By Christina Martin
March 1 Most Southeast Asian stock markets were
subdued on Wednesday on disappointment U.S. President Donald
Trump offered few details on his plans for infrastructure
spending and tax reforms, and as Fed policymakers fanned
expectations of a rate hike this month.
New York Fed President William Dudley said the case for
tightening monetary policy "has become a lot more compelling",
while San Francisco Fed President John Williams said a rate
increase was very much on the table for serious consideration at
the March meeting given full employment and accelerating
"It seems that the possibility of a rate hike is going to
affect emerging economies," said Lexter Azurin, head of research
at Unicapital Securities Inc in Manila.
Meanwhile, Trump in his address to a joint session of
Congress offered little detail about planned tax cuts or new
infrastructure spending beyond the broad strokes he offered
during the election campaign.
Philippine shares extended falls into a fourth
session, hitting a six-week low, dragged down by industrials and
JG Summit Holdings Inc declined 2.8 percent and
telecoms services provider PLDT Inc fell 3.3 percent,
making them the biggest losers on the index.
Indonesian shares slipped 0.3 percent with losses
being broad-based, as data showed annual inflation rate
increased in February, mainly due to higher prices for processed
and raw foods as well as healthcare.
With the possibility of a March Fed rate hike, "markets are
a little bit concerned that a higher interest rate environment
would put pressure on the local economy, given the fact that
inflation has started to pick up here," said Taye Shim, head of
research at Jakarta-based Mirae Asset Sekuritas.
Singapore rose 0.7 percent, heading for its first
gain in four sessions, boosted by industrials and financials.
Keppel Corp climbed 2.6 percent, while
Oversea-Chinese Banking Corp and DBS Group
gained 0.5 percent each.
Thai shares rose 0.3 percent with telecoms,
materials and financials leading the gains.
Thailand's annual headline consumer prices and core
inflation rate, which excludes raw food and energy prices, rose
less than expected in February.
Bangkok Bank PCL gained 1.4 percent, while True
Corporation PCL rose 2.4 percent.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change at 0439 GMT
Market Current Previous Close Pct Move
Singapore 3119.35 3096.61 0.73
Bangkok 1564.12 1559.56 0.29
Manila 7176.52 7212.09 -0.49
Jakarta 5370.684 5386.692 -0.30
Kuala Lumpur 1697.37 1693.77 0.21
Ho Chi Minh 710.55 710.79 -0.03
Change on year
Market Current End 2016 Pct Move
Singapore 3119.35 2880.76 8.28
Bangkok 1564.12 1542.94 1.37
Manila 7176.52 6840.64 4.91
Jakarta 5370.684 5296.711 1.40
Kuala Lumpur 1697.37 1641.73 3.39
Ho Chi Minh 710.55 664.87 6.87
(Reporting by Christina Martin; Editing by Subhranshu Sahu)