Reuters logo
SE Asia Stocks-Move sideways ahead of FOMC outcome; Vietnam rises 1 pct
December 14, 2016 / 4:59 AM / a year ago

SE Asia Stocks-Move sideways ahead of FOMC outcome; Vietnam rises 1 pct

By Krishna V Kurup
    Dec 14 (Reuters) - Southeast Asian stock markets shuffled
sideways on Wednesday with investors looking out for hints on
what is in store for them in 2017 from the U.S. Federal
Reserve's two-day policy meeting that started in the previous
session.
    A quarter point move is fully priced in, as are two more
hikes next year. However, any sign of a move faster than that
will likely hurt emerging markets. 
    Fed officials worry there is risk that overly aggressive
fiscal, tax and other changes under the incoming president
Donald Trump's administration could become inflationary, forcing
the U.S. central bank into more rapid interest rate hikes.
 
    "It now depends on the wording of the communique to get some
sense of the post-rate hike thinking of the FOMC (Federal Open
Market Committee)," said Fiachra Mac Cana, managing director and
head of research at Ho Chi Minh Securities.
    "Will they say something about the future trajectory or rate
hikes? Express a view on the monetary implications of the
proposed fiscal stimulus? This is what the markets now await."
    The outcome of the Fed meeting will be announced at 1900
GMT, followed by Chair Janet Yellen's news conference.
    Among the Southeast Asian markets, Vietnam was the
biggest gainer, rising as much as 1 percent. Vietnam shares had
gained about 13 percent this year as of Tuesday's close.
    Investors are getting over the last two-session sell-off 
and foreigners were more active buyers in the last few days,
which has provided a floor for the index, said Mac Cana. 
    "What we are seeing is instinctive buying at lower prices
close to key support levels," said Mac Cana.
    Saigon Beer Alcohol Beverage Corp led the gainers,
rising as much as 7 percent to its highest since its listing on
Dec. 6.    
    Thai stocks fell for the first time in six sessions,
hit by losses in financial and energy sectors. 
    Kasikornbank Pcl fell 1.2 percent, while PTT Pcl
 declined 0.3 percent.
    Philippine shares rose marginally, led by gains in
industrial and financial stocks. SM Investments Corp 
rose 1.6 percent, while Ayala Corp gained 3.1 percent.
           
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0410 GMT    
  Market          Current      Prev close  Pct Move
  Singapore       2960.19      2955.23     0.17
  Bangkok         1526.57      1530.21     -0.24
  Manila          6900.96      6880.91     0.29
  Jakarta         5285.148     5293.619    -0.16
  Kuala Lumpur    1642.29      1645.28     -0.18
  Ho Chi Minh     660.85       654.66      0.95
                                           
  Change on year                           
  Market          Current      End 2015    Pct Move
  Singapore       2959.34      2882.73     2.66
  Bangkok         1526.51      1288.02     18.52
  Manila          6900.96      6952.08     -0.74
  Jakarta         5285.425     4593.008    15.08
  Kuala Lumpur    1642.29      1692.51     -2.97
  Ho Chi Minh     660.85       579.03      14.13
 
 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)

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