SE Asia Stocks-Singapore, Malaysia gain in line with broader Asia; Thailand down

* Thailand cuts 2019 growth forecast to 3% from 3.8%
* Thai customs-cleared trade data for July due on Wed
* Malaysia hits over 1-week closing high

By Niyati Shetty
Aug 20 (Reuters) - Singapore and Malaysian stocks rose on
Tuesday, in line with broader Asia as stimulus proposals in
major economies muted recession fears, while Thai shares
retreated as the government cut its 2019 economic growth
forecast.
Hopes gathered momentum that global policymakers would
introduce further stimulus to prevent a sharp economic slowdown,
after countries including China and Germany proposed steps to
prop up flagging economies.
Market participants, however, kept a cautious stance ahead
of the release of minutes from the U.S. Federal Reserve's July
meeting and Chair Jerome Powell's speech at the Jackson Hole
symposium this week.
Singapore shares hit one-week highs, boosted by real
estate firms. CapitaLand Ltd gained 2% and Hongkong
Land Holdings added 1.6%.
Malaysian shares rose to more than one-week closing
highs, with lender CIMB Group Holdings gaining 2.8%
while telecom firm Axiata Group added 0.8%.
Vietnam stocks gained for the fifth straight session,
with real estate developer Vinhomes JSC jumping 3%.
Thai shares reversed course to close 0.7% lower as
the finance ministry cut its 2019 economic growth forecast to 3%
from 3.8% projected in April, due to falling exports.

Thailand's customs-cleared trade data is due on Wednesday,
with annual exports seen falling 2.3% in July after a 2.15% drop
in the prior month, according to a Reuters poll.
Philippine equities shed 0.7%, with fast food chain
Jollibee Foods Corp declining nearly 4% while snack and
beverage maker Universal Robina Corp slipped 2.6%.
"Investors took profits from yesterday's (Monday) run-up,
sending the bellwether index down," RCBC Securities said in a
note.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS

Market Current Previous close Pct Move
Singapore 3135.95 3128.45 0.24
Bangkok 1625.57 1637.26 -0.71
Manila 7886.91 7938.35 -0.65
Jakarta 6295.738 6296.715 -0.02
Kuala Lumpur 1602.75 1596.45 0.39
Ho Chi Minh 984.67 981.03 0.37

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3135.95 3068.76 2.19
Bangkok 1625.57 1563.88 3.94
Manila 7886.91 7,466.02 5.64
Jakarta 6295.738 6,194.50 1.63
Kuala Lumpur 1602.75 1690.58 -5.20
Ho Chi Minh 984.67 892.54 10.32

(Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu
Sahu)


First Published: 2019-08-20 06:01:01
Updated 2019-08-20 12:05:34


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