August 1, 2019 / 3:52 AM / 2 months ago

SE Asia Stocks-Philippines falls to near 5-week lows; others trade in tight range

    * Indonesian shares flat ahead of July inflation data
    * Utility, consumer stocks top losers in Philippines

    By Anushka Trivedi
    Aug 1 (Reuters) - Philippine shares declined on Thursday,
extending falls to near five-week lows, while other Southeast
Asian markets traded in a tight range as investors laid off
heavy bets after the U.S. Federal Reserve dashed hopes of a
lengthy easing cycle.
    The Fed lowered rates by 25 basis points at the conclusion
of its two-day meeting on Wednesday, which it called was a
"mid-cycle adjustment to policy".
    Equities globally have had a bull run recently on
expectations that the Fed would kick off an easing cycle, but
Jerome Powell's hawkish stance poured cold water on the hopes.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 faltered 0.4% on Thursday.
    In Southeast Asia, Philippine shares declined as much
as 0.9%, heading for a third straight session of falls, as
utility and consumer stocks wavered.
    Electricity retailer Aboitiz Power Corp continued
its slide into a second session after disappointing quarterly
results, while SM Investments Corp dropped 1.5%. 
    RCBC Securities warned of more bloodshed on Thursday after
the Fed implied no more rate cuts in the near-term.    
    Singapore stocks were flat after ticking up early in
the session, with gains in top-tier banks offsetting losses in
other sectors.
    Property developer City Developments Ltd slipped
0.7%, while DBS Group Holdings Ltd, Southeast Asia's
biggest lender, edged up 0.5%. 
    In other news, Singapore Airlines Ltd suffered its
worst trading session in over a year after posting a 21% dive in
quarterly net profit as grounding of Boeing 737 MAX fleet
disrupted operations.
    Indonesian shares were little changed ahead of key
inflation data for the month of July.
    Annual inflation rate in July is predicted to stay around
the same level as in June, well within Bank Indonesia's (BI)
target range, a Reuters poll showed on Tuesday.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Market                 Current  Previous close  Pct Move
 Singapore              3300.23  3300.75         -0.02
 Bangkok                1704.33  1711.97         -0.45
 Manila                 7994.37  8053.92         -0.74
 Jakarta                6390.24  6390.505        0.00
 Kuala Lumpur           1634.82  1634.87         0.00
 Ho Chi Minh            992.77   991.66          0.11
                                                 
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3300.23  3068.76         7.54
 Bangkok                1704.33  1563.88         8.98
 Manila                 7994.37  7,466.02        7.08
 Jakarta                6390.24  6,194.50        3.16
 Kuala Lumpur           1634.82  1690.58         -3.30
 Ho Chi Minh            992.77   892.54          11.23
 
 (Reporting by Anushka Trivedi in Bengaluru; Editing by
Subhranshu Sahu)
  
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