September 16, 2016 / 5:41 AM / 2 years ago

SE Asia Stocks-Philippines falls; others up as Fed rate hike prospects recede

By Sindhu Chandrasekaran
    Sept 16 (Reuters) - Philippine shares fell 1.4 percent on
Friday, erasing gains from the previous session, while other
markets in region rose as the prospects of a rate hike by the
Federal Reserve receded further on weak U.S. retail data.
    U.S. retail sales fell more than expected in August,
pointing to cooling domestic demand that further diminished
expectations of a rate raise next week. 
    Futures traders are now pricing in a 12 percent chance of a
rate increase this month, down from 15 percent on Wednesday,
according to CME Group's FedWatch tool. Consumer price inflation
data, due later in the day, is the next test for rates-focused
    "Asian markets are following the momentum on Wall Street,"
said Vishnu Varathan, a senior economist with Mizuho Bank.
    Singapore shares gained 0.8 percent, heading for
their first rise in four sessions, driven by energy and
financial stocks.
    Keppel Corp Ltd was up 1.2 percent, while DBS
Group Holdings Ltd rose 1.4 percent.
    "Diminished prospects of a Fed rate hike boosted overall
risk-on sentiment," said Varathan, adding there could be some
profit-taking in the afternoon session.
    Thai stocks gained marginally, with telecom and
energy shares leading. Advanced Info Service Pcl 
rose 1.6 percent while PTT Pcl was up 1.2 percent.
    Bucking the trend, Philippine shares dropped 1.4 percent,
snapping Thursday's 2.2 percent gain, dragged down by consumer
cyclicals and financials.
    The market is reversing gains from the previous session as
the last-minute buying on Thursday was seen to be unsustainable,
said Charles Ang, an analyst with COL Financial Group Inc.
    SM Investments Corp fell 2.4 percent while Bank of
the Philippine Islands dropped 3.6 percent.
    "Expect it (index) to remain down for the rest of the day,"
Ang said.
    Malaysia was closed for a public holiday.
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  STOCK MARKETS                                        
  Change at 0530                                       
  Market           Current       previous     Pct Move
  Singapore        2828.11       2805.52      0.81
  Bangkok          1471.58       1463.39      0.56
  Manila           7601.8        7708.42      -1.38
  Jakarta          5295.678      5265.819     0.57
  Kuala Lumpur     1652.99       1661.39      -0.51
 Ho Chi Minh       653.62        656.18       -0.39
  Change so far                               
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2828.11       2882.73      -1.89
  Bangkok          1471.58       1288.02      14.25
  Manila           7601.8        6952.08      9.35
  Jakarta          5295.678      4593.008     15.30
  Kuala Lumpur     1652.99       1692.51      -2.33
 Ho Chi Minh       653.62        579.03       12.88
 (Reporting by Sindhu Chandrasekaran; Editing by Sunil Nair)
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