SE Asia Stocks-Philippine, Indonesian shares lead regional gains after Fed rate hike

miércoles 16 de diciembre de 2015 23:42 GYT
 

BANGKOK, Dec 17 (Reuters) - Most Southeast Asian stock
markets gained on Thursday after the U.S. Federal Reserve raised
interest rates as expected, with the Philippine key stock index
rising nearly two percent and the Indonesian benchmark hitting a
near two-week high.
    The Philippines' key index rose 1.9 percent while the
Jakarta composite index gained 1.2 percent, both
hovering at their highest levels since Dec. 7.
    Share price weakness in Southeast Asia this year in the wake
of fund outflows has mostly reflected the rate hike fears,
according to brokers.
    "Markets have predictably declined heading into the first
Fed hike. This, however, presents an opportunity as we expect
Fed-related risks to subside thereafter," said broker Nomura
Securities in a report.
    "A combination of easing China risks and some domestic
catalysts makes for a good opportunity to increase our risk
exposure in ASEAN," Nomura said.
    Nomura upgraded Indonesia to "overweight", the same as the
Philippines and Singapore. It remained "underweight" on Malaysia
and Thailand.
    The Thai SET index rose marginally while telecoms
shares such as Total Access Communication came under
selling pressure on concerns the high bidding prices of 4G
spectrum licences would hurt earnings. 
    The Fed hiked interest rates for the first time in nearly a
decade on Wednesday, signalling faith that the U.S. economy had
largely overcome the wounds of the 2007-2009 financial crisis.
 
    The gains in Southeast Asia were in line with a rally on
Wall Street overnight and in early Asian stock markets as
investors chose to take the historic hike in U.S. interest rates
as a mark of confidence in the world's largest economy.
 
     
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0306 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          2847.16       2840.92       +0.23
 Kuala Lumpur       1646.33       1634.13       +0.75
 Bangkok            1301.35       1299.12       +0.17
 Jakarta            4536.36       4483.45       +1.18
 Manila             6937.35       6807.72       +1.90
 Ho Chi Minh         577.25        572.55       +0.82
 
 (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)