BANGKOK: Most Southeast Asian stock markets rose for a second session on Thursday with the Thai index closing at a near three-week high, but foreign investors continued to sell risky assets amid speculation over an early rate hike by the U.S. Federal Reserve.
Foreign investors sold a net $65.26 million worth Malaysian
shares and $50.61 million worth Indonesian shares. Thailand
suffered net foreign outflow of $68.98 million and Manila saw
net foreign selling of $3.83 million.
The U.S. Fed is expected to raise interest rates sooner than
expected as the world's largest economy starts to regain speed,
recent positive economic data showed.
Thailand's SET index closed 0.7 percent higher to
its highest since May 22 led by financials, a day after the
country's central bank held policy rates steady as expected,
while Singapore rose 0.7 percent to a one-week high.
The Philippine index jumped 1.6 percent, rising for a
second straight session from a five-month low hit on Tuesday and
its best single-day gain since Jan. 23.
Vietnam ended up 1.2 percent at a three-month high on
news of a potential cut in stock repayment period.
The Jakarta Composite Index, however, bucked the
trend, closing 0.1 percent lower, led by state-controlled banks
after a report that they would halve lending rates for small
businesses.
"We are still seeing foreign selling pressures despite the
strong rebound in the US market last night," said Harry Su, head
of research at Jakarta-based broker Bahana Securities.
"Sentiment is still weak for the Indonesian market on
continued political uncertainties and weak growth due to
government infrastructure delays."
Shares of PT Bank Negara Indonesia fell 3 percent,
PT Bank Mandiri were down 2 percent, and PT Bank
Rakyat Indonesia lost 2.6 percent.
SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
Singapore 3347.67 3325.77 +0.66
Kuala Lumpur 1734.76 1735.63 -0.05
Bangkok 1515.19 1504.04 +0.74
Jakarta 4928.81 4933.56 -0.10
Manila 7503.72 7384.27 +1.62
Ho Chi Minh 581.05 574.10 +1.21
Change on year
Market Current End 2014 Pct Move
Singapore 3347.67 3365.15 -0.52
Kuala Lumpur 1734.76 1761.25 -1.50
Bangkok 1515.19 1497.67 +1.14
Jakarta 4928.81 5226.95 -5.70
Manila 7503.72 7230.57 +3.78
Ho Chi Minh 581.05 545.63 +6.49
($1 = 3.7450 ringgit)
($1 = 13,316.0000 rupiah)
($1 = 45.1900 Philippine pesos)
($1 = 33.7200 baht)
- Reuters
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