SE Asia Stocks-Thailand gains most in nearly 8 months, other markets trade lower
By Krishna V Kurup Sept 13 (Reuters) - Thai stocks rebounded on Tuesday from a more than 2 percent fall in the previous session to gain the most since Jan. 22 after dovish comments by a U.S. Fed official sparked a rally in Asian shares on reduced chances of a near-term rate increase. Other Southeast Asian stock markets however traded lower, with investors shrugging off better-than-expected industrial output and retail sales data in China. Four Southeast Asian markets were closed for a public holiday on Monday. U.S. Federal Reserve Governor Lael Brainard said on Monday she wants to see stronger consumer spending data and signs of rising inflation before she would support removing monetary support for the U.S. economy. The comments solidified sentiment across the globe that the U.S. central bank would leave interest rates unchanged at its Sept. 20-21 meeting, with traders trimming their views on the likelihood of a September rate hike to 15 percent, from 24 percent on Friday, according to the CME Group's FedWatch tool. Thai shares rose as much as 2.1 percent, their biggest intra-day percentage gain in nearly 8 months, with basic materials and consumer non-cyclicals rising the most. PTT Global Chemical PCL rose 1.8 percent, while CP All PCL climbed 2.2 percent. The Fed will most likely raise interest rates only in December, said Teerada Charnyingyong, an analyst with Phillip Securities Thailand. The market is rebounding following Wall Street's rise overnight, she said, adding the index could climb through the rest of the week if it sustains 1,430-1,440 levels. Indonesian shares were down 0.7 percent, after falling as much as 1.1 percent to their lowest since July 29 in early trade. The index is likely to remain mixed with a propensity to weaken, although given last week's fall we may see a technical rebound sometime during the week, Trimegah Securities Indonesia said in a note. The index lost 1.3 percent last week. Utilities and consumer cyclicals were among the biggest losers on the index, with Perusahaan Gas Negara (Persero) Tbk PT falling 1.8 percent and Astra International Tbk PT dropping 3.3 percent. Singapore fell 1.2 percent, led lower by energy stocks Keppel Corporation Ltd, down 2.4 percent, and Sembcorp Industries Ltd, which lost 0.8 percent, as global oil prices fell. Asian shares rose on Tuesday, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.4 percent, after tumbling 2.4 percent on Monday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0500 GMT Market Current Prev close Pct Move Singapore 2839.89 2873.33 -1.16 Bangkok 1438.63 1411.85 1.90 Manila 7533.52 7581.79 -0.64 Jakarta 5246.387 5281.917 -0.67 Kuala Lumpur 1674.75 1686.44 -0.69 Ho Chi Minh 656.78 659.76 -0.45 Change on year Market Current End 2015 Pct Move Singapore 2839.89 2882.73 -1.49 Bangkok 1438.63 1288.02 11.69 Manila 7533.52 6952.08 8.36 Jakarta 5246.387 4593.008 14.23 Kuala Lumpur 1674.75 1692.51 -1.05 Ho Chi Minh 656.78 579.03 13.43 (Reporting by Krishna V Kurup in Bengaluru; Additional reporting by Sindhu Chandrasekaran; Editing by Biju Dwarakanath)
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