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SE Asia Stocks-Most fall ahead of Fed meet outcome; Philippines rises
September 20, 2017 / 10:15 AM / 3 months ago

SE Asia Stocks-Most fall ahead of Fed meet outcome; Philippines rises

    By Binisha Ben
    Sept 20 (Reuters) - Most southeast Asian stock markets fell
on Wednesday as investors trimmed positions ahead of the outcome
of a U.S. Federal Reserve meeting, while Philippines rose as
hopes of a tax reform package boosted sentiment.  
    The Fed is due to announce its decision at 1800 GMT on
Wednesday and is widely expected to keep interest rates
unchanged, but could begin paring its bond holdings, with
reductions likely to start in coming
months.
    "We still have mixed sentiment. Some are still on the
upswing, but some have seen profit-taking after reaching new
highs, such as Thailand. But today, we are waiting for the
Federal Open Market Committee meeting outcome", said Teerada
Charnyingyong, a strategist at Phillip Capital Thailand.
    Thai shares declined 0.1 percent, hurt by losses in
Airports of Thailand, down 2.9 percent, and oil and gas
refiner PTT Pcl which fell 1 percent.
    Singapore shares closed 0.2 percent lower, dragged by
industrial stocks. Jardine Strategic Holdings was the
top loser, falling 2.54 percent.
    Malaysia shares shrugged off August inflation data,
released earlier in the day, which rose above expectations and
edged closer to the upper end of the central bank's target
range.
    CIMB Group Holdings closed 2.3 percent down,
extending losses into a third session and Tenaga Nasional Bhd
 fell 0.4 percent.
    Meanwhile, Philippine shares closed 0.7 percent
higher, underpinned by hopes of a tax reform package aimed at
generating revenue to fund a multi-billion dollar infrastructure
program, to be taken up for discussion by the country's Senate
this week.
    Conglomerate JG Summit and SM Investment, up 2.5
percent and 0.8 percent, were the biggest contributors to index
gains.
    Philippine central bank governor said on Wednesday that it
can manage further bouts of volatility in peso, the worst
performing currency in the region, as monetary authorities
elsewhere prepare to unwind their policy of easy money.
 
    
            
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SOUTHEAST ASIAN STOCK MARKETS:  Change on day
  
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3218.07       3225.95      -0.24
  Bangkok          1670.65       1672.59      -0.12
  Manila           8219.32       8162.7       0.69
  Jakarta          5906.573      5901.326     0.09
  Kuala Lumpur     1773.58       1776.66      -0.17
  Ho Chi Minh      805.86        805.93       -0.01
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3218.07       2880.76      11.71
  Bangkok          1670.65       1542.94      8.28
  Manila           8219.32       6840.64      20.15
  Jakarta          5906.573      5296.711     11.51
  Kuala Lumpur     1773.58       1641.73      8.03
  Ho Chi Minh      805.86        664.87       21.21
 
  


 (Reporting by Binisha Ben in Bengaluru; Editing by Vyas Mohan)
  

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