September 15, 2016 / 4:41 AM / 2 years ago

SE Asia Stocks-Sluggish on policy uncertainty; Indonesia gains

Sept 15 (Reuters) - Most Southeast Asian stocks were
sluggish on Thursday as speculation over the timing of the U.S.
Federal Reserve's next interest rate hike and volatile oil
prices put investors in risk-off mode.
    The Bank of England at its policy meeting later in the day,
is expected to stand pat after last month's policy easing, and
provide a signal for future moves. 
    Globally, there is still pressure on equity markets, led by
a steep fall in oil prices, Trimegah Securities Indonesia said
in a note. 
    Singapore shares were down 0.4 percent, hitting a
near three-month low, pulled down by consumer services and oil
and gas stocks.
    Jardine Cycle & Carriage Ltd fell 2.8 percent,
while Sembcorp Marine Ltd dropped 0.8 percent.
    Investors are on risk-off mode as the odds for a U.S.
interest rate next week are creeping up, though market
participants still believe it is going to be in December after
the U.S. presidential elections, said Andrew Chow, associate
director at UOB Kay Hian in Singapore. 
    Oil, which investors see as a proxy of global growth, is
also affecting the market, he added.  
    Philippine shares fell marginally and were headed for
a fourth session of losses with telecom services and energy
stocks falling the most.
    Telecom giant PLDT Inc and energy company San
Miguel Corp fell more than 2 percent each.
    Bucking the trend, Indonesian stocks rose 1 percent
after four straight days of loss, led by  telecom services and
consumer non-cyclicals.
    There was some buying in JCI (Jakarta Composite Index) on
Wednesday afternoon, especially in high quality big caps,
indicating that bargain hunters have begun buying more
aggressively, Trimegah Securities Indonesia said.
    "Expect JCI to have a potential rebound within the range of
    Telecom company PT Telekomunikasi Indonesia (Persero) Tbk
 rose 2.3 percent, while PT Indofood CBP Sukses Makmur
Tbk was up 3.1 percent.
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  STOCK MARKETS                                         
  Change at 0413 GMT                                    
  Market              Current      Prev close  Pct Move
  Singapore           2798.29      2809.35     -0.39
  Bangkok             1462.73      1458.19     0.31
  Manila              7523.82      7546.01     -0.29
  Jakarta             5196.412     5146.038    0.98
  Kuala Lumpur        1655.26      1661.39     -0.37
  Ho Chi Minh         657.37       656.64      0.11
  Change on year                               
  Market              Current      End 2015    Pct Move
  Singapore           2798.29      2882.73     -2.93
  Bangkok             1462.73      1288.02     13.56
  Manila              7523.82      6952.08     8.22
  Jakarta             5196.412     4593.008    13.14
  Kuala Lumpur        1655.26      1692.51     -2.20
 Ho Chi Minh          657.37       579.03      13.53

 (Reporting by Sindhu Chandrasekaran; Editing by Sunil Nair)
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