May 18, 2016 / 5:01 AM / 2 years ago

SE Asia Stocks-Flat after U.S. Fed renews prospects of early rate hike

By Anusha Ravindranath
    May 18 (Reuters) - Most Southeast Asian stock markets traded
flat-to-slightly lower on Wednesday in line with the small drop
in broader Asian shares, after U.S. Fed officials flagged
prospects of a rate hike as early as June. 
    Asian markets were lower, with MSCI's broadest index of
Asia-Pacific shares outside Japan falling 0.5
percent in early trade. 
    Singapore's Straits Times Index were down 0.4 percent
at 0438 GMT, recovering partly from a 0.78 percent fall early in
the session, as real estate stocks lost ground. Property
investor City Developments Ltd was down 2.72 percent.
    "Global investors are awaiting the release of FOMC minutes
tonight, after some Fed official said there is still a
possibility for interest rates to be raised 2-3 times this
year," said Reliance Securities in a note to clients.
    Indonesia edged up as much as 0.23 percent before
turning flat, led by gains in energy and telecom services
stocks. Telecom company Smartfren Tbk PT rose nearly 3
percent while Telekomunikasi Indonesia was up 0.54
    "JCI is expected to trade within a narrow range today,
supported by higher oil prices that closed at $48.3/barrel (up
by 1.2 percent) and Japan's better-than-expected 1Q16 GDP
growth," said Daewoo Securities in a note.
    Oil prices rose for a second straight day on Tuesday, with
U.S. futures hitting seven-month highs, on expectations of a
drawdown in U.S. crude stockpiles. 
    Philippine stocks snapped a 3-day winning streak,
losing as much as 0.49 percent in early trading, before
recovering to trade almost flat.
 For Asian Companies click ; 
  STOCK MARKETS                                          
  Change on the day                                      
  Market             Current       prev close   Pct Move
  Singapore          2775.15       2781.11      -0.21
  Bangkok            1403.22       1406.57      -0.24
  Manila             7520.87       7524.84      -0.05
  Jakarta            4735.654      4729.156     0.14
  Kuala Lumpur       1635.66       1633.39      0.14
  Ho Chi Minh        625.91        624.75       0.19
 Change so far                                
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2775.75       2882.73      -3.71
  Bangkok          1403.51       1288.02      8.97
  Manila           7520.87       6952.08      8.18
  Jakarta          4735.013      4593.008     3.09
  Kuala Lumpur     1635.1        1692.51      -3.39
  Ho Chi Minh      625.91        579.03       8.10

 (Reporting by Anusha Ravindranath in Bengaluru; Additional
reporting by Fransiska Nangoy; Editing by Sunil Nair)
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