SE Asia Stocks-Cautious ahead of Yellen speech

miércoles 24 de agosto de 2016 06:20 GYT

By Krishna V Kurup
    Aug 24 (Reuters) - Southeast Asian stock markets trod
cautiously on Wednesday as strong U.S. housing data released
overnight increased the chances of an interest rate hike in the
coming months, while oil prices slipped after a surprise jump in
U.S. inventories.
    The focus remained on the global central bankers who will
meet in the U.S. mountain resort of Jackson Hole later this
week, where Fed Chair Janet Yellen will give a speech on Friday.
    Markets are pricing in around a 21 percent chance of a hike
in September, but a 50 percent chance of at least one hike by
the end of the year, according to CME FedWatch. 
    Global benchmark Brent crude futures were down 74
cents at $49.22 a barrel at 0809 GMT, after touching an intraday
low of $49.07. 
    Nothing "emphatic" is happening in the market, said Vishnu
Varathan, a senior economist with Mizuho Bank. 
    There is a bit of mixed trading happening in the region as
some of them are following the U.S. cues reinforced by Tokyo's
rise, he said, adding that Yellen's comment was expected to be
    Philippine shares closed down 0.9 percent, with
consumer non-cyclicals leading the losses. Earlier in the day,
the index fell as much as 1.3 percent to its lowest in over 6
    The market is going to trade sideways for the rest of the
week on expectation that Yellen's speech could give clues about
whether there would be an interest rate hike in September, said
Grace Aller, an analyst with AP Securities in Manila. 
    JG Summit Holdings Inc lost 3.8 percent and
Universal Robina Corp fell 2.6 percent.
    Singapore shares ended 0.7 percent higher and posted
their biggest single-day gain in 2 weeks. Financial stocks led
the gains, with DBS Group Holdings Ltd rising 1.4
percent and United Overseas Bank Ltd adding 1.1
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.4 percent as of 0950 GMT.
    For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2869.57       2850.43      0.67
  Bangkok          1547.55       1540.06      0.49
  Manila           7866.13       7935.18      -0.87
  Jakarta          5403.992      5417.14      -0.24
  Kuala Lumpur     1682.06       1683.07      -0.06
  Ho Chi Minh      660.77        659.16       0.24
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2869.57       2882.73      -0.46
  Bangkok          1547.55       1288.02      20.15
  Manila           7866.13       6952.08      13.15
  Jakarta          5403.992      4593.008     17.66
  Kuala Lumpur     1682.06       1692.51      -0.62
  Ho Chi Minh      660.77        579.03       14.12

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