SE Asia Stocks -Mostly lower ahead of Fed meet; Jakarta down third day

martes 28 de octubre de 2014 03:16 GYT
 

Oct 28 (Reuters) - Most Southeast Asian stock markets were
weaker on Tuesday as investors awaited the outcome of the U.S.
Federal Reserve's two-day meeting that begins later in the
session for clues to the direction of U.S. interest rates.
    The Jakarta Composite Index was down 0.4 percent by
0654 GMT, trading at its lowest since Oct. 17 and poised to fall
for a third straight day as the country's newly-appointed
cabinet weighed on investor sentiment. 
    Indonesian President Joko Widodo held his first cabinet
meeting on Monday and gave his top four ministers until the end
of the week to identify policy changes that would remove growth
bottlenecks. 
    "Market is likely to continue its fall further today on the
back of disappointing cabinet and news of Italian banks failing
ECB's stress tests," Jakarta-based Trimegah Securities said in a
research note. 
    "We think investors can start buying on weakness, though
suggest focus on big-cap stocks with solid fundamentals," like 
Telecomunikasi Indonesia, Bank Central Asia,
and Bank Negara Indonesia. 
    Investors, however, were broadly concerned over the  outcome
of the Fed meeting. 
    Singapore-based NetResearch Asia in a investor note said the
Fed's post-meeting comments will be closely watched with
observers divided as to whether there would be any change in its
stance on interest rates and especially on any changes to the
end date for the third round of quantitative easing.
    "Though some may cheer such a move, it would also signal to
others that the Fed's grasp on economic indicators may not be as
thorough as it should be, especially after recent assurances
that plans are on track," it said.
    The Philippine stock index was down 0.3 percent, trading at
its lowest level since Oct. 21. Malaysia was 0.1 percent
weaker while Singapore fell 0.5 percent to a one-week
low. 
    Thailand, bucking the trend, was up 0.3 percent,
while Vietnam's benchmark VN Index rebounded 0.58 percent
at the break from a near-four-month low as investors picked up
cheap shares around a strong support level.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0654 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3210.59       3226.11       -0.48
 Kuala Lumpur       1821.06       1823.15       -0.11
 Bangkok            1552.47       1547.89       +0.30
 Jakarta            5002.72       5024.29       -0.43
 Manila             7084.65       7103.54       -0.27
 Ho Chi Minh         583.13       580.80       +0.57
 
 (Reporting by Shihar Aneez in COLOMBO; Editing by Sunil Nair)