June 7, 2016 / 10:22 AM / 2 years ago

SE Asia Stocks-Close higher on Yellen's comments

By Krishna V Kurup
    June 7 (Reuters) - Southeast Asian stocks closed higher on
Tuesday, in line with Asian peers, after Federal Reserve Chair
Janet Yellen gave a largely upbeat assessment of the U.S.
economy, although she did not specify a time frame for an
interest rate increase.
    The Fed chief said last month's jobs report was
"disappointing" but warned against attaching too much
significance to the payrolls data in isolation.
    Yellen was however careful not to give any hints about the
timing of the next rate hike, in contrast to a speech on May 27,
when she said such a move would probably be appropriate "in
coming months." 
    Asian stocks rose to a five-week high on Tuesday, with the
MSCI's broadest index of Asia-Pacific shares outside Japan
 gaining 1.6 percent, as investors judged the
Fed's cautious stance as well-suited to equities. 
    "Emerging markets are rejoicing as the probability of Fed
rate hike happening in July is only 26 percent. It will probably
be in September or the latter part of the year. So for now the
funds are flowing back into the markets," said Grace G. Aller,
an analyst with Manila-based AP Securities.
    Philippine shares led the gains in Southeast Asia and
closed 1.5 percent higher, after rising as much as 1.9 percent
earlier in the day to their highest level since May 26, 2015.
    Sentiment got a boost after May inflation came in within the
central bank's projection of 1.1-1.9 percent. 
    Financials and utilities led the gains, with Aboitiz Power
Corp and Metro Pacific Investments Corp among
the top performers.
    Singapore's Straits Times Index extended gains into a
fourth straight session, with oil & gas stocks leading the
    Vietnam finished 0.7 percent higher, led by energy
and basic materials stocks. 
For Asian Companies click;  

  STOCK MARKETS                                          
  Change on the day                                      
  Market             Current       previous     Pct Move
  Singapore          2848.09       2831.28      0.59
  Bangkok            1442.42       1443.42      -0.07
  Manila             7710.54       7598.22      1.48
  Jakarta            4933.989      4896.025     0.78
  Kuala Lumpur       1660.62       1648.99      0.71
 Ho Chi Minh         624.65        620.05       0.74
 Change on year                                 
  Market             Current       End prev yr  Pct Move
  Singapore          2848.09       2882.73      -1.20
  Bangkok            1442.42       1288.02      11.99
  Manila             7710.54       6952.08      10.91
  Jakarta            4933.989      4593.008     7.42
  Kuala Lumpur       1660.62       1692.51      -1.88
 Ho Chi Minh         624.65        579.03       7.88

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)
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