SE Asia Stocks-Higher tracking Asian shares on disappointing U.S. jobs data
By Rushil Dutta June 6 (Reuters) - Southeast Asian stocks were higher on Monday, in line with Asian peers, as lower-than-expected U.S. jobs data weakened the possibility of a rate rise by the Federal Reserve in June, with the Philippine index rising to its highest in 10 months. U.S. nonfarm payrolls rose by just 38,000 last month, the smallest increase since September 2010 and well below the expected creation of 164,000 jobs. Fed funds futures rates indicated that traders see only a 6 percent chance of a Fed hike this month, down from 21 percent as recently as Thursday, according to CME Group's FedWatch tool. A Reuters poll of Wall Street's top banks taken after the jobs figures showed that all of them expect the U.S. Federal Reserve to leave interest rates unchanged at its June 14-15 policy meeting. "I guess the consensus now, in the light of Friday's data, is that the Fed will not raise the interest rates," said Joseph Roxas, an analyst with Manila-based Eagle Securities. "So, let the good times roll." Investors are also keeping an ear out for Fed chair Janet Yellen's speech at an event in Philadelphia later on Monday, her last official remarks ahead of the pre-meeting media blackout. Philippine stocks were up nearly 1 percent at 0341 GMT, led by consumer cyclicals and consumer staples. Bluechips Ayala Corp and SM Investments Corp were among the biggest gainers. "We're nearly at the high of the year already. I think it will continue. For us the election year is generally quite bullish," Roxas said on Philippine stocks. Philippine President-elect Rodrigo Duterte, who was declared winner in the May 9 election, said he will continue his predecessor's economic policies, which focused on infrastructure and fiscal efficiency, to help push growth up to 7-8 percent. Thai shares edged up to a near 1-year high, led by telecom and financial stocks. Siam Commercial Bank was 1.1 percent higher, while Kasikornbank PCL rose 0.3 percent. Singapore's Straits Times Index gained for a third session, led by financials and consumer services. Malaysia and Indonesia rose, while Vietnam was marginally higher. Asian shares rose on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.6 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0341 GMT Market Current Previous Pct Move Close Singapore 2824.67 2809.23 0.55 Bangkok 1443.83 1436.43 0.52 Manila 7583.49 7514.22 0.92 Jakarta 4880.877 4853.922 0.56 Kuala Lumpur 1645.62 1636.46 0.56 Ho Chi Minh 623.03 621.88 0.18 Change on year Market Current End 2015 Pct Move Singapore 2824.53 2882.73 -2.02 Bangkok 1443.83 1288.02 12.10 Manila 7583.49 6952.08 9.08 Jakarta 4881.014 4593.008 6.27 Kuala Lumpur 1645.62 1692.51 -2.77 Ho Chi Minh 623.03 579.03 7.60 (Reporting by Rushil Dutta in Bengaluru; Editing by Biju Dwarakanath)
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