SE Asia Stocks-Indonesia leads losses; region braces for Fed meeting
BANGKOK, Oct 27 (Reuters) - Most Southeast Asian stock markets fell on Tuesday as investors put money off the table ahead of the U.S. Federal Reserve's two-day meeting, with Singapore snapping a four-day rising streak and Indonesia retreating after two days of rallies. Singapore's Straits Times Index slipped 0.4 percent after notching up 2 percent of gains since Wednesday while Jakarta composite index dropped 1.2 percent following Monday's rise to a more than two-month high. "Profit-taking will likely be the order of the day," said broker NRA Capital in a report of Singapore's stock market outlook. Most other share markets also gave up their gains on Monday when inflows returned to the region after China's central bank relaxed monetary policy, cutting interest rates on Friday for the sixth time in less than a year. Kuala Lumpur composite index declined 0.6 percent to a near one-week low. The Philippines eased 0.3 percent following Monday's fifth straight gain to the highest close since Aug. 18. Stocks in Thailand erased early session losses and was a tad up 0.02 percent. Vietnam increased 0.2 percent, recovering from early weakness. Bangkok-based KGI Securities strategist Adisak Kammool expected limited upside of the benchmark SET index, putting 1,430 as a key resistance level, citing the Fed meeting among external factors. "The market may want to wait and see how the U.S. authorities hint on future monetary policy," he said. Shares in the region had mixed performances in the quarterly reporting season most running through mid November. Malaysia's DiGi.Com shed 4.2 percent after it posted a fall in quarterly net profit, while Thailand's Home Product Center Pcl rose 0.7 percent following a rise in quarterly net profit. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0501 GMT Market Current Prev Close Pct Move Singapore 3070.73 3083.07 -0.40 Kuala Lumpur 1697.45 1706.79 -0.55 Bangkok 1424.40 1424.16 +0.02 Jakarta 4637.31 4691.71 -1.16 Manila 7301.54 7324.40 -0.31 Ho Chi Minh 599.79 598.61 +0.20 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
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