SE Asia Stocks-Mostly up after Yellen's speech; Singapore outperforms

miércoles 30 de marzo de 2016 02:03 GYT

March 30 (Reuters) - Most Southeast Asian stock markets rose
on Wednesday, led by financials after U.S. Federal Reserve Chair
Janet Yellen's speech gave some cues about the pace of future
interest rate hikes and calmed down investor sentiment.
    Yellen on Tuesday emphasised global dangers to growth and
inflation, and thus the need to proceed "cautiously" on
tightening policy. 
    Her speech scaled back expectations for how fast and how far
U.S. interest rates might rise this year, pushing back on a
handful of her colleagues who have suggested another move may be
just around the corner. 
    Singapore's Straits Time Index was up 1.4 percent by
0540 GMT, led by financials, while the Jakarta Composite Index
 had added 0.6 percent. The Philippine index rose
0.5 percent, while Malaysia traded 0.2 percent higher.
    "Yellen's cautious tone on Fed fund rate rising pace helped
to spur the regional market sentiment," said Teerada
Charnyingyong, an analyst with Phillip Capital in Bangkok.
    Thailand was 1.1 percent higher at 1,408.67, led by
    "Despite quite bullish sentiment, we expect to see a limited
upside around 1,410-1,420 after the index trades with not so
cheap 2016 forward P/E above 15x," Charnyingyong said. "So,
short-term profit taking may emerge anytime along the way."
    Analysts said investors are also waiting for other economic
data due out this week, including China's manufacturing PMI data
on Thursday and the U.S. non-farm payrolls and unemployment data
on Friday. 
    Bucking the trend, Vietnam's benchmark VN Index was
down 0.1 percent after posting its biggest fall in two months in
the previous session, amid lack of triggers. 
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 Change at 0539 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          2858.76       2819.08       +1.36
 Kuala Lumpur       1718.78       1715.04       +0.22
 Bangkok            1408.67       1392.85       +1.14
 Jakarta            4809.00       4781.30       +0.58
 Manila             7313.74       7274.40       +0.54
 Ho Chi Minh         567.96        568.28       -0.06
 (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)