SE Asia Stocks-Fall after Fed hike; Thailand hits 6-month low
* Singapore shares extend fall to 2-month low
* Malaysia down for 5th consecutive session
By Nicole Pinto
June 14 (Reuters) - Southeast Asian stock markets traded
lower on Thursday, with Thai shares hitting six-month lows,
after the U.S. Federal Reserve raised rates, as expected, and
took a more hawkish tone regarding the pace of rate hikes for
the rest of the year.
The Fed, on Wednesday, raised its benchmark overnight
lending rate a quarter of a percentage point and signalled two
additional hikes by the end of this year compared to one
previously, based on board members' median forecast.
The revision is only on the basis of one policymaker's
change. As such, the Federal Open Market Committee (FOMC)
members remain divided on 2018 policy outlook. The median rate
hike for 2019 remains unchanged at 3 times, OCBC Treasury
Research said in a note.
Meanwhile, U.S. President Donald Trump will meet with his
top trade advisers on Thursday to decide whether to activate
threatened tariffs on billions of dollars in Chinese goods, a
senior Trump administration official said.
In the European Union, recent comments from top European
Central Bank (ECB) officials have sparked expectations that the
ECB may offer clues on its intentions to end its bond purchases
by the end of year at its upcoming meeting.
Thai shares fell 1 percent, dragged by energy and
material stocks. Siam Cement Pcl dropped as much as 2.3
percent to a more than two-year low and PTT Pcl fell
nearly 1.5 percent.
Singapore shares fell for a third straight session
and hit their lowest since April 4.
Big banks DBS Group Holdings Ltd and
Oversea-Chinese Banking Corp Ltd slipped more than 0.8
percent each, while top taxi operator ComfortDelgro
declined 4.5 percent.
Philippine shares fell more than 1.6 percent to a
two-week low, with SM Prime Holdings Inc shedding 3.7
percent.
Malaysian shares were headed for a fifth straight
session of fall, dragged by telecom and financial stocks.
Indonesian, Malaysian, Philippine and Singapore
markets are closed on Friday for local holidays.
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SOUTHEAST ASIAN STOCK MARKETS: Change as at 0418 GMT
Change on the day
Current Previous Close Pct Move
Singapore 3380.04 3392.51 -0.37
Bangkok 1703.16 1718.34 -0.88
Manila 7541.98 7602.98 -0.80
Kuala Lumpur 1749.17 1763.57 -0.82
Ho Chi Minh 1025.47 1030.53 -0.49
Change on year
Market Current End 2017 Pct Move
Singapore 3380.04 3402.92 -0.67
Bangkok 1703.16 1753.71 -2.88
Manila 7541.98 8558.42 -11.88
Kuala Lumpur 1749.17 1796.81 -2.65
Ho Chi Minh 1025.47 984.24 4.19
(Reporting by Nicole Pinto; Editing by Subhranshu Sahu)