Reuters logo
in 8 days
SE Asia Stocks-Gain after Fed hints at gradual policy tightening
July 13, 2017 / 3:59 AM / in 8 days

SE Asia Stocks-Gain after Fed hints at gradual policy tightening

4 Min Read

    By Chris Thomas
    July 13 (Reuters) - Southeast Asian stock markets rose on
Thursday, in line with broader Asia, as investors were relieved
that U.S. Federal Reserve Chair Janet Yellen indicated a more
gradual tightening of monetary policy.
    Yellen noted on Wednesday that while the U.S. economy was
healthy enough for the Fed to tighten policy, the federal funds
rate would not have to rise all that much further to reach a
neutral level that neither encourages nor discourages economic
activity.
    "I think most Asian markets reacted positively to Yellen's
speech last night," said Victor Felix, an equity analyst with AB
Capital Securities.
    Investors will now have confidence to take on more risks,
seeing that the Fed won't be as quick to tighten monetary policy
as previously expected, he added.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 1.2 percent to its highest since mid-2015.
    In Southeast Asia, Philippine shares rose as much as
0.7 percent to hit a four-week high, heading for their third
consecutive session of gains.
    Industrials and financials led the gains, with conglomerate
LT Group Inc providing the biggest boost to the index,
rising as much as 8.6 percent to a nine-week high. 
    Singapore shares also gained as much as 0.7 percent,
their biggest in a week, backed by financials and industrials.
    DBS Group and United Overseas Bank rose
1.4 percent and 1.5 percent, respectively, while Jardine
Matheson Holdings climbed 2.3 percent.
    Thai shares rose as much as 0.6 percent to their
highest in two weeks, led by gains in materials and energy
stocks. Siam Cement advanced 2 percent, while oil and
gas refiner PTT Pcl rose 1.3 percent.
    Malaysian stocks were marginally higher ahead of
Bank Negara Malaysia's policy meeting scheduled later in the
day.
    Malaysia's central bank will likely leave its benchmark rate
unchanged, a Reuters poll showed, as inflation has been easing
after hitting an eight-year high in March.
    Indonesia was largely flat, while Vietnam
rose marginally.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0355 GMT
    
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3229.52      3208.91         0.64
  Bangkok         1581.93      1574.93         0.44
  Manila          7954.96      7938.37         0.21
  Jakarta         5819.5       5819.132        0.01
  Kuala Lumpur    1757.89      1757.24         0.04
  Ho Chi Minh     775.59       774.17          0.18
                                               
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3229.52      2880.76         12.11
  Bangkok         1581.93      1542.94         2.53
  Manila          7954.96      6840.64         16.29
  Jakarta         5819.5       5296.711        9.87
  Kuala Lumpur    1757.89      1641.73         7.08
  Ho Chi Minh     775.59       664.87          16.65
 


 (Reporting by Chris Thomas; Editing by Amrutha Gayathri)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below