SE Asia Stocks-Mostly down on global growth concerns ahead of Fed, BOJ meetings
Jan 26 (Reuters) - Southeast Asian shares retreated after two sessions of gains on Tuesday, in line with Asian peers after oil prices resumed their decline, and as fears of a global economic slowdown showed no sign of abating. Investors also awaited some strong cues on the global economy from the U.S. Federal Reserve and the Bank of Japan monetary policy meetings this week. Singapore's share index was down 0.8 percent, while the Philippines fell 1.3 percent. "The recent stock market volatility is making investors more cautious, with foreign net outflow everyday," said John Teja, director of Ciptadana Securities. "In the short term, global equity market will remain in a cautious tone as oil prices fell sharply and the U.S. dollar reached new cyclical high," Teja said. The U.S. Federal Reserve and the Bank of Japan will hold policy meetings this week, with the Fed meeting scheduled for Jan. 26-27 and BOJ gathering on Jan. 28-29. Investors will look for hints on when the Fed intends to make a second interest rate hike, while there is speculation that the BOJ might opt for additional easing measures. Crude oil prices have failed to extend their rebound that had started last week, falling around 7 percent so far this week. News that Iraq's output reached a record last month deepened concerns of oversupply.. Bucking the trend, Indonesia was up 0.1 percent on expectations of a stable rupiah this year. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0517 GMT Market Current previous close Pct Move Singapore 2562.63 2582.64 -0.77 Bangkok 1266.66 1267.70 -0.08 Manila 6351.65 6434.08 -1.28 Jakarta 4508.605 4505.788 +0.06 Kuala Lumpur 1624.92 1618.26 -0.02 Ho Chi Minh 537.91 542.35 -0.82 (Reporting by Shihar Aneez; Editing by Anand Basu)
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