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Southeast Asian stocks near flat in cautious trading

Published: July 18, 2019 11:49:29 | Updated: July 20, 2019 13:20:23


File Photo (Collected)

Most Southeast Asian stock markets traded in a tight range on Thursday, as the US Federal Reserve's bright domestic economic outlook curbed expectations of extensive policy easing and renewed tariff-war fears soured risk appetite.

Singapore stocks fell slightly, hurt by the real estate sector. CapitaLand Ltd declined 1.1 per cent, while Hongkong Land Holdings slipped 0.5 per cent.

Malaysian shares inched lower, dragged by resources stocks. Petronas Chemicals Group was down about 3.5 per cent, reports Reuters.

Indonesian stocks were flat as losses in the financial sector offset gains in the resources and consumer sectors.

Market participants awaited the central bank's policy rate decision due later in the day. The Bank Indonesia is expected to trim its 7-day reverse repo rate by 25 basis points, according to a Reuters poll.

Philippine shares rose, helped by gains in the financial and industrial sectors.

Miguel Ong, a research analyst with AP Securities, attributed it to expectations of strong second-quarter earnings.

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