By Geo Tharappel
Feb 15 Singapore shares bounced back on
Wednesday, mainly driven by gains in Thai Beverage Pcl
on strong quarterly earnings, while most other Southeast Asian
markets were flat after U.S. Federal Reserve Chair Janet Yellen
signalled a faster pace of rate hikes.
Yellen said on Tuesday delaying rate increases could leave
the Fed policymaking committee behind the curve and also flagged
considerable uncertainty over economic policy under President
"Foreign funds have been selling for the past several weeks
in anticipation of rate hikes in the coming quarters and on
continued strength of the dollar," said Manny Cruz, chief
strategist at Asiasec Equities Inc, adding rate hike
expectations had already been priced in.
Singapore's FTSE Straits Times Index rose as much as
0.7 percent after posting its biggest single-day fall since
October 2016 in the previous session.
Thai Beverage Pcl surged as much as 5.1 percent to
a three-month high after reporting a 28 percent jump in its
quarterly net profit.
Top lender DBS Group Holdings Ltd climbed as much
as 1 percent after shedding 3.4 percent on Tuesday.
Philippine shares rose as much as 0.4 percent, helped
by industrial and real estate stocks.
Conglomerate JG Summit Holdings Inc jumped as much
as 3 percent in its biggest percentage leap in more than a
month, while property developer Ayala Land Inc gained
up to 1.7 percent.
"(Philippine shares) gained strength today on the back of
bargain-hunting in select blue chip issues... yesterday we
dropped significantly due to mining issues," Cruz said.
The Philippines' environment minister stepped up a crackdown
on mining on Tuesday, cancelling almost a third of the country's
contracts for undeveloped mines and rejecting any challenges to
earlier orders to shut over half of all operating pits.
Meanwhile, Thai shares shed as much as 0.6 percent
to hit their lowest since Jan. 20, dragged down by industrials
Airports of Thailand Pcl fell as much as 5.7
percent to a 12-week low, while Bangkok Bank Pcl
declined as much as 1.7 percent.
The Indonesian stock market was closed for local
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change at 0431 GMT
Market Current Prev close Pct Move
Singapore 3080.91 3072.47 0.27
Bangkok 1564.62 1572.24 -0.48
Manila 7207.33 7206.84 0.01
Kuala Lumpur 1708.29 1708.9 -0.04
Ho Chi Minh 709.45 706.26 0.45
Change this year
Market Current End 2016 Pct Move
Singapore 3080.91 2880.76 6.95
Bangkok 1564.62 1542.94 1.41
Manila 7207.33 6840.64 5.36
Kuala Lumpur 1708.29 1641.73 4.05
Ho Chi Minh 709.45 664.87 6.71
(Reporting by Geo Tharappel in Bengaluru; Editing by Subhranshu