* Malaysia snaps four sessions of losses
* Indonesia recovers to close higher
By Soumyajit Saha
July 9 (Reuters) - Indonesia and Malaysia shares rose on
Tuesday, outperforming tepid performances by other Southeast
Asian markets as investors awaited the U.S. Federal Reserve
chairman's congressional testimony for cues on rate cuts.
Market participants have dialled back their expectations of
a sharp rate cut by the Fed at its next meeting, after June U.S.
non-farm payrolls rose above expectations.
Markets of late have benefited from hopes of increased
dovish action from the Fed as the global economy faced the brunt
of a simmering Sino-U.S. trade war.
"The Fed is likely to pay increased attention to softening
global developments when setting policy," Mizuho Bank said in a
note to clients.
Malaysian shares .KLSE snapped a four-day losing streak on
Tuesday, helped by gains in telecom stocks.
The central bank stood pat on its key interest rate, as was
widely expected, at a policy meeting on Tuesday.
Bank Negara Malaysia was the first central bank in Southeast
Asia to cut rates in response to sluggish growth in the world
economy earlier this year. Indonesian shares .JKSE recovered from earlier losses to
close 0.6% higher, helped by financials.
Both Bank Central Asia BBCA.JK and Bank Negara Indonesia
(Persero) BBNI.JK rose 2% each.
An index of the country's 45 most liquid stocks .JKLQ45
ended 0.8% higher.
Thai stocks .SETI closed 0.55% lower, dragged down by the
energy sector. Oil and gas explorers PTT PCl PTT.BK and PTT
Exploration and Production PCL PTTEP.BK fell 1% and 1.1%
respectively.
Philippine shares .PSI ended marginally lower as losses in
some large caps weighed on the index.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3329.46 3334.23 -0.14
Bangkok 1721.48 1731.03 -0.55
Manila 8042.04 8051.52 -0.12
Jakarta 6388.323 6351.827 0.57
Kuala Lumpur 1682.87 1677.64 0.31
Ho Chi Minh 969.05 966.35 0.28
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3329.46 3068.76 8.50
Bangkok 1721.48 1563.88 10.08
Manila 8042.04 7,466.02 7.72
Jakarta 6388.323 6,194.50 3.13
Kuala Lumpur 1682.87 1690.58 -0.46
Ho Chi Minh 969.05 892.54 8.57