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

martes 23 de agosto de 2016 06:17 GYT

By Krishna V Kurup
    Aug 23 (Reuters) - Southeast Asian stock markets were
sluggish on Tuesday, ahead of a speech by Federal Reserve Chair
Janet Yellen on Friday that could offer clues about a U.S.
interest rate hike this year.
    Dampening market sentiment further, oil fell below $49 a
barrel, giving up part of August's strong rally, as signs of
rising supply outweighed hopes that producing nations will agree
on steps to support prices. 
    Goldman Sachs said in a report that talk of an output freeze
by the Organization of the Petroleum Exporting Countries and a
weak dollar had helped drive prices up this month but neither
was enough to sustain current levels. 
    Indonesian shares closed down 0.2 percent after
falling as much as 1.4 percent earlier in the day. Consumer
cyclicals led the losses, with Astra International Tbk PT
 falling 2.4 percent.
    Markets were jittery as comments by Fed officials on
improving economic conditions could mean another rate hike, said
Taye Shim, an analyst with Daewoo Securities Indonesia.
    Concerns over Yellen's speech and the "series of hawkish
comments (from Fed officials) gave investors the right excuse
for profit-taking", Shim said, adding that "this week is going
to be extremely volatile."
    Philippine shares ended 0.6 percent lower, dragged
down by telecom stocks, with PLDT Inc, the country's
biggest telecom company by market capitalisation, losing 2.4
    The market fell due to 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 closed marginally up, with telecoms
leading the gains. StarHub Ltd rose 1.1 percent.
    Asian shares edged up with MSCI's broadest index of
Asia-Pacific shares outside Japan up 0.4 percent
at 0930 GMT.
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  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2850.43       2841.19      0.33
  Bangkok          1540.06       1539.24      0.05
  Manila           7935.18       7981.21      -0.58
  Jakarta          5417.14       5427.175     -0.18
  Kuala Lumpur     1683.07       1691.07      -0.47
  Ho Chi Minh      659.16        657.68       0.23
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2850.43       2882.73      -1.12
  Bangkok          1540.06       1288.02      19.57
  Manila           7935.18       6952.08      14.14
  Jakarta          5417.14       4593.008     17.94
  Kuala Lumpur     1683.07       1692.51      -0.56
  Ho Chi Minh      659.16        579.03       13.84

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)