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Southeast Asian stocks slip as Fed curbs dovish enthusiasm

Published: June 26, 2019 12:13:38 | Updated: July 02, 2019 12:41:41


File Photo (Collected)

Most Southeast Asian stock markets slipped on Wednesday as comments from US Federal Reserve officials curbed rate-cut enthusiasm.

Philippine stocks shed 0.4 per cent with industrials accounting for most of the losses.

SM Investments Corp dipped and Universal Robina Corp fell 1.3 per cent each.

Singapore stocks slipped marginally ahead of manufacturing output data for May.

Manufacturing output last month was expected to have declined 2.2 per cent from a year earlier, according to a Reuters poll. It rose 0.1 per cent in April.

The export-reliant economy has been hit by a prolonged trade war between the United States and China, and the data would shed light on whether the city state is out of the woods.

Malaysian stocks traded in a tight range. Loss was broad-based with Tenaga Nasional Bhd and Sime Darby Plantation Bhd declining 0.7 per cent and 0.6 per cent, respectively.

Malaysia's consumer price index in May rose 0.2 per cent from a year earlier, missing the 0.3 per cent increase forecast by a Reuters poll.

Thai stocks edged lower ahead of a central bank policy decision.

The Bank of Thailand is expected to keep its benchmark policy rate steady for a fourth straight meeting, a Reuters poll showed.

Meanwhile, Indonesian shares rose for a second straight session, supported by modest gains in telecom and financial stocks.

Telekomunikasi Indonesia and Bank Central Asia gained 0.8 per cent and 0.3 per cent, respectively.  

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