Asean stocks adge up

Publish date: Thu, 12 Sep 2013, 03:23 PM
Most Southeast Asian stock markets edged higher in early trade on Thursday on an improved global outlook after upbeat data from China, but investors awaited cues from a US Federal Reserve meeting next week on the future of its stimulus programme.

All regional markets, except Malaysia and Singapore, moved sideways in early trade after posting strong gains so far this week.

By 0657 GMT, Singapore's Straits Times index was up 0.4 per cent led by banks, Thailand's main stock index was up 0.3 per cent, while Malaysia gained 0.1 per cent.

"All are awaiting the Fed meeting next week and Thai market has been moving sideways," said Teerada Charnyingyong, a senior strategist at Bangkok-based broker Phillip Securities.

"Foreigners are still on the buying side in Thai market." The Federal Open Market Committee meets next Tuesday and Wednesday and is widely expected to begin scaling back its monthly asset-buying programme. Friday's disappointing US jobs data prompted many to believe the reduction will be modest.

The Thai bourse saw net foreign inflows of US$131.65 million in the last four straight sessions through Wednesday, Thomson Reuters data showed, while Malaysia had US$171.65 million during the same period, data from the country's bourse showed.

Indonesian stocks, which rose 7.6 per cent in three straight sessions through Tuesday, were steady ahead of a monetary policy announcement later in the day while the rupiah fell as much as 1.6 per cent to a near 4-1/2-year low.

The region's markets have mostly gained this week on improving global economic outlook due to China's stronger-than-expected industrial output data following upbeat exports numbers, and receding fears of a US military strike on Syria.

Hopes that the US central bank would delay, or be less aggressive in, tapering its monthly bond purchases after disappointing US job data also helped boost sentiment.

Manila's main stock index was down 0.2 per cent.

Vietnam's benchmark VN index edged up 0.1 per cent in low-volume trade as investors largely kept to the sidelines ahead of re-jigs of the portfolios of exchange-traded funds (ETFs), traders said.-- Reuters
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buffetthe2nd

Unemployment Claims in us beat forcast(332k)by 40k and previous(323k)by 31k to 292k ,first time below 300k

2013-09-12 20:42

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