By Anusha Ravindranath
Dec 21 Most Southeast Asian stock markets rose
on Wednesday taking cues from Wall Street's record performance
with Philippine shares gaining after four sessions of
Emerging markets had been in a period of uncertainty for the
past few weeks facing fund outflows as investors closely tracked
the Fed's comments on economic policies after the election
victory of Donald Trump.
"I think we have already moved past last week's Fed rate
hike," said Victor Felix an analyst with AB Capital Securities
in Manila. "We are taking cues from U.S. equities which are
poised to reach new highs".
The Dow and Nasdaq Composite rose to record highs on Tuesday
in a rally fuelled by optimism about Trump's policies.
Philippine shares rose 0.3 percent, buoyed by
financial and telecom stocks. Metro Pacific Investments Corp
was the top gainer on the index, up more than 5
percent, followed by PLDT Inc which rose 3.4 percent.
Singapore's benchmark index posted its biggest
intraday percentage gain in a week, helped by banking and
industrial stocks. DBS Group Holdings Ltd rose 1
percent, while transport operator Comfortdelgro Corp Ltd
was up 1.2 percent after it agreed to acquire a 49
percent stake in a private bus business from Cabcharge Australia
Vietnam shares rebounded from Tuesday's losses as
consumer staples and energy stocks took the spotlight. Vietnam
Dairy Products Joint Stock Co rose as much as 0.4
percent after two sessions of losses, while Petrovietnam Gas
Joint Stock Corp was up as much as 2 percent.
Global oil prices edged up on Wednesday largely due to an
expected reduction in U.S. crude oil inventories.
Thai shares were largely flat as traders awaited the
central bank's rate decision, where it is expected to leave the
benchmark unchanged despite a sluggish economy.
Malaysian stocks were muted with little trading. The
country's inflation rate in November rose to its highest in six
months, government data showed on Wednesday.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0408
Market Current Previous Pct Move
Singapore 2918.09 2911.31 0.23
Bangkok 1509.83 1511.65 -0.12
Manila 6681.27 6658.66 0.34
Jakarta 5166.186 5162.477 0.07
Kuala Lumpur 1624.01 1634.52 -0.03
Ho Chi Minh 664.44 662.66 0.27
Change so far
Market Current End 2015 Pct Move
Singapore 2918.09 2882.73 1.23
Bangkok 1509.83 1288.02 17.22
Manila 6681.27 6952.08 -3.90
Jakarta 5166.186 4593.008 12.48
Kuala Lumpur 1633.98 1692.51 -3.46
Ho Chi Minh 664.44 579.03 14.75
(Reporting by Anusha Ravindranath in Bengaluru; Editing by