November 24, 2016 / 10:57 AM / 2 years ago

CORRECTED-SE Asia Stocks-Most fall on Fed rate hike chances; Indonesia down 2 pct

(Corrects headline to say Indonesia, not Philippines, down 2
    By Sindhu Chandrasekaran
    Nov 24 (Reuters) - Most Southeast Asian stock markets fell
on Thursday as upbeat U.S. economic data raised the probability
of a rate hike in December.
    Indonesian shares led the fall with a drop of 2 percent as
the rupiah weakened to a near six-month low on foreign
investor selling. 
    "For every 1 percent depreciation in the rupiah, the market
ETF growth will come down by about 0.9 percent," said Harry Su,
an analyst with Bahana Securities in Indonesia, adding: "So, a
stronger dollar is definitely bad for the market."
    "We expect the index (Jakarta Composite Index) to be
potentially under pressure amid lack of supporting catalysts and
pressure on the rupiah," Samuel Sekuritas said in a note.  
    The JCI snapped two sessions of gains, dragged down by
financials with index heavyweight PT Bank Mandiri (Persero) Tbk
 shedding 7.3 percent.
    Most Asian stock markets also fell on prospects of higher
U.S. interest rates, while the dollar's bull run continued with
U.S. bond yields propelled to multi-year highs.
    New orders for U.S. manufactured capital goods rebounded in
October, the latest indication of an acceleration in economic
growth early in the fourth quarter. Consumer sentiment also
jumped in November in the wake of Donald Trump's election as the
U.S. president.    
    Minutes from the Fed's Nov.1-2 meeting, released on
Wednesday, showed policymakers were confident that a
strengthening economy was enough to warrant a rate hike soon.
    The Fed meeting shows a 100 percent chance of a rate hike
next month, said Joseph Roxas, an analyst at Manila-based Eagle
    The rate increase and a better economy are starting to bring
money back to the U.S. market and that money is probably coming
from emerging markets such as the Philippines and the rest of
Asia, he said.
    Vietnam snapped three sessions of gains, with
industrials leading the losses, while Malaysia closed
marginally lower after rising for three sessions.
    Bucking the trend, Singapore and Philippines 
recouped early losses to end marginally higher.
For Asian Companies click;  

  Market          Current      previous    Pct Move
 Singapore        2843.72      2839.69     0.14
 Bangkok          1490.11      1496.36     -0.42
 Manila           6873.31      6836.64     0.54
 Jakarta          5107.623     5211.996    -2.00
 Kuala Lumpur     1624.21      1630.38     -0.38
 Ho Chi Minh      678.18       683.16      -0.73
  Change on year                           
  Market          Current      End 2015    Pct Move
  Singapore       2843.72      2882.73     -1.35
  Bangkok         1490.11      1288.02     15.69
  Manila          6873.31      6952.08     -1.13
  Jakarta         5107.623     4593.008    11.20
  Kuala Lumpur    1624.21      1692.51     -4.04
 Ho Chi Minh      678.18       579.03      17.12
 (Reporting by Sindhu Chandrasekaran; Editing by Subhranshu
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