February 27, 2018 / 10:09 AM / 6 months ago

SE Asia Stocks-Most rise as U.S. rate concerns ease

    * Philippine shares rise more than 1 pct
    * Focus on Jerome Powell's first congressional testimony
    * Thai shares come off record high, close slightly down 

    By Aditya Soni
    Feb 27 (Reuters) - Most Southeast Asian stock markets closed
higher on Tuesday, tracking Wall Street as a fall in U.S.
Treasury yields eased concerns about rising interest rates. 
    Wall Street finished near three-week highs on Monday ahead
of Federal Reserve Chairman Jerome Powell's long-awaited first
congressional testimony later on Tuesday.
    "Investors appear less concerned by U.S. rate hikes than at
any point this month, which is what is providing the positive
tone in global equity markets," said Stephen Innes, head of
trading for Asia Pacific at Oanda.
    Powell's testimony will be scrutinized for clues on the pace
of Fed's policy normalisation following years of stimulus.  
    Philippine shares rose 1.1 percent, outperforming
other markets in the region.
    Industrials and financials were the top performers, with BDO
Unibank Inc surging 4.7 percent and JG Summit Holdings
Inc climbing 5.6 percent. 
    Malaysian shares firmed 0.6 percent, led by a rally
in financials.
    CIMB Group Holdings, Malaysia's second-largest
lender, climbed 1.3 percent to its highest close since late
August 2014, while Hong Leong Bank Bhd rose to a
record close.
    Vietnam shares added 0.5 percent, extending gains
into a third session, while Indonesian stocks rose 0.7
percent, driven by materials. Cement producer Indocement Tunggal
Prakarsa Tbk PT accounted for most of the gains with a
jump of 9.3 percent to its highest close since Jan. 18 .
    Thai shares came off a record high hit earlier in
the session to close down 0.2 percent. Convenience store
operator CP All PCL fell 1.5 percent and accounted
for most of the decline.
    Singapore shares fell 0.4 percent, dragged by a near
2 percent fall in DBS Group Holdings, the city-state's
biggest company by market capitalisation.
         
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3540.39   3555.85         -0.43
 Bangkok            1830.39   1834.18         -0.21
 Manila             8592.38   8499.98         1.09
 Jakarta            6598.926  6554.673        0.68
 Kuala Lumpur       1871.46   1860.08         0.61
 Ho Chi Minh        1119.61   1114.53         0.46
                                              
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3540.39   3402.92         4.04
 Bangkok            1830.39   1753.71         4.37
 Manila             8592.38   8,558.42        0.40
 Jakarta            6598.926  6,355.65        3.83
 Kuala Lumpur       1871.46   1796.81         4.15
 Ho Chi Minh        1119.61   984.24          13.75
 


 (Reporting by Aditya Soni in Bengaluru; Editing by Subhranshu
Sahu)
  
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