Most Asean markets tread water before Fed chief Powell's testimony

A Investment Management said despite the volatility in the markets and concerns over the trade wars,

SINGAPORE: Most Southeast Asian stock markets trod water on Tuesday, with investors awaiting U.S. Federal Reserve Chairman Jerome Powell's first congressional testimony for any clues on the pace of interest rate hikes.

Powell is likely to reiterate the Fed's stance towards gradual monetary policy tightening, and market focus will be on his views on recent trade tensions.
    
He will testify on the economy and monetary policy before the U.S. Senate Banking Committee on Tuesday, followed by testimony on Wednesday to the House of Representatives Financial Services Committee. 
    
A sharp fall in crude oil prices on Monday and soft Chinese economic data also weighed on investor sentiment.
    
Indonesian shares fell as much as 1 percent, extending losses into a second session. Bank Central Asia declined 2.3 percent, while Astra International was down over 2 percent. 

An index of the country's 45 most liquid stocks slid 1.5 percent.
    
Singapore shares erased early falls to trade higher, with DBS Group Holdings rising as much as 1.2 percent and Singapore Telecommunications gaining 0.9 percent.
    
The city-state's non-oil domestic exports rose less than expected in June, hurt by slower growth of pharmaceutical shipments, data showed.
    
"What is particularly concerning for a small open economy like Singapore, is that these figures are looking this weak before the global trade war has even really got going," ING said in an article.
    
Malaysian shares were little changed after six straight sessions of gains.  
    
Telecom stocks were among the top boost with Digi.Com Bhd  rising as much as 6.3 percent and Axiata Group Bhd gaining 1.4 percent.
    
Philippine shares slipped as gains in industrial stocks were outweighed by losses in financials. 
    
JG Summit was the biggest boost gaining as much as 5.2 pct, while Ayala Corp fell 2 percent.
    
Thai shares slipped to a one-week low, dragged by energy stocks. PTT Exploration and Production declined about 4.8 percent on weak oil prices. - Reuters