June 15, 2016 / 5:01 AM / 2 years ago

SE Asia Stocks-Flat to higher after MSCI's thumbs down to China shares

By Anusha Ravindranath
    June 15 (Reuters) - Southeast Asian stock markets were flat
to slightly higher on Wednesday after index provider MSCI turned
its back on Chinese A-shares, easing some market concerns, but
worries continued over Britain's potential departure from the
European Union.
    U.S. index provider MSCI Inc on Tuesday declined to
add domestic Chinese stocks to one of its key benchmarks,
delivering a blow to Chinese policymakers hoping to broaden the
appeal of their currency. 
    "It seems that it is a welcome development that China's
domestic equities were denied entry to MSCI," said Manny Cruz an
analyst with Asiasec Equities Inc.
    "If ever that will push through, most of the regional funds
would be hurt, as they would be repositioned from other Asian
markets towards China," Cruz added.
    Philippine stocks were up almost half a percent,
snapping the previous session's losses, led by utilities.
    Shares of Aboitiz Power Corp rose 1.43 percent and
Metro Pacific Investments Corp gained 3.4 percent.
    Philippine stocks could receive a short-term boost despite
the weakness in overnight markets after MSCI gave Chinese
A-shares a thumbs-down, research firm SB Equities said in a
    Investors are also keeping an eye out for the U.S. Federal
Reserve's call on interest rates. Fed funds futures <FF:> show
investors see almost no chance of the Fed raising interest rates
on Wednesday after a dismal U.S. payrolls report for May.
    Singapore shares rebounded from Tuesday's losses
early in the day before trading almost flat, while Indonesian
stocks drifted lower on profit-taking.
    "It is more of a correction move and the (Indonesian)
markets are down on continuous profit-taking," Cruz said.
    Malaysian and Thai shares remained flat,
while Vietnam stocks were down almost half a percent.
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  STOCK MARKETS                                               
  Change on the day                                           
  Market                  Current       prev close   Pct Move
  Singapore               2770.29       2768.33      0.07
  Bangkok                 1428.05       1428.1       0.00
  Manila                  7496.05       7460.12      0.48
  Jakarta                 4794.001      4821.59      -0.57
  Kuala Lumpur            1628.04       1626.11      0.12
  Ho Chi Minh             623.25        625.43       -0.35
 Change so far this year                             
  Market                  Current       End prev yr  Pct Move
  Singapore               2770.29       2882.73      -3.90
  Bangkok                 1428.05       1288.02      10.87
  Manila                  7496.05       6952.08      7.82
  Jakarta                 4794.001      4593.008     4.38
  Kuala Lumpur            1628.04       1692.51      -3.81
  Ho Chi Minh             623.25        579.03       7.64
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Anupama Dwivedi)
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