August 8, 2019 / 4:43 AM / 11 days ago

SE Asia Stocks-Most rise after 3 central banks cut rates; Indonesia leads

    * Malaysia rises on telecom and financial stocks
    * Philippine stocks trade sideways awaiting rate decision

    By Soumyajit Saha
    Aug 8 (Reuters) - Indonesia led gains amid largely positive
Southeast Asian markets on Thursday, as investors digested hefty
rate cuts announced by three central banks on Wednesday, while
Singapore stocks fell after disappointing results from some
blue-chip companies.
    The Bank of Thailand unexpectedly cut its benchmark rate,
while the Reserve Bank of New Zealand reduced its official cash
rate by an above-expectation 50 basis points. The Reserve Bank
of India opted for an unconventional 35 basis point cut to its
repo rate, above wider forecasts.
 
    "It appears that every central bank is now in the business
of showing that it is a cut above the rest/expectations" Mizuho
Bank said in a note to clients.
    "Upshot being, aggressive rate cuts as a means to fire-up
the economy may not always cut it; and certainly not always a
means to being a cut above" the note added.
    Indonesian shares rose on the back of a rally in
banking and consumer stocks. 
    Lender Bank Mandiri (Persero) rose 1.4%, while
cigarette manufacturer Hanjaya Mandala Sampoerna rose
0.7%.
    Bank Indonesia's new senior deputy governor on Wednesday
said she expected "the direction of monetary policy easing to
last long into the future". The central bank had cut its
benchmark rate by 25 basis points last month.
    Singapore stocks were dragged down by large caps such
as Capitaland Ltd and Singapore Telecommunications
, which fell 1.4% and 1.2% each.
    Singapore Telecommunications flagged a 35% fall in net
profit attributable, while Capitaland also saw its quarterly
PATMI fall. 
    Malaysian shares reversed track from Wednesday's
fall to trade higher, helped by gains in financial and telecom
stocks.
    Lender RHB Bank rose 1.8%, while telecom co Axiata
Group gained 1.4%.
    Philippine stocks were flat as gains in the telecom
sector offset losses in the real estate sector. 
    The Philippine Q2 GDP growth missed expectations as
government spending remained subdued, reminding of rising
downside risks like the Sino-U.S. trade war.
    Its central bank is widely expected to cut the benchmark
rate in a meeting later in the day, a Reuters poll
showed.
  
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0434 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3171.09   3184.69         -0.43
 Bangkok                1669.8    1669.44         0.02
 Manila                 7923.53   7917.39         0.08
 Jakarta                6252.678  6204.195        0.78
 Kuala Lumpur           1613.66   1604.7          0.56
 Ho Chi Minh            969.88    965.93          0.41
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3171.09   3068.76         3.33
 Bangkok                1669.8    1563.88         6.77
 Manila                 7923.53   7,466.02        6.13
 Jakarta                6252.678  6,194.50        0.94
 Kuala Lumpur           1613.66   1690.58         -4.55
 Ho Chi Minh            969.88    892.54          8.67
 
 (Reporting by Soumyajit Saha; editing by Uttaresh.V)
  
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