SE Asia Stocks-Rise after BOJ's negative rate decision; Singapore outperforms
Jan 29 (Reuters) - Southeast Asian stock markets ended firmer 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. Singapore, the worst regional performer, jumped 2.6 percent to close at its highest level since Jan. 19, led by financials, while Malaysia surged 2 percent to a more than three-week high. The Philippine share index jumped 1.9 percent to a more than three-week high, Thailand ended 1 percent firmer. Teerada Charnyingyong, an analyst with Phillip Capital in Bangkok, said bullish sentiment drove the markets. "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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current previous close Pct Move Singapore 2629.11 2562.45 +2.60 Bangkok 1300.98 1288.40 +0.98 Manila 6687.62 6563.38 +1.89 Jakarta 4615.163 4602.829 +0.27 Kuala Lumpur 1667.80 1634.53 +2.04 Ho Chi Minh 545.25 539.47 +1.07 Change so far this year Market Current End prev yr Pct Move Singapore 2629.11 2882.73 -8.80 Bangkok 1300.98 1288.02 +1.01 Manila 6687.62 6952.08 -3.80 Jakarta 4615.163 4593.008 +0.48 Kuala Lumpur 1667.80 1692.51 -1.46 Ho Chi Minh 545.25 579.03 -5.83 ($1 = 4.1500 ringgit) ($1 = 35.6900 baht) ($1 = 13,770.000 rupiah) (Reporting by Shihar Aneez; Editing by Anand Basu)
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