June 6, 2016 / 4:42 AM / 2 years ago

SE Asia Stocks-Higher tracking Asian shares on disappointing U.S. jobs data

By Rushil Dutta
    June 6 (Reuters) - Southeast Asian stocks were higher on
Monday, in line with Asian peers, as lower-than-expected U.S.
jobs data weakened the possibility of a rate rise by the Federal
Reserve in June, with the Philippine index rising to its highest
in 10 months.  
    U.S. nonfarm payrolls rose by just 38,000 last month, the
smallest increase since September 2010 and well below the
expected creation of 164,000 jobs. 
    Fed funds futures rates indicated that traders see only a 6
percent chance of a Fed hike this month, down from 21 percent as
recently as Thursday, according to CME Group's FedWatch tool.
    A Reuters poll of Wall Street's top banks taken after the
jobs figures showed that all of them expect the U.S. Federal
Reserve to leave interest rates unchanged at its June 14-15
policy meeting. 
    "I guess the consensus now, in the light of Friday's data,
is that the Fed will not raise the interest rates," said Joseph
Roxas, an analyst with Manila-based Eagle Securities.  
    "So, let the good times roll."  
    Investors are also keeping an ear out for Fed chair Janet
Yellen's speech at an event in Philadelphia later on Monday, her
last official remarks ahead of the pre-meeting media blackout. 
    Philippine stocks were up nearly 1 percent at 0341
GMT, led by consumer cyclicals and consumer staples.
    Bluechips Ayala Corp and SM Investments Corp 
were among the biggest gainers.
    "We're nearly at the high of the year already. I think it
will continue. For us the election year is generally quite
bullish," Roxas said on Philippine stocks. 
    Philippine President-elect Rodrigo Duterte, who was declared
winner in the May 9 election, said he will continue his
predecessor's economic policies, which focused on infrastructure
and fiscal efficiency, to help push growth up to 7-8 percent.
    Thai shares edged up to a near 1-year high, led by
telecom and financial stocks.
    Siam Commercial Bank was 1.1 percent higher, while
Kasikornbank PCL rose 0.3 percent.
    Singapore's Straits Times Index gained for a third
session, led by financials and consumer services.
    Malaysia and Indonesia rose, while Vietnam
 was marginally higher.
    Asian shares rose on Monday, with the MSCI's broadest index
of Asia-Pacific shares outside Japan rising 0.6
For Asian Companies click;  

  STOCK MARKETS                                 
  Change at                                     
 0341 GMT                               
  Market         Current     Previous   Pct Move
  Singapore      2824.67     2809.23    0.55
  Bangkok        1443.83     1436.43    0.52
  Manila         7583.49     7514.22    0.92
  Jakarta        4880.877    4853.922   0.56
  Kuala Lumpur   1645.62     1636.46    0.56
  Ho Chi Minh    623.03      621.88     0.18
  Change on                             
  Market         Current     End 2015   Pct Move
  Singapore      2824.53     2882.73    -2.02
  Bangkok        1443.83     1288.02    12.10
  Manila         7583.49     6952.08    9.08
  Jakarta        4881.014    4593.008   6.27
  Kuala Lumpur   1645.62     1692.51    -2.77
  Ho Chi Minh    623.03      579.03     7.60

 (Reporting by Rushil Dutta in Bengaluru; Editing by Biju
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