SE Asia Stocks-Fall as upbeat U.S. economic data boosts rate hike chances

Last Updated: Thu, Nov 24, 2016 11:20 hrs

By Sindhu Chandrasekaran Nov 24 (Reuters) - Southeast Asian stock markets were flat to lower as investors turned risk-averse after positive U.S. economic data and minutes from a Federal Reserve meeting increased the likelihood of an interest rate hike next month. New orders for U.S. manufactured capital goods rebounded in October, the latest indication of an acceleration in economic growth early in the fourth quarter. Consumer sentiment also jumped in November in the wake of Trump's election. Minutes from the U.S. Fed's Nov.1-2 meeting, released on Wednesday, showed policymakers were confident that a strengthening economy was enough to warrant interest rate increases soon. The Fed meeting shows a 100 percent chance of a rate hike next month, said Joseph Roxas, an analyst at Manila-based Eagle Equities. The rate increase and a better economy are starting to bring money back to the U.S. market and that money is probably coming from emerging markets such as the Philippines and the rest of Asia, he said. Indonesia fell more than 1 percent to 5,148.60 as of 0500 GMT, dragged down by financials, with index heavyweight PT Bank Mandiri (Persero) Tbk shedding 3.4 percent. "We expect the JCI (Jakarta Composite Index) to experience profit-taking within the range of 5,185-5,230," Trimegah Securities said in a note. Malaysia fell 0.4 percent after rising for three straight sessions, led lower by consumer cyclicals and healthcare. Entertainment firm Genting Bhd slid 0.9 percent, while IHH Healthcare Berhad fell 0.6 percent. Vietnam lost 0.6 percent, snapping three sessions of gains, with industrials leading the losses. Faros Construction Corporation fell 5.8 percent, while electric lighting fixtures manufacturer CII Bridges and Roads Investment dropped 6.5 percent. Thailand was down slightly, while the Philippine index was flat. Singapore cut losses after falling as much as 0.9 percent in early trade as the government slashed its economic growth outlook and exports forecasts for 2016 after the economy contracted in the third quarter. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan pulled back from a 12-day high scaled the previous day to lose 0.5 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous Pct Move close Singapore 2838.24 2839.69 -0.05 Bangkok 1494.68 1496.36 -0.11 Manila 6839.78 6836.64 0.05 Jakarta 5148.603 5211.996 -1.22 Kuala Lumpur 1624.37 1630.38 -0.37 Ho Chi Minh 679.34 683.16 -0.56 Change so far Market Current End 2015 Pct Move Singapore 2838.24 2882.73 -1.54 Bangkok 1494.68 1288.02 16.04 Manila 6839.78 6952.08 -1.62 Jakarta 5148.603 4593.008 12.10 Kuala Lumpur 1624.37 1692.51 -4.03 Ho Chi Minh 679.34 579.03 17.32 (Reporting by Sindhu Chandrasekaran; Editing by Biju Dwarakanath)

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