SE Asia Stocks-Most up on cautious Fed; Philippines gives up gains

By Chris Thomas
July 13 (Reuters) – Most Southeast Asian stock markets rose
on Thursday after U.S. Federal Reserve Chair Janet Yellen
indicated a more gradual tightening of monetary policy in her
testimony to Congress, strengthening risk appetite.
Yellen noted on Wednesday that while the U.S. economy was
healthy enough for the Fed to tighten policy, the federal funds
rate would not have to rise all that much further to reach a
neutral level that neither encourages nor discourages economic
activity.
Singapore shares ended 0.8 percent higher, backed by
financials and industrials. DBS Group and United
Overseas Bank rose 2.1 percent and 1.5 percent,
respectively, while Jardine Matheson Holdings climbed
2 percent.
Thai shares rose 0.3 percent, led by gains in
material and energy stocks. Siam Cement gained 1.6
percent, while oil and gas refiner PTT Pcl rose 1.1
percent.
Vietnam shares rose for the third consecutive
session, closing 0.5 percent higher. Vietnam National Petroleum
Group and Petrovietnam Gas Joint Stock Corp
led the gains, with the latter posting its highest close in more
than six-and-a-half months.
Philippine shares erased early gains to end flat.
Gains in conglomerate LT Group Inc, which ended 6.9
percent higher, were outweighed by falls in heavyweights JG
Summit Holdings and PLDT Inc.
“We saw net foreign selling today, so that might have added
to the selling pressure,” said Victor Felix, an equity analyst
with Manila-based AB Capital Securities.
“The index is approaching the 8,000 resistance level, so
some investors may be taking some profits ahead of that.”
Indonesian shares closed 0.2 percent higher in
last-minute buying, lifted by financials.
Malaysian stocks closed marginally lower after the
central bank kept its benchmark rate unchanged in line with
expectations.

For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change on day
Change on day
Market Current Previous Close Pct Move
Singapore 3235.67 3208.91 0.83
Bangkok 1579.41 1574.93 0.28
Manila 7936.85 7938.37 -0.02
Jakarta 5830.044 5819.132 0.19
Kuala Lumpur 1753.78 1757.24 -0.20
Ho Chi Minh 778.3 774.17 0.53

Change on year
Market Current End 2016 Pct Move
Singapore 3235.67 2880.76 12.32
Bangkok 1579.41 1542.94 2.36
Manila 7936.85 6840.64 16.02
Jakarta 5830.044 5296.711 10.07
Kuala Lumpur 1753.78 1641.73 6.83
Ho Chi Minh 778.3 664.87 17.06

(Reporting by Chris Thomas; Editing by Subhranshu Sahu)

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