By Sumeet Gaikwad
Nov 21 (Reuters) - Singapore stocks soared on Tuesday on
expectations that the economy grew at a faster pace than
initially estimated in the third quarter, while most other
Southeast Asian markets were subdued ahead of the release of
U.S. Federal Reserve minutes.
The Fed minutes, closely watched for indications of a rate
hike in December, could also provide clues on further U.S.
monetary policy tightening.
Interest rate futures traders are pricing in a 92 percent
chance of a December rate hike, according to the CME Group's
FedWatch Tool. The minutes are due on Wednesday.
Singapore shares surged more than 1 percent, on track
for their third straight winning session, underpinned by hopes
that an uptick in global demand was boosting exports.
A Reuters poll on Friday predicted quarter-on-quarter growth
in Singapore at 7.4 percent in July-September, on a seasonally
adjusted and annualised basis, the fastest pace since the fourth
quarter of 2016. The GDP data is scheduled to be
released on Thursday.
Financials climbed, with DBS Group Holdings and
OCBC gaining 2.2 percent and 2 percent, respectively.
Meanwhile, Vietnam shares jumped 2.5 percent to a
fresh near decade high. Vietnam Dairy Products and
Saigon Beer and Alcohol Beverage Corp jumped as much as
4.7 percent and 6.6 percent, respectively, to record highs.
Philippine stocks inched down 0.3 percent, dragged by
industrials and telecom.
Market heavyweight SM Investment fell nearly 1
percent, while PLDT Inc shed 1.2 percent.
Indonesian shares also slipped 0.3 percent, snapping
a three-session gaining run, weighed by consumer discretionary
and consumer staples.
Indonesia's index of 45 most liquid stocks fell
Blue-chip companies Gudang Garam shed 2 percent,
after having gained 3.1 percent in the previous session. Mining
contractor United Tractors was down 2.7 percent.
Malaysian share market was marginally higher, while
Thai shares held steady.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0410 GMT
Market Current Previous Close Pct Move
Singapore 3422 3386.59 1.05
Bangkok 1714.5 1714.38 0.01
Manila 8293.52 8321.98 -0.34
Jakarta 6032.704 6053.282 -0.34
Kuala Lumpur 1720.15 1718.36 0.10
Ho Chi Minh 926.1 903.55 2.50
Change on year
Market Current End 2016 Pct Move
Singapore 3422 2880.76 18.79
Bangkok 1714.5 1542.94 11.12
Manila 8293.52 6840.64 21.24
Jakarta 6032.704 5296.711 13.90
Kuala Lumpur 1720.15 1641.73 4.78
Ho Chi Minh 926.1 664.87 39.29
(Reporting by Sumeet Gaikwad in Bengaluru; Editing by Amrutha