February 2, 2017 / 5:31 AM / 3 years ago

SE Asia Stocks-Largely up after Fed stands pat; Vietnam hits 9-yr high

By Geo  Tharappel
    Feb 2 (Reuters) - Most Southeast Asian stock markets were
higher on Thursday in line with Asian peers, after the U.S.
Federal Reserve stuck to its mildly upbeat economic view but
gave no hints of rate hikes.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose as much as 0.6 percent at one point to hit
its highest since mid-October.  
    "It was already priced in... Everybody was expecting that
there would be no rate hikes," said Mikey Macanaig, an analyst
with Sunsecurities Inc.
    "Markets are unsure yet what he (U.S. President Donald
Trump) is really going to do about the U.S. economy."  
    Vietnam shares extended gains into a fifth session
and hit their highest in nine years on the back of data showing
a rise in industrial production in January.  
    Gains were led by consumer staples and real estate stocks.
Vietnam Dairy Products JSC rose 1.3 percent to a more
than six-week high, while real estate firm Vingroup JSC 
jumped 2 percent in its biggest intraday percentage gain in
almost a month. 
    Singapore shares fell as much as 0.8 percent after
closing at their highest in 15 months in the previous session, 
weighed down by financials and telecoms.
    Financials were mainly down because of profit-taking, said
Macanaig, adding: "It is still driven by Trumponomics."
    Also weighing on sentiment was lack of details from the Fed
about the next rate hike. 
    Banks are expected to gain from interest rate hikes as well
as Trump's promises of deregulation, and had risen significantly
since his victory.  
    United Overseas Bank Ltd and Singapore
Telecommunications Ltd were the biggest contributors
to the fall, declining over 1 percent each.
For Asian Companies click;  

  Market            Current    prev close  Pct Move
  Singapore         3044.46    3067.49     -0.75
  Bangkok           1577.23    1576.32     0.06
  Manila            7215.55    7227.45     -0.16
  Jakarta           5344.145   5327.161    0.32
  Kuala Lumpur      1676.22    1671.54     0.28
  Ho Chi Minh       700.55     697.28      0.47
  Change this year                         
  Market            Current    End 2016    Pct Move
  Singapore         3044.46    2880.76     5.68
  Bangkok           1577.23    1542.94     2.22
  Manila            7215.55    6840.64     5.48
  Jakarta           5344.145   5296.711    0.90
  Kuala Lumpur      1676.22    1641.73     2.10
  Ho Chi Minh       700.55     664.87      5.37
 (Reporting by Geo Tharappel in Bengaluru; Editing by Subhranshu
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