* Singapore on track to snap three sessions of losses
* Philippines, Malaysia fall
By Shreya Mariam Job
Dec 7 (Reuters) - Most Southeast Asian stock markets picked
up on Friday after two consecutive sessions of losses on
speculation that the U.S. Federal Reserve might stop its
tightening cycle after an expected rate hike at its meeting
later this month.
The Wall Street Journal reported that Fed officials are
considering whether to signal a new wait-and-see mentality after
a likely rate increase at their meeting in December.
Bolstered by the report, the MSCI's broadest index of
Asia-Pacific shares outside Japan nudged up 0.4
percent, following a 1.8 percent fall on Thursday.
However, markets also remained cautious over concerns that
the arrest of a top executive of Chinese tech giant Huawei could
dampen the possibility of a trade deal between Washington and
"The underlying risk sentiment whatever we see for Asian
markets today is relief rather than exuberance," said Vishnu
Varathan, head of economics and strategy at Mizuho Bank in
"I think that (Huawei top executive's arrest) is really
going to be the thing that hems in any semblance of optimism or
relief that the markets gather from the Fed. This (the relief)
can quite easily dissipate when they think of the broader
challenges for an amicable resolution to U.S.-China trade
relations," he added
Singapore stocks climbed 0.5 percent, underpinned by
industrials and consumer non-cyclicals.
Index heavyweight Jardine Matheson Holdings Ltd
gained 2.1 percent, while DBS Group Holdings Ltd edged
up 0.5 percent.
Meanwhile, financial and consumer staples drove the Vietnam
benchmark 0.5 percent higher.
Vietnam Dairy Products JSC rose 1.8 percent and
Joint Stock Commercial Bank for Investment and Development of
Vietnam strengthened 1.3 percent.
Indonesian stocks inched up 0.2, supported by a rise
in consumer discretionary and real estate stocks, while
industrials and materials drove the Thai index 0.3
The Philippines bucked the trend, falling 0.7 percent,
pulled lower largely by industrial stocks.
Losses were dominated by JG Summit Holding Inc and
Ayala Land Inc which shed 3.4 percent and 1.2 percent,
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0412 GMT
Market Current Previous close Pct Move
Singapore 3130.26 3115.52 0.47
Bangkok 1657.85 1653.73 0.25
Manila 7481.32 7535.32 -0.72
Jakarta 6129.825 6115.493 0.23
Kuala Lumpur 1680.44 1683.34 -0.17
Ho Chi Minh 959.36 954.82 0.48
Change on year
Market Current End prev yr Pct Move
Singapore 3130.26 3402.92 -8.01
Bangkok 1657.85 1753.71 -5.47
Manila 7481.32 8,558.42 -12.59
Jakarta 6129.825 6,355.65 -3.55
Kuala Lumpur 1680.44 1796.81 -6.48
Ho Chi Minh 959.36 984.24 -2.53
(Reporting by Shreya Mariam Job in Bengaluru; Editing by Sunil