SE Asia Stocks-Rise after Fed stands pat
By Suhail Hassan Bhat Sept 22 (Reuters) - Southeast Asian stocks rose on Thursday, reflecting gains in Asian peers, with financials leading the rise after the Federal Reserve kept U.S. interest rates unchanged and projected a less aggressive path for rate hikes in the coming years. MSCI's broadest index of Asia-Pacific shares outside Japan extended gains to 1.3 percent in its sixth straight session of increases. "No rate hike by the Fed coupled with monetary easing signal by the Bank of Japan should lift short-term uncertainties and lead to a relief rally," Taye Shim, an analyst with Daewoo Securities, said in a note. The Fed signalled it could hike rates by year-end as the labour market improved further, but cut the number of rate increases expected in 2017 and 2018. The BOJ abandoned its base money target and adopted "yield curve control" under which it will buy long-term government bonds to keep 10-year bond yields at current levels of around zero percent. Indonesian shares were headed for their fifth session of gains in six, with aluminium company PT Alakasa Industrindo rising 24 percent to its highest since March 1994. The country's central bank will likely cut its benchmark interest rate for a fifth time this year later in the day in an attempt to spur economic growth, a Reuters poll showed. Philippine shares were on track for a fourth straight session of gains, with Metro Pacific Investments Corp up 2.6 percent. The Philippine central bank is expected to keep its benchmark interest rate steady at its policy meeting later in the day, a Reuters poll showed. Malaysian shares extended gains into a third straight session after data released on Wednesday showed inflation rose faster than expected in August. Singapore shares were marginally higher after the previous session's losses ahead of August inflation data due on Friday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0343 GMT Market Current Previous Pct Move Close Singapore 2857.42 2850.74 0.23 Bangkok 1499.11 1487.17 0.80 Manila 7758.33 7675.42 1.08 Jakarta 5394.986 5342.592 0.98 Kuala Lumpur 1663.24 1658.73 0.27 Ho Chi Minh 673.14 668.48 0.70 Change this year Market Current End 2015 Pct Move Singapore 2857.42 2882.73 -0.88 Bangkok 1499.11 1288.02 16.39 Manila 7758.33 6952.08 11.60 Jakarta 5394.986 4593.008 17.46 Kuala Lumpur 1663.24 1692.51 -1.73 Ho Chi Minh 673.14 579.03 16.25 (Reporting by Suhail Hassan Bhat; Editing by Subhranshu Sahu)
© Thomson Reuters 2016 All rights reserved.