SE Asia Stocks-Mixed; Indonesia extends gains
Aug 31 (Reuters) - The Indonesian stock market extended gains on Monday and hovered near levels seen before the last week's global rout, helped by a "buy signal" from local funds and buyback plans by some firms. However, further gains were capped by uncertainty about the timing of a rate hike by the U.S. Federal Reserve. The Jakarta Composite Index (JCI) was up 1.1 percent at 4,504.40 at 0846 GMT, led by gains in Unilever Indonesia , up 5.9 percent, and Bank Rakyat Indonesia, up 2.4 percent. The index is on track to close in the green for the fifth straight session. "The buyback plans from the listed companies and the buy signal from domestic pension funds as well as the recent oil price hike have been supporting the market," said Muhammad Wafi, an analyst with Jakarta-based Bahana Securities. Wafi expects the market to rebound in the short term as the index attempts to test its resistance before reaching their end-2015 target of 4,700 on the back of higher government spending on infrastructure. Last week, a cabinet minister said state-owned enterprises are repurchasing their shares from Tuesday. Confusion over policy direction in the world's two largest economies sent global markets into turmoil early last week, with the wildest price swings in years pushing investors to the exits. Analysts said most investors have been awaiting for some clues on when the United States will raise interest rates and surveys, which are likely to point to further weakness in China. A signal by Federal Reserve's Vice Chairman Stanley Fischer has left the door open to a September interest rate hike even while several U.S. central bank officials acknowledged that turmoil in financial markets, if prolonged, could delay the first policy tightening in nearly a decade. The Thailand stock index was up 0.8 percent. Bucking the trend, Vietnam was 1.1 percent weaker, while Singapore was down 0.8 percent. Markets in the Philippines and Malaysia were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0846 GMT Market Current Prev Close Pct Move Singapore 2932.45 2955.94 -0.79 Bangkok 1377.88 1365.94 +0.87 Jakarta 4497.16 4442.69 +1.13 Ho Chi Minh 564.75 570.87 -1.07 (Reporting by Shihar Aneez; Editing by Anand Basu)
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