SE Asia Stocks-Most gain as Fed holds rates steady; Thailand snaps 10-day losing streak
* Malaysia rises on Petronas Gas boost * Philippines falls as cenbank holds key policy rate * Singapore rises on bluechip financials By Arundhati Dutta Dec 12 (Reuters) - Most Southeast Asian markets rose on Thursday, with Thailand snapping a 10-day losing streak and leading gains, after the U.S. Federal Reserve indicated there would be no change in rate settings in the near future. The Fed also projected a favourable outlook for the U.S. economy at its last policy meeting of the year on Wednesday. Elsewhere, China said it was in close communication with the United States, while President Donald Trump is expected to meet with top advisers to decide whether to go ahead with planned Dec. 15 tariffs. Leading gains in the region, the Thai benchmark snapped a 10-day losing streak and rebound from a near one-year closing low hit in the previous session, boosted by energy stocks. The Malaysian index posted its best intraday percentage gain in over three weeks, boosted mostly by Petronas Gas Bhd, which rose as much as 8.7% and posted its best intraday performance in over six years. "Rise is on the back of parent Petronas paring down its stake to the domestic institutional funds. This is positive considering the low float of stocks," said Redza Rahman, head of Research at MIDF. Singapore index ended 0.7% higher, its best intraday gain in nearly three weeks, boosted by gains in bluechip financial stocks. United Overseas Bank and DBS Group Holdings climbed 1.2% and 1.8%, respectively. The city state's jobless rate in the third quarter hit a 10-year high and retail sales in October fell 4.3% from year-ago period. Singapore, which counts the United States and China as key its trading partners, has been extremely reactive to any development on the trade war. Meanwhile, the Philippine index slipped 0.6%. The Philippine central bank kept its key policy rate steady for a second straight meeting, in line with a Reuters poll. Indonesian stocks dropped for the third straight session, after Finance Minister Sri Mulyani Indrawati said the government will not change the legal limit on fiscal deficit. Index heavyweight Telekomunikasi Indonesia dropped 2.5%. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3194.67 3172.9 0.69 Bangkok 1563.85 1551.82 0.78 Manila 7741.07 7786.41 -0.58 Jakarta 6139.397 6180.099 -0.66 Kuala Lumpur 1567.34 1563.19 0.27 Ho Chi Minh 968.17 961.78 0.66 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3194.67 3068.76 4.10 Bangkok 1563.85 1563.88 0.00 Manila 7741.07 7,466.02 3.68 Jakarta 6139.397 6,194.50 -0.89 Kuala Lumpur 1567.34 1690.58 -7.29 Ho Chi Minh 968.17 892.54 8.47 (Reporting by Arundhati Dutta; Editing by Rashmi Aich)
