SE Asia Stocks-Largely up as Fed rate concerns ease; Indonesia gains
May 23 (Reuters) - Most southeast Asian stocks gained on Monday as concerns about the likelihood of a Fed rate hike in June eased, with Indonesia and the Philippines leading the gains. U.S. Federal Reserve officials in a meeting last week said it would be appropriate to raise interest rates in June if economic data pointed to stronger second-quarter growth as well as firming inflation and employment. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 percent. Indonesian stocks rose 0.54 percent driven by utilities and telecom services. Natural gas transporter Perusahaan Gas Negara gained 3.59 percent. "As foreign investors have largely factored in the Fed's rate hike initiative -- with a rate hike probability within this year at 74.6 percent -- we expect limited risk to the downside in the short term," said Daewoo Securities Indonesia analyst Taye Shim. "In addition, foreigners have net purchased Indonesian equities worth 115 billion rupiah last Friday, indicating eased sell-off pressures," he said. Philippine stocks snapped two sessions of losses, rising 0.62 percent led by industrials and consumer staples. Ayala Corp was the biggest gainer on the index, which was down 1.9 percent last week. "Volatility remains a concern due to 14-day ATR trading at its 3-month highs, so expect sharp intraday movements this week," Philippines' Regina Capital said in a note. "On top of that, trend bias is bearish so support breakdowns might be a common sight this week." Meanwhile, Thai stocks lost 0.23 percent, dragged down by telecom stocks. The market was closed on Friday for a public holiday. GSM mobile phone operator Advanced Info Service PCL lost 2.56 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0450 GMT Market Current Previous Pct Move Close Singapore 2770.95 2763.82 0.26 Bangkok 1380.99 1385.86 -0.35 Manila 7344.24 7299.03 0.62 Jakarta 4738.519 4711.878 0.57 Kuala Lumpur 1630.11 1628.79 0.08 Ho Chi Minh 613.47 614.81 -0.22 Change on year Market Current End 2015 Pct Move Singapore 2771.37 2882.73 -3.86 Bangkok 1381.12 1288.02 7.23 Manila 7344.24 6952.08 5.64 Jakarta 4738.41 4593.008 3.17 Kuala Lumpur 1630.11 1692.51 -3.69 Ho Chi Minh 613.47 579.03 5.95 (Reporting by Rushil Dutta; Editing by Sunil Nair)
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