August 8, 2019 / 10:09 AM / 11 days ago

SE Asia Stocks-Indonesia extends gains on dovish comments from cenbank official

    * Singapore down for sixth session in seven
    * Malaysia rebounds from prvs session's loss

    By Soumyajit Saha
    Aug 8 (Reuters) - Indonesian shares rose over 1% on
Thursday, extending gains into the second session after dovish
comments from a top central bank official boosted investor
sentiment, while Singapore stocks closed lower for a sixth
session in seven on industrials.
    Bank Indonesia's new senior deputy governor, Destry
Damayanti, said on Wednesday she expected "the direction of
monetary policy easing to last long into the future".

    The central bank cut its benchmark rate by 25 basis points
last month, which many analysts saw as the start to an easing
cycle.
    Elsewhere, China's exports unexpectedly returned to growth
in July that left the country with a trade surplus of $45.06
billion, compared to analysts' forecast for a $40 billion
surplus.
    The banking sector helped Indonesian stocks rise the
most in the region, with Bank Rakyat Indonesia
(Persero) gaining 1% while Bank Mandiri (Persero)
  added 2%.
    Industrials like Jardine Matheson Holdings and
Jardine Strategic Holdings dragged on Singapore shares
. Jardine Matheson and Jardine Strategic fell 3.8% and
1.3%, respectively.
    A 20% drop in Yangzijiang Shipbuilding Holdings
caused considerable drag on the industrial sector, said Joel Ng,
an analyst with KGI Securities.
    Malaysian shares rebounded from the previous
session's losses, helped by financial and consumer stocks. RHB
Bank gained 2%, while palm oil producer Sime Darby
Plantations rose 4.7%. 
    Thai shares edged lower, hurt by losses in the
energy sector as oil prices fell earlier in the day. 
    PTT PCL and PTT Exploration and Production
 fell 1.7% and 2%, respectively. 
    Philippine shares were flat, as gains in telecom
stocks offset losses in financials.
    The central bank cut its benchmark rate by 25 basis points,
as expected, after the economy expanded slower than expected in
the second quarter.
    
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SOUTHEAST ASIAN STOCK MARKETS
 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3168.94   3184.69         -0.49
 Bangkok                1665.12   1669.44         -0.26
 Manila                 7914.16   7917.39         -0.04
 Jakarta                6274.671  6204.195        1.14
 Kuala Lumpur           1616.02   1604.7          0.71
 Ho Chi Minh            975.24    965.93          0.96
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3168.94   3068.76         3.26
 Bangkok                1665.12   1563.88         6.47
 Manila                 7914.16   7,466.02        6.00
 Jakarta                6274.671  6,194.50        1.29
 Kuala Lumpur           1616.02   1690.58         -4.41
 Ho Chi Minh            975.24    892.54          9.27
 

 (Reporting by Soumyajit Saha, additional reporting by Anushka
Trivedi; Editing by Subhranshu Sahu)
  
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