SE Asia Stocks -Most up ahead of Fed; banks lead gains in Indonesia
BANGKOK, June 17 (Reuters) - Southeast Asian stock markets mostly gained on Wednesday as investors awaited the U.S. Federal Reserve's view on interest rate outlook while banking shares topped trading in Indonesia a day before its central bank meeting on interest rates. Jakarta composite index traded up 1.3 percent at 4,937.58, recovering from the oversold condition for the first time in almost two weeks, with its 14-day Relative Strength Index at 35. The Philippines recovered from early falls and was up 0.1 percent. Shares of Bank Rakyat Indonesia and shares of Bank Mandiri both climbed nearly 3 percent, the most actively traded by turnover. Indonesia's central bank said on Wednesday it would adjust its monetary policy according to the needs of its economy while all 25 analysts in a Reuters poll expected Bank Indonesia (BI) to keep the policy rate at 7.50 percent. Singapore's Straits Times Index rose 1.2 percent, erasing the loss on Tuesday. Key stock indexes in Malaysia and Thailand posted modest gains. Broker KGI Securities expected Thai key SET index to rise in a tight range, helped by high-risk speculation on clarity on the U.S. Federal Open Market Committee meeting Wednesday and Greek debt talks at the eurogroup summit on Thursday. "The U.S. Fed is expected to stay relatively dovish, not signaling any rush to raise the Fed Fund Rate, which could be positive to equities after the announcement," KGI strategists wrote in a report, citing mixed U.S. macro data last week. Asian shares held near three-month lows on Wednesday as a rally in Chinese stock markets faltered, while the U.S. dollar stayed static as investors waited for clues from the Federal Reserve meeting. Weak spots in Southeast Asia included Vietnam, which extended losses for a second trading day. For Asian Companies click SOUTHEAST ASIAN STOCK MARKETS Change at 0536 GMT Market Current Prev Close Pct Move Singapore 3336.09 3298.09 +1.15 Kuala Lumpur 1726.04 1722.24 +0.22 Bangkok 1507.01 1503.28 +0.25 Jakarta 4937.58 4872.59 +1.33 Manila 7515.26 7505.48 +0.13 Ho Chi Minh 578.70 580.35 -0.28 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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