SE Asia Stocks-Higher as Fed minutes ease rate concerns

jueves 9 de octubre de 2014 01:17 GYT
 

BANGKOK, Oct 9 (Reuters) - Southeast Asian stock markets
rose on Thursday after minutes of the U.S. Federal Reserve's
latest policy meeting helped allay concerns of an
earlier-than-expected interest rate hike and lifted prospects
for fund flows to the region.
    Oversold markets such as Malaysia rebounded from an
over six-month low hit on Wednesday and Singapore recovered
losses from the previous session which sent the Straits Times
Index to a near five-month closing low of 3,226.71.
    Singapore saw some light bargain hunting in the afternoon
session on Wednesday near the 3,220 level, a dealer said.
    "With Wall Street's overnight recovery, we expect the buying
to sustain this morning, though it will not be euphoric given
the pace of recent movements in the equity markets, another
downswing would not be unexpected," said Singapore-based NRA
Capital in a report.
    U.S. stocks soared on Wednesday, with major indexes posting
their biggest one-day jumps of 2014 after the Federal Reserve
reassured investors that its first interest rate hike would not
come until it deemed the economy could withstand it. 
    Asian shares gained on Thursday, with MSCI's broadest index
of Asia-Pacific shares outside Japan up 1.3
percent.
    In Jakarta, cement stocks were among gainers including
shares of Indocement and Semen Indonesia.
    Data showed a cement sales growth in September, indicating
absorption on government budget, broker Trimegah Securities said
in a report.
    In Bangkok, investors bought shares seen among beneficiaries
of the government's economic stimulus measures, with Krung Thai
Bank and BTS Group Holdings leading the pack.
 
    The Stock Exchange of Thailand's (SET) marketing roadshow in
New York on Wednesday reflected foreign investor confidence in
Thai stock investment, but fresh fund inflows in the near term
is unlikely due to the market's high valuation, SET President
Kesara Manchusree told reporters.
    The SET trades at an earnings multiple of 15.48 times,
higher than Singapore's 13.60, Indonesia's 14.80 and Vietnam's
11.85, Thomson Reuters data showed.
       
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0436 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3248.71       3226.71       +0.68
 Kuala Lumpur       1829.89       1824.32       +0.31
 Bangkok            1553.49       1543.39       +0.65
 Jakarta            5006.86       4958.52       +0.98
 Manila             7209.24       7185.68       +0.33
 Ho Chi Minh         624.96        617.26       +1.25
 
 (Reporting by Viparat Jantraprap; Editing by Anand Basu)