SE Asia Stocks-Most fall ahead of Fed policy decision; Thailand top loser – Reuters

Posted: September 19, 2019 at 6:45 am


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* Thai shares lose the most in the region * Malaysian stocks dip on weakness in palm oil producers * Indonesia rises ahead of central bank policy decision By Anushka Trivedi Sept 18 (Reuters) - Most Southeast Asian stock marketsdeclined in thin trading on Wednesday as investors were cautiousahead of an expected U.S. interest rate cut, with Thailandshedding the most on a drop in oil prices. With a 25-basis point U.S. rate cut seen as near-certain,investors will look at the Fed's statements for clues on thefuture policy direction of the central bank. "In the absence of any surprise in the rate move, investorswill be looking at the message from the FOMC in the statementand subsequent press conference," said Nick Twidale, directorand co-founder, Xchainge. "The risk probably sits once again with a hawkish cut and ifthis comes to fruition, then expect stock markets to take a hitalong with risk trades overall." Thai shares fell 0.6% to their lowest close in twoweeks and were the biggest losers in the region as tumbling oilprices pressured the country's energy stocks. Oil and gas producers PTT PCL and PTT Explorationand Production PCL dropped 3.7% and 4.6%,respectively. Singapore benchmark index extended losses to a thirdstraight session as financials faltered. Malaysian shares ended at their lowest in over oneweek as a drop in palm oil prices weighed on producers of thecommodity. Kuala Lumpur Kepong Bhd closed at an overone-month low, while edible oil distributor PPB Group Bhd slipped 1.6%. Bucking the trend, the Indonesian benchmark indexinched up ahead of a central bank interest rate decision onThursday. Bank Indonesia is expected to cut its benchmark rate for thethird meeting in a row, to support growth, according to aReuters poll. Tobacco company Gudang Garam Tbk PT was among thetop gainers as it rose 1.5%, following a 20% slump earlier inthe week on a government mandate to slap higher taxes and hikecigarette costs 2020 onwards. An index of Jakarta's forty-five most liquid stocks was 0.5% higher.For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3166.84 3183 -0.51 Bangkok 1654.14 1663.93 -0.59 Manila 7915.29 7932.23 -0.21 Jakarta 6276.633 6236.69 0.64 Kuala Lumpur 1599.49 1604.3 -0.30 Ho Chi Minh 995.15 996.74 -0.16 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3166.84 3068.76 3.20 Bangkok 1654.14 1563.88 5.77 Manila 7915.29 7,466.02 6.02 Jakarta 6276.633 6,194.50 1.33 Kuala Lumpur 1599.49 1690.58 -5.39 Ho Chi Minh 995.15 892.54 11.50 (Reporting by Anushka Trivedi in Bengaluru; Editing by AdityaSoni )

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SE Asia Stocks-Most fall ahead of Fed policy decision; Thailand top loser - Reuters

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September 19th, 2019 at 6:45 am

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