SE Asia Stocks-Lacklustre ahead of Yellen speech
By Krishna V Kurup
Aug 25 (Reuters) - Southeast Asian stock markets were
lacklustre on Thursday after an overnight drop on Wall Street,
while the dollar rose ahead of a speech by Federal Reserve Chair
Janet Yellen at a global central bankers' meeting.
Market expectations have increased that Yellen might
indicate a clearer time frame for the next U.S. rate hike after
strong housing data this week and hawkish comments by other Fed
officials, but many analysts expect her to strike a more neutral
stance.
Indonesian stocks rose 0.5 percent and were headed for their
first gain in three sessions, led by consumer cyclicals and
utilities.
The Jakarta Composite Index had gained 17.7 percent
this year as of Wednesday's close, boosted by President Joko
Widodo's economic reforms, though investors worry about buying
more of a market hitting historic peaks.
Trimegah Securities said in a note that it expected mild
correction for the index on Thursday with possible technical
rebound the following day.
Astra International Tbk PT rose 2.1 percent, while
Perusahaan Gas Negara (Persero) Tbk PT gained 1.3
percent.
Vietnamese shares were lower after two sessions of
gains, with healthcare stocks dragging down the index. Dhg
Pharmaceutical Joint-Stock Co dropped 0.5 percent.
Ahead of Yellen's speech and given the weakness on Wall
Street and lower commodity prices, the Vietnamese market is
declining, said Fiachra MacCana, head of research at Ho Chi Minh
Securities.
"There is a hint of nervousness in air with investors
expecting the speech to lay out a possible rationale for a rate
hike before the year-end," MacCana said.
MSCI's broadest index of Asia-Pacific shares outside Japan
was up 0.2 percent at 0440 GMT.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change at 0440 GMT
Market Current Prev close Pct Move
Singapore 2872.64 2869.57 0.11
Bangkok 1552.83 1547.55 0.34
Manila 7856.1 7866.13 -0.13
Jakarta 5430.087 5403.992 0.48
Kuala Lumpur 1685.28 1682.06 0.19
Ho Chi Minh 659.25 660.77 -0.23
Change on year
Market Current End 2015 Pct Move
Singapore 2872.64 2882.73 -0.35
Bangkok 1552.83 1288.02 20.56
Manila 7856.1 6952.08 13.00
Jakarta 5430.087 4593.008 18.23
Kuala Lumpur 1685.28 1692.51 -0.43
Ho Chi Minh 659.25 579.03 13.85
(Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)