|Published : 21 Sep 2016, 15:08:02|
SE Asian stocks recoup early losses
Southeast Asian stock markets recouped early losses on Wednesday, after the Bank of Japan announced a major overhaul of its monetary policy.
The BOJ, at its policy meeting on Wednesday, decided to adopt a target for long-term interest rates.
Immediately after the BOJ decision, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent.
Singapore shares were down 0.2 per cent after declining as much as 0.6 per cent earlier in the day.
Losses were led by United Overseas Bank Ltd and Oversea-Chinese Banking Corp Ltd, and the index was on track to snap three sessions of gains.
Philippine stocks were lower after two sessions of gain with SM Investments Corp shedding 1.3 per cent.
Trading was lacklustre with only 0.2 times of the 30-day average volume happening in the morning session.
Indonesian shares fell as much as 0.5 per cent, their biggest percentage loss in a week, with Bank Harda Internasional Tbk PT waning 10 per cent.
Indonesia's central bank likely will cut its benchmark interest rate for the fifth time this year on Thursday to try to spur economic growth.
Bucking the trend, Thai shares bounced back from the previous session's losses, propped up by financials.
Real-estate company U City PCL led the gains.
Malaysia remained flat after its consumer price index in August increased 1.5 per cent from a year earlier, faster than the previous month's pace, government data showed on Wednesday, according to a news agency report.