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todayonline - 8 days ago

Southeast Asia stocks - Fall on Fed rate hike Indonesia snaps eight days of gains

Southeast Asian stock markets fell on Friday and wiped out gains made in a post-U.S. midterm election rally on rising chances of a U.S. Fed rate hike in December, with Indonesia losing the most. The U.S. Federal Reserve held rates steady on Thursday but remained on track to continue gradually raising borrowing costs, pointing to healthy economic prospects that were marred only by a dip in the growth of business investment. It has raised rates three times this year and is widely expected to do so again next month. According to the CME Group s FedWatch tool, the likelihood of Fed raising rates by another 25 basis points in December is 75 percent. [MKTS/GLOB] Indonesian shares lt;.JKSE gt; snapped an eight-session winning streak and closed 1.7 percent weaker at a one-week low. For the week, the key stock index fell 0.5 percent. Consumer non-cyclicals were the biggest drag on Friday with Unilever Indonesia lt;UNVR.JK gt; shedding 4.7 percent to its lowest close since mid-January 2017. Philippine shares lt;.PSI gt; declined about 1 percent to a 2-week closing low, hurt by losses in telecom and industrial stocks. For the week, the key stock index fell 1.2 percent. Globe Telecom lt;GLO.PS gt; fell 5.2 percent to its lowest close since mid-July, while construction firm DMC Holdings Inc lt;DMC.PS gt; shed over 1 percent. Singapore shares lt;.STI gt; fell with industrial and energy stocks being the biggest drag. Conglomerate Jardine Matheson Holdings lt;JARD.SI gt; dropped 0.6 percent, while Keppel Corp lt;KPLM.SI gt; shed 1.6 percent. Thai shares lt;.SETI gt; declined 0.8 percent, weighed down by energy stocks as crude prices fell to multi-month lows, pressured by rising supply and concerns of an economic slowdown. [O/R] PTT PCL lt;PTT.BK gt; slipped 1.5 percent, while Thai Oil lt;TOP.BK gt; fell 4.7 percent after reporting a 40 percent drop in quarterly net income. Malaysian shares lt;.KLSE gt; closed 0.8 percent lower with material stocks leading the decline. Press Metal Aluminium Holdings lt;PMET.KL gt; fell 2.4 percent, while chemicals producer Petronas Chemicals Group lt;PCGB.KL gt; closed 1 percent lower. REUTERS

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