ASEAN KEY DESTINATIONS
After a mixed day yesterday in Asia the US market has now provided some needed direction, and today we should see a widespread rally.
Dow 10,686.13 +43.98 (0.41%)
S&P 500 1,159.48 +8.97 (0.78%)
Nasdaq 2,378.01 +15.80 (0.67%)
Asian investors held back ahead of the Fed’s assessment of conditions in the world’s largest economy, Wall St reacted well to the news overnight setting the stage for a move forward in Asia.
Hong Kong’s Hang Seng average closed 0.27% lower at 21,022 on concerns of tightening in China. China Shenhua dropped nearly 3%, extending Monday’s 4% fall, after announcing weaker than expected quarterly earnings.
Chinese shares rose modestly, lifted by banks, airlines and retailers. The Shanghai Composite Index, which covers both A and B shares, closed at 2,993, up about 16 points or 0.53%.
Investors rushed Thailand on Tuesday, pushing Thai stocks to a two-month high on signs of waning anti-government protests and a bullish reportby U.S. investment bank Morgan Stanley, positive signs from Japan Investors and the EHIM launch in Bangkok.Shayne Heffernan of EHIM stated today that the ongoing political issue in Thailand should not be of interest to investors.
The gains came on a mixed day for the remainder of Southeast Asia. Singapore and the Philippines climbed, while Malaysia and Vietnam logged losses. Indonesia was closed for a market holiday.
In Singapore STI, the main index rose 0.77 percent, led by an 0.8 percent gain in each of both top lender DBS Group Holdings (DBSM.SI) and United Overseas Bank UOBH.ST.
In Kuala Lumpur, the index fell for a fourth session, losing 0.06 percent to its weakest since March 5.
In the Philippines, the PSI ended 0.3 percent higher, erasing early losses that took it to its lowest since March 5.
Vietnam .VNI lost 3 percent to a one-week low.
All Asian markets will see positive groun tomorrow, Malaysia and Singapore are due for strong rallies.
US stocks rose overnight after the Federal Reserve held benchmark rates near zero and renewed its pledge to keep them exceptionally low for an extended period.
The central bank also pointed to increased momentum in the economy’s recovery, indicating it may be moving closer to dropping its promise to keep borrowing costs near zero and rate hikes could be on the horizon.
Earlier in the session, stocks moved higher after Standard & Poor’s ended its review for a downgrade of Greece, saying the government’s recent deficit-reduction measures are supportive of the ratings. Concerns about Greek debt have been a drag on equities in recent weeks.
Intel was among the Dow’s top performers, up 3.6 per cent at $US21.93 after it released its newest server chips, in expectation of a rise in demand. The Philadelphia semiconductor index gained 2.4 per cent.
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