SE Asia Stocks-Up ahead of Fed's policy statement; Philippines outperforms

miércoles 27 de enero de 2016 02:39 GYT

Jan 27 (Reuters) - Southeast Asian shares rose on Wednesday
ahead of the U.S. Federal Reserve's January monetary policy
statement due later in the day, helped by overnight gains in oil
prices, with the Philippines outperforming the region.
    U.S. crude surged 3.7 percent on Tuesday after OPEC
renewed calls for rival producers to cut supply alongside its
members. However, the contract was down 1.24 percent on
Wednesday on profit-taking. 
    The Philippine stock index was up 2.1 percent near a
two-week high, led by financials. Thailand gained 1.1
percent on energy shares, while Indonesia rose 0.7
percent on the back of large caps. 
    "We expect to see a dovish Fed statement as global and
China's economic concerns become one of the key factors on rate
decision," said Teerada Charnyingyong, an analyst at Phillip
Capital in Bangkok.
    The Fed's statement will explain the state of the world's
largest economy and its stance on interest rate hike in the
future. Many expect it to be dovish.
    Bank of Japan will hold policy meetings on Jan. 28-29.
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  Change at 0617 GMT                                      
  Market              Current    previous close  Pct Move
  Singapore           2556.04    2545.61         +0.41
  Bangkok             1281.51    1268.07         +1.06
  Manila              6446.25    6311.60         +2.13
  Jakarta             4541.823   4510.468        +0.70
  Kuala Lumpur        1632.27    1626.66         +0.34
  Ho Chi Minh         540.59     537.73          +0.53
 (Reporting by Shihar Aneez; Editing by Anand Basu)