SE Asia Stocks-Sluggish as investors await Fed rate hike signal

martes 23 de agosto de 2016 01:28 GYT

By Krishna V Kurup
    Aug 23 (Reuters) - Southeast Asian stock markets fell on
Tuesday ahead of a speech by Federal Reserve Chair Janet Yellen
on Friday that could give some clues on the timing of a U.S.
interest rate hike.
    Also, weighing on sentiment was declining oil prices, with
Goldman Sachs warning that August's price rally had been
overdone and that a proposed oil production freeze at current
near-record levels would not help rein in an oversupplied
    Indonesian stocks fell nearly 1 percent, dragged
down by technology and consumer cyclical stocks. Indoritel
Makmur Internasional Tbk PT lost 2.8 percent, while
Astra International Tbk PT dropped 3 percent.
    The JCI (Jakarta Composite Index) is expected to move lower
in Tuesday's trading, Reliance Securities said, adding 
volatility was expected to remain high until the end of this
week as investors awaited Yellen's speech.   
    Yellen's address is in focus with no major U.S. economic
data due until Friday's second reading of gross domestic product
for the second quarter.
    Amid conflicting signals from the Fed in recent days, global
central bankers will gather from Aug. 25 for an annual meeting
in Jackson Hole, Wyoming. 
    A recent batch of strong U.S. employment readings have
yielded upbeat views from some Fed policymakers suggesting rates
could rise as soon as September, though mixed messages from the
bank's latest meeting have clouded the outlook.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 0.4 percent at 0450 GMT. 
    Philippine shares fell 0.7 percent, with telecoms and
consumer non-cyclicals leading the losses. PLDT Inc 
lost 1.5 percent, while JG Summit Holdings Inc declined
1 percent.
    The market is down from a mixture of profit-taking from
Monday's short gain and the "risk-off mood" ahead of Yellen's
speech, said Victor Felix, an analyst with Manila-based AB
Capital Securities.
    If the speech is "dovish in tone", the market will spike
next week, he added.
    Singapore shares fell marginally, with consumer goods
and services leading the losses. Singapore's headline consumer
price index in July fell on a year-on-year basis, weighed down
by declines in housing and transportation costs, data showed.

    For Asian Companies click;  

  STOCK MARKETS                                             
  Change at 0450 GMT                                        
  Market                Current       Prev close   Pct Move
  Singapore             2840.01       2841.19      -0.04
  Bangkok               1533.33       1539.24      -0.38
  Manila                7922.03       7981.21      -0.74
  Jakarta               5376.24       5427.175     -0.94
  Kuala Lumpur          1688          1691.07      -0.18
  Ho Chi Minh           657.62        657.68       -0.01
  Change on year                                   
  Market                Current       End 2015     Pct Move
  Singapore             2840.01       2882.73      -1.48
  Bangkok               1533.33       1288.02      19.05
  Manila                7922.03       6952.08      13.95
  Jakarta               5376.24       4593.008     17.05
  Kuala Lumpur          1688          1692.51      -0.27
  Ho Chi Minh           657.62        579.03       13.57

 (Reporting by Krishna V Kurup in Bengaluru; Additional
reporting by Fransiska Nangoy in Jakarta; Editing by Subhranshu