October 21, 2019 / 6:11 AM / a month ago

SE Asia Stocks-Most fall as China stands pat on lending rate; Singapore gains

    * Markets had hoped Beijing would provide further monetary
support
    * Indonesia rises ahead of cenbank policy meet on Oct 24
    * Malaysia set to decline for a third consecutive session

    By Sameer Manekar
    Oct 21 (Reuters) - Most Southeast Asian stock markets dipped
on Monday as China, the region's biggest trading partner,
unexpectedly kept its benchmark lending rate unchanged, trimming
hopes of further stimulus measures from the world's
second-largest economy. 
    The decision to keep the benchmark lending rate steady came
just days after China reported its third-quarter gross domestic
product growth cooling to a nearly 30-year low.
  
    Though markets had hoped that the central bank would provide
further monetary support to shore up growth, investors in
China's financial markets took the rate decision in stride.
    A bruising 15-month long Sino-U.S. trade dispute was also
one of the key factors fuelling the easing expectations. 
    "Market is getting in the frame of mind here that the
People's Bank of China is not going to come riding in to the
rescue," said Stephen Innes, market strategist at AxiTrader. 
    Leading losses in the region, the Philippine stocks
extended declines to a second session, with utility and
financial sectors being the biggest laggards in the index.
    Real-estate company SM Prime Holdings and Aboitiz
Power Corp lost 1.4% and 0.3%, respectively.
    Thai shares dropped, poised for a third session of
losses, after data showed a 1.39% decline in the country's
customs-cleared exports in September, worse than a Reuters poll
forecast of a 1.2% increase.
    Siam Commercial Bank dropped 2.6%, while retailer
Home Product Center PCL fell 3.6%.       
    Malaysian stocks were set to close lower for a third
straight session, with financials and consumer sectors losing
the most. CIMB Group Holdings and Nestle (Malaysia)
Bhd shed 0.8% and 0.6%, respectively.
    Bucking the sombre mood, the Singapore index rose
0.9% as property developers in the city-state continued to
rally. 
    "Prospects are favourable in the property sector," said
Stephen Innes, market strategist at AxiTrader, referring to the
real-estate sector in Singapore benefitting from Hong Kong
companies moving out amid political unrest.
    "Even companies based out of Chinese mainland do not want to
buy in Hong Kong, they prefer to buy outside now, and the number
one destination is going to be Singapore for their money." Innes
added.
    Property firm UOL Group added as much as 2.8%,
while City Developments and Ascendas Real Estate
Investment Trust gained 1.8% and 1.3%, respectively.  
 
   Indonesian stocks were on track to post their seventh
consecutive session of gains, ahead of the Bank Indonesia policy
meet later this week, where the central bank is expected to
reduce its policy rate by another 25bps.
   Consumer and financial firms were the biggest gainers in the
index, with Unilever Indonesia and Bank Central Asia
 rising 0.7% each.       

  
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3140.94  3114.16          0.86
 Bangkok                1624.86  1631.43         -0.40
 Manila                 7870.83  7885.23         -0.18
 Jakarta                6199.51  6191.947         0.12
 Kuala Lumpur           1568.75  1571.15         -0.15
 Ho Chi Minh            988.31   989.2           -0.09
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3140.94  3068.76         2.35
 Bangkok                1624.86  1563.88         3.90
 Manila                 7870.83  7,466.02        5.42
 Jakarta                6199.51  6,194.50        0.08
 Kuala Lumpur           1568.75  1690.58         -7.21
 Ho Chi Minh            988.31   892.54          10.73
 
 (Reporting by Sameer Manekar in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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