SE Asia Stocks-Cautious ahead of Fed meeting, Brexit referendum
By Rushil Dutta June 10 (Reuters) - Most Southeast Asian stock markets remained subdued on Friday ahead of a U.S. Federal Reserve meeting next week that would decide on interest rates, and the UK referendum on Britain's exit from the European Union later this month. Polls show a tight race ahead of the June 23 referendum. This, along with the U.S. hiring slowdown, has created enough concern to push the likelihood of a rate hike at the June 14-15 Fed meeting almost completely off the table. Fed watchers surveyed by Reuters this week saw a median 40 percent chance of a hike in July and a roughly two-in-three chance of a September move. "The markets are on tenterhooks ahead of next week's FOMC meeting. Rates may go up in July or September and markets do not like such uncertainty," said an analyst from Singapore. "We also think Britain wouldn't want to exit the EU, but if it swings otherwise, the effects could be detrimental," he added. Singapore led the losses in the regional markets that were dragged down by oil and gas and consumer services stocks. Oil-rig firms Sembcorp Industries and Keppel Corp were among the biggest losers. Singapore's trade minister on Thursday said the Asian country would meet its GDP growth target of between 1 percent and 3 percent for this year, but that there were some risks. Indondesian and Thai stocks lost marginally. Vietnam posted paltry gains, led by basic materials and industrials. The Philippine index rebounded from its biggest single-day loss in nearly six months, gaining about 0.6 percent, led by financials. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.9 percent, but remained poised for a weekly gain. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0345 GMT Market Current Previous Pct Move Close Singapore 2825.55 2843.8 -0.64 Bangkok 1432.88 1435.65 -0.19 Manila 7573.4 7536.65 0.49 Jakarta 4866.269 4876.794 -0.22 Kuala Lumpur 1646.09 1650.51 -0.27 Ho Chi Minh 632.53 631.26 0.20 Change on year Market Current End 2015 Pct Move Singapore 2825.55 2882.73 -1.98 Bangkok 1432.88 1288.02 11.25 Manila 7573.4 6952.08 8.94 Jakarta 4866.269 4593.008 5.95 Kuala Lumpur 1646.09 1692.51 -2.74 Ho Chi Minh 632.53 579.03 9.24 (Reporting by Rushil Dutta in Bengaluru; Editing by Anupama Dwivedi)
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