SE Asia Stocks-Higher on Yellen's comments, easing concerns over Fed rate rise

martes 7 de junio de 2016 01:07 GYT

June 7 (Reuters) - Southeast Asian stocks were trading
higher on Tuesday, in line with Asian peers, after U.S. Federal
Reserve Chair Janet Yellen gave a largely upbeat assessment of
the U.S economy, although she did not specify a time frame for
an interest rate increase.
    The Fed chief said last month's jobs report was
"disappointing" but warned against attaching too much
significance to the payrolls data in isolation.  
    Yellen was however careful not to give any hints about the
timing of a next rate increase, in contrast to a speech on May
27, when she said such a move would probably be appropriate "in
coming months." 
    Asian stocks hit a five-week high on Tuesday, with the
MSCI's broadest index of Asia-Pacific shares outside Japan
 up 0.5 percent, as investors judged the Fed's
cautious stance as well-suited to equities. 
    "Emerging markets are rejoicing due to this news," said
Grace G. Aller, an analyst with Manila-based AP Securities,
referring to the absence of a time frame for a rate increase in
Yellen's speech. 
    The Philippine stock index was up 1.66 percent at
0450 GMT, led by financials.
    "This could be a continuation of the rally due to the Fed's
hesitance to increase the rates this June. However, there's a
slight possibility (of a rate increase) come July, but could be
later than that," Aller said.
    Stocks also got a boost after the Philippines' rate of
inflation in May rose 1.6 percent from a year earlier, but well
within the central bank's projection of 1.1-1.9 percent for the
    Ayala Land Inc. and SM Prime Holdings Inc 
led the gainers, up 2.7 percent to 3.2 percent.
    Indonesian shares rose, helped by consumer staples
and financials.
    Telekom Indonesia and Bank Mandiri led
the gainers.
    Malaysia, Singapore and Thailand 
edged up, while Vietnam was marginally higher.
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  STOCK MARKETS                                          
 Change at 0450 GMT                                      
  Market             Current       Previous     Pct Move
  Singapore          2842.94       2831.28      0.41
  Bangkok            1446.42       1443.42      0.21
  Manila             7723.98       7598.22      1.66
  Jakarta            4926.269      4896.025     0.62
  Kuala Lumpur       1658.81       1648.99      0.60
 Ho Chi Minh         622.31        620.05       0.36
 Change on year                                 
  Market             Current       End prev yr  Pct Move
  Singapore          2842.94       2882.73      -1.38
  Bangkok            1446.42       1288.02      12.30
  Manila             7723.98       6952.08      11.10
  Jakarta            4926.269      4593.008     7.26
  Kuala Lumpur       1658.81       1692.51      -1.99
 Ho Chi Minh         622.31        579.03       7.47

 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju