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SE Asia Stocks-Subdued on Fed rate hike signal; Philippines up
September 21, 2017 / 3:58 AM / a month ago

SE Asia Stocks-Subdued on Fed rate hike signal; Philippines up

    By Binisha Ben
    Sept 21 (Reuters) - Southeast Asian stock markets were
subdued on Thursday after the U.S. Federal Reserve announced a
plan to start shrinking its balance sheet and signalled one more
rate hike later this year, while Philippine shares continued
their rise on bargain-hunting.
    As expected, the Fed said it would begin to trim its massive
holding of U.S. Treasury bonds and mortgage-backed securities
acquired in the years after the 2008 financial crisis.

    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.4 percent.
    Singapore shares shed 0.2 percent, weighed down by
industrial and real estate stocks.
    Jardine Matheson Holdings and Ascendas Real Estate
Investment Trust fell 2 percent and 1.5 percent,
respectively.
    Malaysia shares were marginally lower with consumer
discretionary stocks accounting for more than half the losses.
Genting Bhd and Genting Malaysia Bhd were
the biggest losers on the index.
    Thai shares rose slightly ahead of export data due
at around 0415 GMT. A Reuters poll showed Thailand is expected
to have posted a trade surplus of $520 million in August after
July's deficit of $188 million.
    Philippine shares rose on bargain hunting and were up
0.7 percent at 8,276.41, while investors awaited a policy update
from the central bank later in the day.
    RCBC Securities said in a note that the index saw strong
selling pressure at 8,299 and aggressive heavy bargain-hunting
at 8,162. Hence, the market could trade within this range for a
while before deciding on its next major move. 
    The Philippine central bank is expected to hold interest
rates steady, but the prospect of global monetary policy
tightening could keep the door open for future rate
increases.
    Industrials and consumer staples stocks lifted the index
with Alliance Global Group and food processing company
Universal Robina Corp gaining 5.6 percent and 3.5
percent, respectively.
    The Indonesian stock market was closed for a local holiday.

    
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SOUTHEAST ASIAN STOCK MARKETS : Change at 0351 GMT
  
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3210.43       3218.07      -0.24
  Bangkok          1670.72       1670.65      0.00
  Manila           8276.61       8219.32      0.70
  Jakarta          5906.573      5901.326     0.09
  Kuala Lumpur     1772.9        1773.58      -0.04
  Ho Chi Minh      803.45        805.86       -0.30
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3210.43       2880.76      11.44
  Bangkok          1670.72       1542.94      8.28
  Manila           8276.61       6840.64      20.99
  Jakarta          5906.573      5296.711     11.51
  Kuala Lumpur     1772.9        1641.73      7.99
  Ho Chi Minh      803.45        664.87       20.84
 
 (Reporting by Binisha Ben in Bengaluru; Editing by Sunil Nair)
  

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