SE Asia Stocks-Up as chances of U.S. rate hike abate; Indonesia hits 14-mth high
Aug 1 (Reuters) - Most Southeast Asian stock markets rose on Monday tracking Asian peers, as poor U.S. economic growth data tempered expectations about a possible interest rate hike by the Fed in the next few months. U.S. gross domestic product rose 1.2 percent in the April-June period, less than half the 2.6 percent growth economists had expected. New York Fed President William Dudley said the Fed should be cautious in raising rates due to lingering risks to the U.S. economy. The likelihood of the U.S. not raising rates any time soon puts Asia in a better light as growth rates in the region are higher than expected, said Grace Aller, an analyst with Manila-based AP Securities. Asian shares hit a one-year peak, with MSCI's broadest index of Asia-Pacific shares outside Japan up 1.1 percent. Indonesian shares surged 2.3 pct to their highest in fourteen months, driven by financial and telecom stocks. "People are buying heavily into the blue chips that posted big losses last Friday," a trader said. Indonesia's annual inflation rate in July eased slightly from the previous month, the country's statistics bureau said on Monday. Indonesia's July consumer price index rose 3.21 pct year on year. Thai stocks edged higher to their highest since May 2015 led by energy and consumer stock such as CP All PCL , the country's largest convenience store chain. Thailand's annual headline consumer prices rose for a fourth straight month in July, driven by higher prices of food and cigarettes, the Commerce Ministry said on Monday. Bucking the trend, Vietnam fell as July factory growth dipped to 4-month low as orders slowed. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on 0519 GMT Market Current previous Pct Move close Singapore 2893.53 2868.69 0.87 Bangkok 1527.37 1524.07 0.22 Manila 8041.88 7963.11 0.99 Jakarta 5337.306 5215.994 2.33 Kuala Lumpur 1663.46 1653.26 0.62 Ho Chi Minh 648.21 652.23 -0.62 Change so far this year Market Current End prev yr Pct Move Singapore 2893.53 2882.73 0.37 Bangkok 1527.37 1288.02 18.58 Manila 8041.88 6952.08 15.68 Jakarta 5337.306 4593.008 16.21 Kuala Lumpur 1663.46 1692.51 -1.72 Ho Chi Minh 648.21 579.03 11.95 (Reporting by Hanna Paul; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.