SE Asia Stocks Range-bound; Malaysia at record high; Fed meeting eyed

Business & Markets 2013
Written by Reuters
Tuesday, 10 December 2013 19:10
A + A - Reset
(10/12/13 18:10:26)
(Dec 10): Southeast Asian markets were range-bound on Tuesday with
Malaysia at an all-time high, while the Philippines ended at a three-month low
as investors awaited cues from a U.S. Federal Reserve meeting next week,
over its stimulus tapering timeline.
Malaysia's main index hit a record high for a second day, rising to 1,846.92
before closing at 1,843.85, with a 0.1 percent rise.
The index was led by a 1.5 percent gain in Petronas Chemicals Group Bhd,
despite foreign outflows of $77.8 million.
Jakarta's Composite Index ended 1.5 percent firmer at a one-week closing high,
helped by financials, while Vietnam's benchmark VN Index edged up 0.1
percent, to end at a one-week closing high.
Investors were cautious about buying, ahead of a U.S. Fed meeting on Dec 17-18.
The Fed is expected to begin tapering its asset purchases by March, a Reuters poll showed on Monday, but some economists say it might
start as early as this month.
Other regional stock markets fell, with the Philippine index dropping 2 percent to its lowest close since Aug 28, on sluggish economic
growth outlook in the fourth quarter, due to a major typhoon in November.
Singapore stocks fell over 1 percent to a three-month closing low. The Thai stock market, which saw an outflow of more than $880 million
in eight straight sessions through Monday, was closed for a holiday.