The Financial Express

Southeast Asian stocks mostly flat ahead of Fed Policy meeting

Published: July 30, 2019 12:22:55 | Updated: August 07, 2019 12:57:12

File Photo (Collected) File Photo (Collected)

Southeast Asian markets were tepid on Tuesday ahead of the US Federal Reserve's policy meeting, while Philippine shares fell as investors locked in profits in heavyweight stocks.

The benchmark Philippine stock index declined 0.8 per cent, with SM Investments Corp and Universal Robina Corp weighing on the index ahead of their quarterly results later this week.

Indonesia's main board logged its best intraday gain in almost two weeks, on the back of telecom and material stocks.

Telekomunikasi Indonesia (Persero) Tbk PT rose 2.1 per cent and PT Steel Pipe Industry of Indonesia Tbk jumped 10.8 per cent to its highest in over five months.

An index of Jakarta's 45 most liquid stocks rose 0.6 per cent.

Thai shares were little changed with data showing factory output missed forecasts in June.

The country's manufacturing production index (MPI) in June fell 5.54 per cent from a year earlier, dragged down by lower production of cars, rubber products and petroleum.

Malaysia's stock market was closed for a holiday.

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