SE Asian stocks mostly rise

Dhaka,  Thu,  21 September 2017
Published : 14 Jun 2017, 12:50:08

Southeast Asian stock rise; Singapore slip

SE Asian stocks mostly rise
Most Southeast Asian stock markets rose on Wednesday, as investors are waiting for clarity on the Federal Reserve's future path for US policy after a likely rate hike later in the day.

Economists polled by Reuters overwhelmingly see the Fed raising its benchmark rate to a target range of 1.00 per cent to 1.25 per cent, though expectations for further rate hikes are fading.

The Fed is scheduled to announce its monetary policy decision at 1800 GMT later in the day at the end of a two-day policy meeting, followed by a press conference by Chair Janet Yellen.

Analysts dismissed the Chinese data as having little effect on the direction of the Southeast Asian stock markets.

Indonesian shares rose as much as half a per cent, outperforming other markets in the region, on the back of gains in financials and basic materials.

Bank Rakyat Indonesia Tbk PT and Bank Mandiri Tbk PT were up 0.7 per cent and 1.6 per cent, respectively.

Malaysian shares were up 0.3 per cent, buoyed by gains in consumer-driven stocks and telcos. Entertainment firm Astro Malaysia Holdings and lender CIMB Group were the biggest gainers.

Singapore and Philippine shares dropped 0.2 per cent each, according to Reuters.
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