SE Asia Stocks-Flat to higher after MSCI's thumbs down to China shares
By Anusha Ravindranath June 15 (Reuters) - Southeast Asian stock markets were flat to slightly higher on Wednesday after index provider MSCI turned its back on Chinese A-shares, easing some market concerns, but worries continued over Britain's potential departure from the European Union. U.S. index provider MSCI Inc on Tuesday declined to add domestic Chinese stocks to one of its key benchmarks, delivering a blow to Chinese policymakers hoping to broaden the appeal of their currency. "It seems that it is a welcome development that China's domestic equities were denied entry to MSCI," said Manny Cruz an analyst with Asiasec Equities Inc. "If ever that will push through, most of the regional funds would be hurt, as they would be repositioned from other Asian markets towards China," Cruz added. Philippine stocks were up almost half a percent, snapping the previous session's losses, led by utilities. Shares of Aboitiz Power Corp rose 1.43 percent and Metro Pacific Investments Corp gained 3.4 percent. Philippine stocks could receive a short-term boost despite the weakness in overnight markets after MSCI gave Chinese A-shares a thumbs-down, research firm SB Equities said in a note. Investors are also keeping an eye out for the U.S. Federal Reserve's call on interest rates. Fed funds futures <FF:> show investors see almost no chance of the Fed raising interest rates on Wednesday after a dismal U.S. payrolls report for May. Singapore shares rebounded from Tuesday's losses early in the day before trading almost flat, while Indonesian stocks drifted lower on profit-taking. "It is more of a correction move and the (Indonesian) markets are down on continuous profit-taking," Cruz said. Malaysian and Thai shares remained flat, while Vietnam stocks were down almost half a percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current prev close Pct Move Singapore 2770.29 2768.33 0.07 Bangkok 1428.05 1428.1 0.00 Manila 7496.05 7460.12 0.48 Jakarta 4794.001 4821.59 -0.57 Kuala Lumpur 1628.04 1626.11 0.12 Ho Chi Minh 623.25 625.43 -0.35 Change so far this year Market Current End prev yr Pct Move Singapore 2770.29 2882.73 -3.90 Bangkok 1428.05 1288.02 10.87 Manila 7496.05 6952.08 7.82 Jakarta 4794.001 4593.008 4.38 Kuala Lumpur 1628.04 1692.51 -3.81 Ho Chi Minh 623.25 579.03 7.64 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Anupama Dwivedi)
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