SE Asia Stocks-Largely up as Fed rate concerns ease; Indonesia gains

lunes 23 de mayo de 2016 00:59 GYT

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
    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.
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  STOCK MARKETS                                  
 Change at 0450                                  
  Market          Current     Previous   Pct Move
  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)