central banks.
U.S. job growth slowed sharply in May and wages rose less
than expected, raising fears that a loss of momentum in economic
activity could be spreading to the labor market. "The movement was driven by the news of the tariffs not
being implemented against Mexico. Markets have generally been
oversold over the last one month. Expectations of a rate cut
going forward is also providing some level of support to the
market," said Joel Ng, analyst with KGI Securities.
The United States and Mexico struck a deal on Friday to
avert a tariff war, easing fears of yet another trade conflict.
Meanwhile, China's exports unexpectedly returned to growth
in May despite higher U.S. tariffs, but imports fell 8.5% in a
further sign of weak domestic demand that could prompt Beijing
to step up stimulus measures. Broader Asia also saw an uptick with MSCI's index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS rising 0.7%
Indonesian shares .JKSE rose as much as 2.02% underpinned
by gains in financials as the market reopened after a holiday
week and ahead of the country's May inflation data.
Indonesia's annual inflation rate is seen accelerating in
May from a month earlier amid Ramadan and Eid al-Fitr
celebration with annual consumer price index (CPI) forecast to
rise 3.17%. Bank Central Asia Tbk Pt BBCA.JK and Astra International
Tbk Pt ASII.JK gained 3.7% and 2%, respectively.
An index of the country's 45 most liquid stocks .JKLQ45
jumped 2%.
Singapore stocks .STI gained 1% led by financials and real
estate stocks.
City Developments Ltd CTDM.SI rose as much as 6.1%, its
biggest intraday percentage gain in over two years, following a
fresh bid for Millennium & Copthorne Hotels Plc MLC.L .
Millennium & Copthorne has agreed to be acquired by City
Developments in a deal that values the British company at 2.23
billion pounds ($2.84 billion).
DBS Holdings Group Ltd DBSM.SI gained 1.4%.
Thai stocks .SETI gained 0.7% with energy and material
stocks buoying the index. PTT Exploration and Production PCL
PTTEP.BK rose 2%.
Financial and real estate stocks pushed the Vietnam index
.VNI 0.6% higher. Joint Stock Commercial Bank for Foreign
Trade of Viet Nam VCB.HM and Vingroup JSC .VIC advanced 1.5%
and 0.7%, respectively.
Philippine stocks .PSI rose marginally.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3196.97 3166.29 0.97
Bangkok 1664.6 1653.5 0.67
Manila 7988.64 7983.98 0.06
Jakarta 6309.824 6209.117 1.62
Kuala Lumpur 1655.04 1649.33 0.35
Ho Chi Minh 963.79 958.28 0.57
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3196.97 3068.76 4.18
Bangkok 1664.6 1563.88 6.44
Manila 7988.64 7,466.02 7.00
Jakarta 6309.824 6,194.50 1.86
Kuala Lumpur 1655.04 1690.58 -2.10
Ho Chi Minh 963.79 892.54 7.98