Asia Stocks-Singapore extends gains; most others down

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in holiday-thinned trade, while Japan's Nikkei shed 0.4 percent.

SINGAPORE: Singapore shares extended gains into a second session on Wednesday, helped by financials, while most other Southeast Asian markets finished lower as investors were cautious ahead of the U.S. Federal Reserve's policy decision.

The Fed, which concludes its two-day meeting later in the day, is expected to hold interest rates steady, but may hint that it is on track for a hike in June.

"The Fed meeting... is widely watched by most market participants on what the decision is going to be on the rate hike, well not necessarily the rate hike but the rate decision, as well as what they're going to do with their balance sheet," said Taye Shim, head of research at Mirae Asset Sekuritas Indonesia.

MSCI's broadest index of Asia-Pacific shares outside Japan  fell 0.2 percent, while expectations that the Federal Reserve might signal a June rate hike helped lift the dollar.

Shares in Indonesia, Southeast Asia's largest economy, fell 0.5 percent to their lowest close since April 20, with losses being broad-based.

"For Indonesia, I don't think that first-quarter GDP, which is expected to be out Friday, is going to top market expectations," said Shim.

Bank Indonesia said economic growth in the first quarter was likely slower than its initial expectation, pointing to declining retail sales.

Philippine shares fell 0.3 percent with financials and telecoms leading the decline.

GT Capital Holdings Inc dipped 2.6 percent, while Globe Telecom Inc dropped 2.3 percent.

Asian equities saw inflows of about $3 billion in the week ended April 28, after two weeks of outflows, with Korea and Thailand receiving the highest, followed by Malaysia which got $332.6 million, MIDF Research said in a note.

"Foreign buying on Bursa has now stretched for 12 consecutive weeks, the longest since the 24-week buying streak which ended in May 2013, the month of the last General Election," said MIDF Research.

Malaysian shares closed 0.3 percent lower, dragged down by financial, consumer and material stocks. In Singapore, financials outperformed other sectors.

Oversea-Chinese Banking Corp Ltd rose 2 percent and United Overseas Bank Ltd added 1.9 percent.

Vietnam climbed 0.3 percent, posting their highest close since April 13, boosted by financials, while Thailand closed flat.

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SOUTHEAST ASIAN STOCK MARKETS: Change on day

Market Current Previous Close Pct Move
Singapore 3237.81 3211.11 0.83
Bangkok 1564.12 1564.12 0.00
Manila 7682.26 7703.1 -0.27
Jakarta 5647.368 5675.808 -0.50
Kuala Lumpur 1772.51 1778.47 -0.34
Ho Chi Minh 719.54 717.73 0.25

Change on year
Market Current End 2016 Pct Move
Singapore 3237.81 2880.76 12.39
Bangkok 1564.12 1542.94 1.37
Manila 7682.26 6840.64 12.30
Jakarta 5647.368 5296.711 6.62
Kuala Lumpur 1772.51 1641.73 7.97
Ho Chi Minh 719.54 664.87 8.22
- Reuters