SE Asia Stocks-Mostly up after US Fed's "patient" stance on rate hike
JAKARTA, Dec 18 (Reuters) - Southeast Asian stock markets mostly rose on Thursday after the U.S. Federal Reserve eased concerns regarding an earlier-than-expected rate hike. The U.S. Federal Reserve on Wednesday offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep rates near zero for a "considerable time" in a show of confidence in the economy.. "It receives positive response from investors," Jakarta broker Trimegah Securities said in a note on Thursday, adding investors had anticipated a more aggressive statement from the Fed after the US posted positive economic data in recent weeks. The Indonesian benchmark stock index posted its biggest gain in five weeks at 1.1 percent. The biggest gainers in Jakarta included heavyweight PT Telekomunikasi Indonesia Tbk. Shares in the country's largest telecommunications company rose 2.6 percent, after falling in the previous four sessions. The Thai index rose 1.8 percent as energy stocks continued to recover from losses made earlier this week. PTT Exploration and Production, a unit of energy giant PTT PLC, rose 6.4 percent after having slumped to its lowest closing since 2008 on Tuesday. Malaysian stocks rose 1.2 percent on Thursday, while bucking the trend, Philippine shares fell 0.8 percent. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0510 GMT Market Current Prev Close Pct Move Singapore 3242.55 3227.23 +0.47 Kuala Lumpur 1702.20 1681.90 +1.21 Bangkok 1506.69 1480.20 +1.79 Jakarta 5092.21 5035.66 +1.12 Manila 6912.16 6966.21 -0.78 Ho Chi Minh 526.90 518.22 +1.67 (Reporting by Fransiska Nangoy; Editing by Anupama Dwivedi)
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