SE Asia Stocks-Cautious on Brexit fears

jueves 16 de junio de 2016 01:05 GYT
 

June 16 (Reuters) - Southeast Asian stock markets were
cautious on Thursday after the U.S. Federal Reserve refrained
from raising interest rates and the Bank of Japan kept monetary
policy steady, while Brexit fears continued to weigh.
    The U.S. central bank kept policy steady as widely expected
and lowered its economic projections but signalled that it still
planned to raise rates twice in 2016. 
    A small majority of Wall Street's top banks expects the Fed
to raise interest rates no more than once this year, a Reuters
poll showed on Wednesday. 
    The Bank of Japan kept monetary policy steady and stuck to
its optimistic view of the economy on Thursday, even as renewed
yen rises and slumping stock prices threaten to hurt business
sentiment and derail a fragile economic recovery. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.8 percent at 0430 GMT, after briefly
rising earlier in the day.
    Worries that Britain, the world's fifth-largest economy,
could quit the European Union after a June 23 referendum added
to the volatility.
    "It's all about the Brexit now. Markets are reacting to the
Brexit risks," said a Singapore-based analyst who did not want
to be identified.
    Some recent opinion polls have put the "Leave" campaign
ahead, though bookmakers' odds still favour a vote to
"Remain". 
    The Philippine index rose nearly 1 percent, led by
shares of telecom service providers such as Philippine Long
Distance Telephone Co, which rose 1.8 percent.
    "It might be a case of rotation of buying, probably
lightening up on some countries and moving to the Philippines
because of our better fundamentals at the moment," said Jose
Vistan, an analyst with Manila-based AB Capital Securities.
    The Fed's decision has helped the appetite in a way for risk
assets, Vistan said.
    "If funds are going to risk assets, they want to go into
countries that have strong fundamentals," Vistan added.
    Singapore stocks were down 0.8 percent, with oil and
gas shares dragging the index down.
    Oil prices fell on Thursday, heading for a sixth session of
declines, following a lower-than-expected draw on U.S.
stockpiles and concerns over Britain's exit from the European
Union. 
    Shares of Keppel Corp Ltd fell 1.7 percent, while
Sembcorp Industries Ltd was down 2.5 percent.
    Vietnam rose 0.3 percent, led by utilities and healthcare
stocks. PetroVietnam Power Nhon Trach 2 JSC rose 6.1
percent.
       
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SOUTHEAST ASIAN STOCK MARKETS    
  STOCK MARKETS                                           
  Change at 0430 GMT                                      
  Market              Current       prev close   Pct Move
  Singapore           2752.62       2774.25      -0.78
  Bangkok             1424.04       1434.89      -0.76
  Manila              7573.12       7501.65      0.95
  Jakarta             4816.776      4814.824     0.04
  Kuala Lumpur        1616.77       1627.96      -0.69
  Ho Chi Minh         628.59        627.02       0.25
                                                 
  Change on year                                 
  Market              Current       End 2015     Pct Move
  Singapore           2752.62       2882.73      -4.51
  Bangkok             1424.04       1288.02      10.56
  Manila              7573.12       6952.08      8.93
  Jakarta             4816.776      4593.008     4.87
  Kuala Lumpur        1616.77       1692.51      -4.48
  Ho Chi Minh         628.59        579.03       8.56
 
 (Reporting by Krishna V Kurup in Bengaluru; Editing by Anupama
Dwivedi)