SE Asia Stocks-Fall as Fed rate hike signals get louder

lunes 29 de agosto de 2016 06:03 GYT

By Aparajita Saxena
    Aug 29 (Reuters) - Most Southeast Asian stock markets closed
lower on Monday after comments from U.S. Federal Reserve Chair
Janet Yellen hinting at an interest rate hike weighed on
investor sentiment.
    At the Fed's annual gathering for global central bankers in
Jackson Hole, Wyoming, Yellen said the case for a rate hike has
strengthened in recent months as the labour market and economy
    While she gave no hints on the timing of a hike, Fed Vice
Chair Stanley Fischer said Yellen's speech was consistent with
expectations for possible rate increases this year. 
    Fischer said the August nonfarm payrolls report due on
Friday was likely to be key to the decision over a hike in the
near term. 
    Markets will generally remain cautious before the September
meeting, and will also take cues from the U.S. jobs data, said
Ong Kian Lin at RHB Securities Singapore Pte Ltd. 
    "The most direct impact of the interest rate hike for
emerging markets is on the local currency versus the dollar,"
Ong said.
    "Once the dollar strengthens, it will impact oil producing
countries that rely on the dollar movement for inputs."
    Indonesian shares underperformed other markets in
the region and posted their worst intraday fall in a month
before closing down 1.3 percent. Utilities led the fall with
Perusahaan Gas Negara (Persero) Tbk PT declining 4.48
    Singapore shares closed down 1 percent, with oil and
gas stocks losing ground after global crude prices fell on
rising Iraq output and a stronger dollar. 
    Oil rig builders Keppel Corp and Sembcorp
Industries were among the biggest losers.
    Vietnam shares ended 0.25 percent higher after rising
as much as 1.78 percent earlier in the session to their highest
in more than a month.
    "We believe that in the coming week, (Vietnam) market is
likely to recognise positive correction and cumulation,"
Vietcombank Securities said in a note.
    Malaysia and Thailand ended slightly lower,
while the Philippine stock market was closed for a
    For Asian Companies click;  

  STOCK MARKETS                                            
  Change on day                                            
  Market           Current       Previous close   Pct Move
  Singapore        2829.43       2857.65          -0.99
  Bangkok          1544.15       1549.41          -0.34
  Jakarta          5370.764      5438.831         -1.25
  Kuala Lumpur     1681.6        1683.09          -0.09
  Ho Chi Minh      669.44        667.75           0.25
  Change on year                                  
  Market           Current       End 2015         Pct Move
  Singapore        2829.43       2882.73          -1.85
  Bangkok          1544.15       1288.02          19.89
  Jakarta          5370.764      4593.008         16.93
  Kuala Lumpur     1681.6        1692.51          -0.64
  Ho Chi Minh      669.44        579.03           15.61
 (Reporting by Aparajita Saxena in Bengaluru; Editing by
Subhranshu Sahu)