SE Asian stocks mixed after Fed stance, Singapore underperforms

Singapore's Straits Times Index fell 0.9 percent after Wednesday's 1.6 percent drop.

Malaysia's key index dropped as much as 0.3 percent to a one-week low, while the Thai index was a tad down, moving range-bound in early trading. 

Investors seem to have stayed away after U.S. Federal Reserve Chair Janet Yellen confirmed interest rates would be hiked gradually this year and amid holidays in China for the Lunar New Year. 

"The bottom line is further fall in G-3 currency remains and baht rise is on the way, helping limit the market loss," said broker KGI Securities in Bangkok. 

Asian shares shed 1.4 percent as investors sought the safety of Japanese yen, gold and top-rated bonds while dumping U.S. dollars on bets the Federal Reserve could be done raising interest rates. 

Indonesia was among bright spots in the region as inflows sent shares of Astra International higher by 4.4 percent to their highest level since July 1, 2015, helping the broader Jakarta composite index reverse losses made in the last two days. 

The rupiah hit a near four-month high, similar to gains in most emerging Asian currencies, amid a fall in the greenback after the Fed's policy stance. 

Indonesia's central bank believed the rupiah is moving toward its fundamental level. 

Vietnam will remain closed through Friday for the Lunar New Year holiday. - Reuters