SE Asia Stocks-Rise after BOJ's negative rate decision
Jan 29 (Reuters) - Southeast Asian stock markets firmed up on Friday after the Bank of Japan shocked financial markets by adopting a negative interest rate to maintain business confidence and revive a deflationary mindset, and as global crude oil prices gained. In a 5-4 vote, the Japanese central bank decided to charge 0.1 percent interest on current accounts that financial institutions hold at the BOJ, and said it would cut interest rates further into negative territory if judged necessary. The Singapore and Philippines share indexes jumped 1.9 percent each by 0724 GMT, while Malaysia rose 1.1 percent. Vietnam was up 0.9 percent, Thailand traded 0.4 percent firmer, and Indonesia recouped early losses and was up 0.1 percent. "Bullish sentiments drive the markets," said Teerada Charnyingyong, an analyst with Phillip Capital in Bangkok. "The expectation is that the weakening of Japanese Yen could help economies on their export front." Investors were also upbeat after the U.S. Federal Reserve said on Wednesday it was "closely monitoring" global economic and financial developments, even as it kept rates unchanged. Gains in oil prices for the fourth consecutive session on talk of a possible deal to pare back excess supply also boosted sentiment. Global benchmark Brent crude futures have gained 8 percent on the week so far, a second weekly gain, while U.S. crude added about 5 percent for the week. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0724 GMT Market Current previous close Pct Move Singapore 2611.08 2562.45 +1.87 Bangkok 1293.20 1288.40 +0.37 Manila 6687.62 6563.38 +1.89 Jakarta 4606.601 4602.829 +0.08 Kuala Lumpur 1652.52 1634.53 +1.10 Ho Chi Minh 544.17 539.47 +0.91 (Reporting by Shihar Aneez; Editing by Biju Dwarakanath)
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