May 30, 2016 / 4:56 AM / 2 years ago

SE Asia Stocks-Higher as near-term U.S. rate rise expectations firm up

By Rushil Dutta
    May 30 (Reuters) - Southeast Asian stock markets largely
traded higher on Monday as a top Fed official reiterated the
possibility of a U.S. rate hike in the near future, reinforcing
similar comments by Fed chair Janet Yellen last week. 
    St. Louis Federal Reserve President James Bullard said on
Monday global markets appear to be "well-prepared" for a summer
interest rate hike from the Fed, although he did not specify a
date for the policy move. 
   This came after the U.S. central bank chief said on Friday
that the Federal Reserve should raise interest rates "in the
coming months" if the economy picks up as expected and jobs
continue to be generated. 
    Stocks were also bolstered after the U.S. Commerce
Department said on Friday that GDP rose at a 0.8 percent annual
rate as opposed to the 0.5 percent pace reported last month,
according to a second GDP estimate for the January-March period.
    "Yellen was hawkish on Friday, and her speech affirms the
change in stance and monetary policies in the US. Investors are
now waiting to see how the rate hike affects asset prices," Alex
Tiu, an analyst at AB Capital Securities Inc in Manila said.
    "The speech signalled that the US economy is improving to
the point where the Fed feels confident to raise rates - export
oriented countries will greatly benefit from a healthy US
    The Thai SET index led the region, led by energy and
    State-owned oil and gas firm PTT PCL gained 1.6
percent, while Thai Oil PCL rose 0.4 percent, after
international oil prices edged up in early trading on Monday.
    Indonesian stocks were 0.5 percent higher, supported
by energy and financials.
    Petroleum distributor AKR Corporindo Tbk PT rose 3
    The Philippine main index gained 0.4 percent, while
stocks in Singapore were flat.
    Vietnam rose marginally, gaining for a second
straight session.
    Malaysia's main index lost 0.6 percent, with
broadcaster Astro Malaysia down 2.9 percent. 
    Asian shares however slipped on Monday while the dollar
marked fresh highs after Yellen's comments. 
For Asian Companies click;  

  STOCK MARKETS                                 
  Change at                                     
 0413 GMT                               
  Market         Current     Previous   Pct Move
  Singapore      2802.83     2802.51    0.01
  Bangkok        1422.61     1412.67    0.70
  Manila         7443.1      7411.68    0.42
  Jakarta        4838.204    4814.731   0.49
  Kuala Lumpur   1627.45     1637.19    -0.59
  Ho Chi Minh    609.42      608.11     0.22
  Change on                             
  Market         Current     End 2015   Pct Move
  Singapore      2803.15     2882.73    -2.76
  Bangkok        1422.56     1288.02    10.45
  Manila         7443.1      6952.08    7.06
  Jakarta        4838.44     4593.008   5.34
  Kuala Lumpur   1627.45     1692.51    -3.84
 Ho Chi Minh     609.42      579.03     5.25
 (Additional reporting by Aparajita Saxena; Editing by Biju
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below