SE Asia Stocks-Thailand posts biggest one-year intra-day gain; most indices drop
By Krishna V Kurup Sept 13 (Reuters) - Thai shares posted their biggest intra-day percentage gain in more than a year on Tuesday, tracking strong U.S. markets following dovish comments from Fed officials, even as other Southeast Asian markets dropped as investors shrugged off better-than-expected Chinese data. Global sentiment was buoyed after U.S. Federal Reserve Governor Lael Brainard on Monday dimmed the possibility for a September rate hike when she said that she wants to see stronger consumer spending data and signs of rising inflation before she would second removing monetary support for the U.S. economy. Traders trimmed their odds for a September rate hike to 15 percent from 24 percent on Friday, according to CME Group's FedWatch tool. Thai shares rose as much as 2.7 percent, their biggest intra-day percentage gain since August 2015. The market rebounded following Wall Street's rise overnight, said Teerada Charnyingyong, an analyst with Phillip Securities Thailand, adding the index could climb through the rest of the week if it sustains 1,430-1,440 levels. "The Fed will most likely raise interest rates only in December." Consumer non-cyclicals and basic material stocks led the gains, with PTT Global Chemical PCL rising 2.7 percent and CP All PCL gaining 3.5 percent. Singapore extended losses to a second session, losing as much as 2.01 percent, its biggest daily percentage fall since June 24. Energy stocks led the losses, reflecting a drop in global oil prices, with Keppel Corporation Ltd falling 3.7 percent and Sembcorp Industries Ltd ending 1.9 percent lower. The fall in property, energy and financial sector shares depressed the market, said Nirgunan Tiruchelvam, an analyst with Religare Capital Markets (Singapore), adding that property stocks are falling due to the government's measure of restricting foreign purchases of domestic property. "Expect the markets to recover in light of what has transpired with the Fed," Tiruchelvam added. Indonesian shares fell 1.3 percent, to their lowest since July 26, with utilities and energy stocks leading the losses. 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. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Prev close Pct Move Singapore 2818.38 2873.33 -1.91 Bangkok 1446.84 1411.85 2.48 Manila 7550.27 7581.79 -0.42 Jakarta 5215.567 5281.917 -1.26 Kuala Lumpur 1677.18 1686.44 -0.55 Ho Chi Minh 659.72 659.76 -0.01 Change on year Market Current End 2015 Pct Move Singapore 2818.38 2882.73 -2.23 Bangkok 1446.84 1288.02 12.33 Manila 7550.27 6952.08 8.60 Jakarta 5215.567 4593.008 13.55 Kuala Lumpur 1677.18 1692.51 -0.91 Ho Chi Minh 659.72 579.03 13.94 (Reporting by Krishna V Kurup in Bengaluru; Additional reporting by Sindhu Chandrasekaran; Editing by Vyas Mohan)
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