SE Asia Stocks-Up ahead of Fed statement; Philippines outperforms
Jan 27 (Reuters) - Southeast Asian stock markets rose on Wednesday, led by the Philippines, ahead of the U.S. Federal Reserve's monetary policy statement due out later in the day. The Philippine stock index ended 3.1 percent firmer near a three-week high, led by financials. Thailand gained 0.8 percent to a two-week closing high, led by banks, while Indonesia closed 1.6 percent higher on the back of large caps. Malaysia saw a net $35.99 million foreign inflow, while Thailand witnessed $13.20 million net foreign buying. "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 with Phillip Capital in Bangkok. However, John Teja, director at Jakarta-based Ciptadana Securities, said the Fed statement is likely to be hawkish to allow them to retain the option of raising rates again and thus there will be negative impact on risky assets. 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 its policy meetings on Jan. 28-29. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current previous close Pct Move Singapore 2546.18 2545.61 +0.02 Bangkok 1278.29 1268.07 +0.81 Manila 6507.22 6311.60 +3.10 Jakarta 4583.628 4510.468 +1.62 Kuala Lumpur 1631.54 1626.66 +0.30 Ho Chi Minh 542.69 537.73 +0.52 Change so far this year Market Current End prev yr Pct Move Singapore 2546.18 2882.73 -11.67 Bangkok 1278.29 1288.02 -0.76 Manila 6507.22 6952.08 -6.40 Jakarta 4583.628 4593.008 -0.20 Kuala Lumpur 1631.54 1692.51 -3.60 Ho Chi Minh 1631.54 579.03 -6.28 ($1 = 4.2530 ringgit) ($1 = 35.7900 baht) (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)
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