August 21, 2018 / 4:51 AM / in 3 months

SE Asia Stocks-Gain after Trump remark on Fed rate policy

    * Indonesia hits over 1-week high
    * Thai shares rise for 4th straight session

    By Sumeet Gaikwad
    Aug 21 (Reuters) - Southeast Asian stock markets notched up
modest gains on Tuesday, with Indonesia hitting a one-week high,
after U.S. President Donald Trump said he was "not thrilled"
with the Federal Reserve for hiking interest rates.
    In an interview to Reuters on Monday, Trump expressed his
displeasure with the Fed Chairman Jerome Powell for raising
interest rates and added that the U.S. central bank should
instead do more to help boost the world's largest economy. 
    Asian stocks were trading higher, tracking overnight
strength on Wall Street, though gains were capped on caution
ahead of the minutes of the Fed meeting expected to be released
on Wednesday.
    Asian shares ex-Japan were up 0.6 percent.
    The Jakarta index rose for a second straight session
led by consumer stocks. Unilever Indonesia and Charoen
Pokphand Indonesia, around 2 percent each. An index of
the country's 45 most liquid stocks was up 0.8
percent. 
    Malaysian shares rose marginally in their third
straight session of gains, helped by utilities and financial
stocks. Petronas Gas Bhd rose 2.4 percent while lender
Malayan Banking added as much as 0.5 percent.
    Thai shares gained for a fourth straight session,
buoyed by energy stocks. Oil and gas producer PTT and
Airports of Thailand, up more than 1 percent each, led
the gains on the benchmark.
    However, analysts advise caution as they think the rise in
emerging market shares may be short-lived. 
    "I don't think the emerging market problems are going away.
It's (today's rise) just short term. The only answer to the
(emerging market) currency problem is raising interest rates,
which would slow down economic growth," said Mathan
Somasundaram, chief market strategist at CMC Markets. 
    Meanwhile, Singapore stocks edged higher as
financials gained. Shares of lender Oversea-Chinese Banking Corp
 were up 0.52 percent while United Overseas Bank Ltd
 rose nearly 1 percent. 
    "High frequency data – industrial output, non-oil domestic
exports, PMIs (purchasing mangers' index), loan growth,
container throughout and retail sales – are unanimously pointing
to a weaker second half (for Singapore)," DBS Bank said in a
note. 
    Philippine markets was closed for a national holiday.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: AS AT 0437 GMT
    
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3206.82   3204.71         0.07
 Bangkok            1703.13   1701.42         0.10
 Jakarta            5935.257  5892.192        0.73
 Kuala Lumpur       1791.36   1787.58         0.21
 Ho Chi Minh        971.73    969.62          0.22
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3206.82   3402.92         -5.76
 Bangkok            1703.13   1753.71         -2.88
 Jakarta            5935.257  6355.654        -6.61
 Kuala Lumpur       1791.36   1796.81         -0.30
 Ho Chi Minh        971.73    984.24          -1.27
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Vyas
Mohan)
  
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