SE Asia Stocks-Steady; Fed's stance dents sentiment
Jan 28 (Reuters) - Southeast Asian stock markets were mostly steady on Thursday as gains in oil prices in the previous session helped boost investor sentiment while the U.S. Federal Reserve's nod to jittery markets weighed on sentiment. The Philippine stock index rose 0.8 percent, Malaysia gained 0.3 percent and Singapore added 0.1 percent. Thailand and Indonesia were steady, while Vietnam was down 0.1 percent. The U.S. Federal Reserve kept interest rates unchanged on Wednesday and said it was "closely monitoring" global economic and financial developments, signalling it had accounted for a stock market selloff but wasn't ready to abandon a plan to tighten monetary policy this year. The markets had expected a dovish Fed statement after volatility in financial markets since the U.S. central bank raised its interest rates for the first time almost in a decade. "The markets are trading in a tight range," said Teerada Charnyingyong, an analyst with Phillip Capital in Bangkok. "Sentiment was bullish because of the rise in oil prices and oil-related shares gained. But worries over the global economy after the Fed statement hit sentiment." Oil futures surged on Wednesday after Russia indicated there was a possibility of co-operation with OPEC, fanning hopes for a deal to reduce a global oversupply that sent prices to the lowest levels in over a dozen years last week. Brent crude and U.S. crude were weaker on Thursday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0526 GMT Market Current previous close Pct Move Singapore 2549.82 2546.18 +0.14 Bangkok 1279.17 1278.29 +0.07 Manila 6558.57 6507.22 +0.79 Jakarta 4585.802 4583.628 +0.05 Kuala Lumpur 1635.93 1631.54 +0.27 Ho Chi Minh 541.92 542.69 -0.14 (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)
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