SE Asia Stocks-Trade sideways; Singapore slips after 3 sessions of gains
By Chris Thomas
Dec 13 (Reuters) - Southeast Asian stock markets traded
sideways on Wednesday ahead of a U.S. Federal Reserve meeting
outcome that could hint at the pace of rate tightening in the
world's largest economy.
The Fed is seen raising its benchmark rate to between 1.25
percent and 1.50 percent at its two-day policy meeting which
concludes later on Wednesday.
The focus will be on clues to the pace of tightening next
year as inflation remains cool. However, the U.S. central bank's
decision may be influenced by rising producer prices which point
to a broad acceleration in wholesale inflation.
MSCI's broadest index of Asia-Pacific shares outside Japan
was 0.2 percent higher at 0324 GMT.
In Southeast Asia, Singapore shares came off a more
than two-and-a-half-year high to trade lower after three
straight sessions of sharp gains, with financials accounting for
most of the losses.
United Overseas Bank and Oversea-Chinese Banking
Corp dropped over 1 percent each, while DBS Group
declined 0.7 percent.
Meanwhile, the city-state slightly lowered the amount of
land it plans to sell for private housing in the first half of
2018 as it seeks to strike a balance between a potential future
glut of residential units and current demand from developers.
Hongkong Land Holdings Ltd, whose unit MCL Land
Ltd operates as a residential developer in Singapore, fell 1.5
percent, heading for a fourth straight session of drop.
Philippine shares scaled back from a near three-week
high to trade marginally lower. Food processor Universal Robina
Corp jumped as much as 6.3 percent to its highest in
nearly 10 weeks, while heavyweight SM Investments Corp
dropped up to 2 percent.
Thai shares were the top gainers in Southeast Asia,
rising as much as 0.4 percent, while Indonesia declined
0.2 percent.
Meanwhile, Manila-based Asian Development Bank raised its
economic growth estimate for developing Asia to 6 percent for
this year from 5.9 percent, citing stronger-than-expected
exports and China's resilience.
Southeast Asian stock markets had gained 5.4 percent to 39.5
percent so far this year as of Tuesday's close, with Vietnam
emerging as the top performer.
Vietnam shares rose as much as 0.6 percent before
giving up gains to trade slightly lower.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change at 0349 GMT
Market Current Previous close Pct Move
Singapore 3453.33 3465.54 -0.35
Bangkok 1704.08 1702.17 0.11
Manila 8330.05 8334.06 -0.05
Jakarta 6023.516 6032.371 -0.15
Kuala Lumpur 1730.69 1729.57 0.06
Ho Chi Minh 927.05 927.25 -0.02
Change on year
Market Current End 2016 Pct Move
Singapore 3453.33 2880.76 19.88
Bangkok 1704.08 1542.94 10.44
Manila 8330.05 6840.64 21.77
Jakarta 6023.516 5296.711 13.72
Kuala Lumpur 1730.69 1641.73 5.42
Ho Chi Minh 927.05 664.87 39.43
(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu
Sahu)
