66321
SE Asia Stocks Inch Up
SE Asia Stocks Inch Up

SE Asia Stocks Inch Up

SE Asia Stocks Inch Up

Most Southeast Asian stock markets edged up on Monday ahead of a US Federal Reserve policy meeting that could give hints on the pace of further rate tightening in the months to come and next year.
With the Fed widely expected to raise interest rates at its two-day meeting that ends on Wednesday, investors will be focusing on whether the central bank thinks the US economy is robust enough to withstand further rate hikes through 2017 and how it plans to whittle down its massive balance sheet, Reuters reported.
“A 25 basis point rate hike is assumed to be a done deal for the June Federal Open Market Committee; with interest rate markets ascribing over 90% probability,” Mizuho Bank said in a note. “This means a 25 basis point hike is baked into market (prices), and so failure to yank the trigger will result in a dovish knee-jerk reaction; but this is the outside risk.”
MSCI’s broadest index of Asia-Pacific shares outside Japan , however, was down 0.8% as the region’s technology heavyweights were knocked lower by a slide in US tech shares. Singapore shares rose as much as 0.5% to a four-week high, driven by financials, before paring some of the gains.
In other markets, Indonesia was up 0.5% with consumer stocks driving the gains. Vietnam shares rose 0.5%, led by FLC Faros Construction, which jumped as much as 6.9% to post its biggest intra-day percentage gain in more than three months.
Meanwhile, China and Hong Kong stocks started the week on a bearish note, as tech plays in both markets tracked the sell-off in US counterparts, with sentiment also hurt by the prospect of renewed China slowdown in the second half amid tighter credit.
China’s blue-chip CSI300 index fared better than small caps, slipping just 0.1% to 3,573.39 points by the lunch break. The Shanghai Composite Index lost 0.5%, to 3,144.30 points.
In Hong Kong, both the Hang Seng index and the Hong Kong China Enterprises Index lost more than 1%, to 25,712.55 points and 10,480.33 points, respectively.
Both China and Hong Kong-listed tech shares dropped sharply, following a sell-off on Friday in technology stocks on Wall Street that was triggered by concerns about Apple’s new iPhones and a cautious Goldman Sachs report about the sector.
Bucking the trend, China Vanke jumped 4.6% in Shenzhen and rose 0.7% in Hong Kong, after Shenzhen Metro became its top shareholder, replacing rival developer China Evergrande Group.

Short URL : https://goo.gl/JkweC5
  1. https://goo.gl/pSFR8d
  • https://goo.gl/GgI9PR
  • https://goo.gl/k5HGmw
  • https://goo.gl/PU0CJT

You can also read ...

The average annual salary for K–12 public-school teachers is roughly $58,000, and they typically spend a sizable chunk  of that on classroom supplies integral to their jobs
Airbnb, the popular platform that lets people rent out their...
Nigeria CB Reports $91b FX Inflow in 2017
The Central Bank of Nigeria, said the aggregate foreign...
S&P, Moody’s Lower Turkey Ratings
Two major global ratings agencies lowered Turkey’s ratings Aug...
Venezuela Devalues Currency by 95 Percent
Venezuela devalued its currency by about 95% ahead of the Aug...
China Internet Stocks Fumble
A steep downturn in heavyweight Chinese internet stocks and...
Argentina Says Poverty to Rise as Economy Slumps
More Argentines are likely living in poverty now compared with...
Egypt Keeps Rates Steady
Egypt’s central bank left its main interest rates unchanged,...
Long Road to Greek Recovery
On Monday, Greece exits the third and final bailout program of...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus